Product details

By continuing to use our site you consent to the use of cookies as described in our privacy policy unless you have disabled them.
You can change your cookie settings at any time but parts of our site will not function correctly without them.

Abstract

Madoff, a former Chairman of Nasdaq stock exchange and founder of Bernard L Madoff Investment Securities, attracted a large number of investors by offering attractive steady annual returns of around 12%. Many charitable organisations, international banks and individual investors became its clients through feeder funds. Everything was running smoothly until December 2008, when due to the financial crisis, many investors demanded a withdrawal of money forcing Madoff to reveal his $50 billion Ponzi scheme. On 11 December 2008, the FBI arrested Madoff on a securities fraud charge and the federal court froze his assets. The case discusses the impact of Madoff's Ponzi scheme on his clients and the failure of the chief regulatory body, Securities and Exchange Commission, to reveal the scam much earlier. The case provides valuable lessons for investors before they invest in an investment securities firm.
Location:
Other setting(s):
2008

About

Abstract

Madoff, a former Chairman of Nasdaq stock exchange and founder of Bernard L Madoff Investment Securities, attracted a large number of investors by offering attractive steady annual returns of around 12%. Many charitable organisations, international banks and individual investors became its clients through feeder funds. Everything was running smoothly until December 2008, when due to the financial crisis, many investors demanded a withdrawal of money forcing Madoff to reveal his $50 billion Ponzi scheme. On 11 December 2008, the FBI arrested Madoff on a securities fraud charge and the federal court froze his assets. The case discusses the impact of Madoff's Ponzi scheme on his clients and the failure of the chief regulatory body, Securities and Exchange Commission, to reveal the scam much earlier. The case provides valuable lessons for investors before they invest in an investment securities firm.

Settings

Location:
Other setting(s):
2008

Related