Bernard Madoff Scam
Bernard L. Madoff is an American businessman and ex-chairman of the NASDAQ stock exchange. He established the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960. This firm was among the top market businesses of Wall Street.
In actual fact, it was the sixth biggest business organization in 2008. Bernard L. Madoff was among eminent philanthropist serving in numerous nonprofit businesses. Bernard L. Madoff was also funding research studies particularly of lymphoma, cancer studies as his youngest son was diagnosed with lymphoma.
Investment frauds or investment scams are those scams when an investor makes a decision to buy or sell something based on phony information. The prime investment scam of current history was Bernard Madoff's scam which was exposed in December 2008.
Madoff was arrested when investigators claimed that he confessed to his sons that he had fiddled lots of investors of a colossal Ponzi scheme in which earlier investors are paid with cash, actually collected from new investors. Bernard Madoff scam appeared when madoff's scheme collapsed as there were no funds to repay especially to the last investors. Madoff purportedly took around $50 billion dollars of his depositors' money.
Bernard Madoff scam is another vicious scam just like Ponzi scheme. In Bernard Madoff's scam, Bernie L. Madoff scammed his investors about $50 billion just by promising them a return of around 15% on their original investment. Bernard Madoff's also falsified all of financial statements to make it certain that actually he was making a profit on various investments.
Bernard L. Madoff's confessed to his Bernard Madoff's scam when investors tried to withdraw $7 billion from Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff did not have adequate new-fangled investors to pay them off.
Bernard L. Madoff did what and why, that's a burning question where lots of people would like to hear its answer. As a fact countless lives were affected, perhaps spoiled by this Bernard Madoff's scam. However whatever Madoff's reason is, his sufferers deserve all the justice they can have.
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