Bernie Madoff: The Greatest Con in History
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- Опубликовано: 29 сен 2024
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Credits:
Host - Simon Whistler
Author - Steve Theunissen
Producer - Jennifer Da Silva
Executive Producer - Shell Harris
Business inquiries to biographics.email@gmail.com
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Source/Further reading:
Andrew Kitrzman: Betrayal: The Life and Lies of Bernie Madoff
Diana B. Henriques: The Wizard of Lies
Colleen P. Eren: Bernie Madoff and the Crisis
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I think you're a lying gamf
Knife Teeth about Bernie? Nope that’s true, google it.
Biographics do one on Barry Seal
Isn't the greatest con the Pentagon heist ?How many trillions did they "misplace" ?
Hey since you are do video on a famous scammer why don't you do one on Elizabeth Holmes.
Correction: The Greatest Con in History Who Got Caught.
How can you know that someone coned you if you didn't caught him.
@@MostWanted053 That's what would make it the greatest con in history.
So who was the greatest con man in history who _didn't_ get caught?
Svara Horejsi Unfortunately there is no evidence for the cons that weren’t caught.
He wasn’t caught he turned himself in only due to the crash of 2008 otherwise he would still be going strong
First of all, never trust keeping your money with anyone named madoff
-The late great Robbin Williams
I think Williams meant to be understood as - (He) "Made off (with) other people's money.
@@27b4 Yeah 😂😂😂
I can't tell of you're all joking or genuinely anti-semites.
Haha so concerning. How will I sleep now
Kobe Bryant Not that Madoff sounds real close to “made off” which when someone rips you off, some people say that person “made off” with what ever they took from you.
I remember around the time the trial was happening some people would say “Bernie Madoff (made off) with you money”
As always, the SEC dragging their feet against powerful wallstreet people...
Who pays the SEC?
Taxpayers do
As standard- same with EPA
SEC was dragging their feet for 30 years. I think, "dragging" is little mild.
Yes! These are the stories I enjoy. Those where you kinda know what happened, but really have no idea.
Would you do one about the finances of Jeffrey Epstein ( how he got rich)? Thank you
He can't. No one knows how and where he got his money.
That part lmao.
@@lostintime8651 easy. He was fully funded by mossad as he was running a honeypot ting intelligence op for them.
Same way as bernie... donating to the democratic party who covered for him.
He would but Simon doesn’t want to come down with a serious bout of:
* *Checks Notes* * : Suuuuuuuuiiicide… 🤔
Hiring office: do you have experience in the stock market? Applicant: yes I worked for Madoff for 5 years: hiring office 😱😱😱😱😱😱.
Have you done a bio on Charles Ponzi?
gsf67 the og
@@jeronimoadames6624 Que?
@@gsf67 OG= Original Gangster
@@gsf67 Or in civilized English: the person that came up with and did it first.
Very good point because the sckeem. Bears his name Charles Ponzie and their is a biography about him on utube.
How he thought he could get away with it is beyond belief.
Yooooooo the transition to the ads are hilarious. Do what you got to do though bro. This is great knowledge by the way I don't know how in the world do you get all of this knowledge in extreme detail from all of these people.
I can't believe no one mentioned his name in a cheesy joke: Bernie Madoff with your money? LMAO
Dawn Moore you’re late on that joke about Bernie Madoff with your money. NERD
I once read a book named "After the darkness- Sydney Sheldon" . it's my fav book and I heard that this book is based on him. That's how I know about Bernie
You got people on RUclips right now doing the same thing but the people they're scamming aren't as well off...
I guess you could say Bernie Madoff with a lot of money... I'll see myself out
So I can blame the SEC for making the Mets horrible! Had they investigated early on the Wilpons wouldn't have lost so much money
Henry Ford had a quote about financial swindlers and the certain group of people who were responsible for them.
Oy...
Just write the quote instead of saying someone said something about someone
@@MarsLonsen yeah I don't think Kevin K wants to come off as anti-Semitic
"this is NOT on me" - Charles Ponzi
If Ruth didn't know she wouldn't be a widow living high on the hog. Turned away at her own son's funeral by his widow
“… and now he is no more, dying in prison in 2021.”
Richard the lionheart please
Good video by the way
Think they did not sure tho
Did you hear the news? Bernie Madoff died in prison this month.
Love these white collar style crimes! You should do more non murder-y ones like heists!
Im sorry to notice the green screen reflection in your glasses
Please, do Wat Tyler! The Father of English Radicalism who lead the Peasant's Revolt!
That would be a great one!
@@katemchale4757 You betcha!
Of course Madoff was good with money, he was Jewish.
Fact: There are many Madoffs living large and celebrated today
money wasn't enough. the satisfaction came from the con
He was a classic narcissist.
A refreshing take.
What RUclips channel isn't Simon Whistler on?
There are a few. Not many.
Do A Segment On Meyer Lansky
This topic could really use a part 2. Names of victims and amounts lost, the sons suicide, whatever happened to the wife, etc
$18,000,000,000 just dissapeared
Unbelievable
"They were inseparable, not only in school, but at each other's houses"
The British way of saying Bernie was tappin that
:-)
He knocked off his biggest class rival by smashing her behind the scenes.
Bernie: "You might be 'smarter' than me, but I'm getting laid while you're writing a book report."
Me as a brit my self this is true
Still embarrassed that SEC didn’t stop Madoff sooner.
Markopolos used the greatest language of all (math) to show how Bernie was lying, and they didn’t care one bit
Siddartha...this seems to be the Wall Street collapse of '29 - the same situation occurred!
The SEC didn’t catch him, the free markets did. When the markets collapsed and enough of his clients wanted to withdraw their funds, he realized the game was up and he turned himself in. Markopolos was a competitor of Madoff when he started raising red flags and proved via mathematics that the returns weren’t possible, and the incompetent regulators ignored him.
Never lower yourself enough to be embarrassed by the inherent dysfunction of any government arm.
Thats for trash, scum, and politicians to be embarrassed about. You're a private citizen, you're far above that.
I can't belive they hired him to start with.. He's name is literally Bernie Made-off
I get what you mean but I think people think of themselves in the SEC's shoes with very rosey views. You have to consider you have a random financial analyst, working for a competitor, who comes to you and claims that with the math he's done Madoffs returns arent possible. This is the same Madoff you've likely known for decades and was NASDAQ President for many years. Further, Madoff didn't even purport extraordinary returns. His returns rarely exceeded the S&P, the issue was they didn't have many downward blips.
What's more concerning was that JPM didn't flag anything considering his business account had $1B or more in it and was never purchasing securities IMO. That is more damning to me than an individual financial analyst with a quirky personality claiming he's cracked a man we have all believed to be a financial genius for decades.
Bernie Made off
With the loot.
I always thought that was so ironic
It is unfortunate no one from the SEC was held accountable for not following up on information they received years before Bernie's arrest, it could save more money from being lost.
They couldn't, they'd get silenced, threatened, or they'd be found dead by "suicide" or a convenient stash of child videos would be found in their house.
Judt playing devils advocate here.
Trust me that money ain’t “lost” it’s in all the right politicians pocket’s.
@@jdiamond1952 apparently not since they threw the book at him
The ultra rich don’t want that can of worms being opened
Yeah - when you have a financial investigator say "Red flag! This is Kosher as Ham on Rye" and instead of going over every PENNY of transactions for decades as literally their job is to do so in cases like that they ignore it it is "Criminal Negligence". If a train conductor fell asleep at the switch and the train only stopped in Peoria by going past the turnoff and ramming another train miles out of town the conductor would be jailed for life or decades... They could have stopped Mr. MADE-OFF at least twice in the times he operated by a simple investigation. Really, they at least fired two police officers and waived "Sovereign Immunity" for the poor policework halfway through Jeffry Dahlmer's kill/cannibal spree...
I mean, the guy is definitely a criminal and I'm glad he's in prison, but I think its a shame that someone stealing from rich people gets 150 years in prison while someone who steals from poor people gets a raise
Not true
He also stole from charities.
Except he didn't just steal from the rich.
@@shammydammy2610 It doesn't matter whether he _only_ stole from the rich, the point is that it wasn't until he was caught stealing from the rich that he was punished.
He didn't steal from the rich....he stole from ordinary people who had their money in Pension funds for their retirement . It's a fallacy & does a disservice to those who were victims to say he took from the rich .He has ruined & left poverty stricken thousands of people ....some who didn't even know they were part of his scheme because they put their money in a pension fund & the fund invested it in his scheme ....people have committed suicide because of this man..... to boil it down to " stealing from rich people" shows you complete misunderstanding of the issue.
> starts scheme on 1991
> Starts donating to politicians in 1991
COINCIDENCE?
I THINK NOT!!
Cohencidence yes!
Democrats too lol
Lesson of the day... DON'T DONATE TO POLITICIANS!
@@black10872 unless you want to run a con for the best part of 20 years.
I remember a NYT article where they interviewed Markopolos after Madoff’s arrest. When asked if the SEC was asleep at the wheel, he said: “They weren’t asleep at the wheel; they were comatose. They wouldn’t respond to heat or light, much less any sign of wrongdoing.”
Markopolos knew what was up as soon as he saw the evidence, yet nobody took him seriously. That description of the SEC is spot-on.
His plan had everything except the most important part. He had no Escape Plan.
Should have been First priority. 😆
He actually did. In a pine box like so many of us will.
He had to know that he would eventually Crash and Burn.
Well the 2008 financial crisis hit and he was screwed. He and a lot of other people didn't expect that lol. But you're right, he had to have known it would all collapse eventually. He was already so wealthy I don't know why he wouldn't just get out of the game while he was ahead.
@@ohio72213 Pride. Bernie Madoff was extremely proud of all the wealth he had accumulated up to that point and without getting caught that he thought he was untouchable.
The “Wolf of Wall Street” himself, Jordan Belfort, please!
FilmBuff06 That would be a great one. But Shell from Biographics tells people NOT to write ‘Do so and so!’
She wants detailed reasons why Biographics should cover that person.
Belfort would be a great story✨✌🏼
Kate Williams It actually a guy
Ethan Ramos I was referring to Shell, the EP of Biographics
Kate Williams oh
meh what Belfort did is small peanuts compared to what Madoff did, but I guess the hollywood depiction "wolf of wall street" was more exciting than "the wizard of lies".
It blows my mind that he was doing VERY well before he started stealing money....
Exactly. Even in his 20s he was making almost a million a year in todays money on management fees.
Greed trumps everything.
Nobody seems to know when he started his ponzi scheme. It maybe that he was stealing a lot earlier than they think.
That's human greed for ya! ;)
They threw the book at Madoff because he stole the money from rich people. 🤑🤑🤑🤑🤑🤑🤑🤑🤑
maybe. also becuz half the money vanished, that's like 120 billion
wait I'm dumb 😅 only *18 billion* vanished.
still more than I can dream of
Yeah, that's it.
Not just "Rich People" but people in his "Ethnic" group...
--whoops "Halp us! Halp us! Haaateee Speeeech! Call Antifa to throw Acid filled milkshakes at him! Hallp us!"
@@allencummings7564 I don't think the Ponzi scheme itself even got to half of 120 Billion.
Say what you want, it’s an impressive story, evil but impressive
Indeed. I found this one super interesting to do.
Also an update and which you can Google and RUclips all about the guy in this has died in prison on April 14, 2021.
Imagine being known for the sole reason of being Bernie Madoff's middle school GF.
I wished this profile included the abject poverty and sorrow that this man is responsible for. I don't think this profile even scrathed the surface. Pity.
Yeah, I don't know all the details of the aftershock. I'm guessing a rule of Ponzi schemes is: the longer it goes, the more devastating its collapse.
@Shifty McGee462 Luckily, I'm not involved in crypto currency. So I'll probably be fine lol.
Even now he bought out all the instant noodles in the jail store and selling it an 10 times the price
Well now he's gone 2 years after this video aired. Really croaked on April 14, 2021 which you can Google and RUclips all about that as well.
Ah, another former inmate who understands the place of ramen in the economy of the incarcerated.
@@EverendeverGroup Yeah and as I said before he died on April 14, 2021 Google and RUclips all about that as well.
I laughed so hard when I saw the title of the video because my native language is French and in French "con" means idiot.
"Bernie Madoff: The Greatest Idiot in History"
That might actually be true!!
The NordVPN logo in the corner helps me fast-forward through the sponsor ad more easily!
Shhhhh god damn it dont ruin it you moist sandwich
@@nijimagikku 😆
@@nijimagikku most sandwich 🤣🤣 I'm going to use that.
I find it incredible that someone doing so well for himself legitimately could then resort to a course of action that must inevitable come to light in course of time and destroy his business, his reputation, his family and his own freedom and retirement.
He was probably only doing so well for himself because he was running the scheme all along. He admitted himself that his entire career as a financial expert was a lie. How else do you think he learnt to scale it so big? Sounds like 1991 wasn't his first rodeo.
He couldn’t get out cleanly.
They were perfectly fine with him doing his business until things got tight. It was only when the money dried up did they finally have a problem with it.
Thats how all pyramid schemes work
When there was No more money people didn't like it??? You don't say 😹
So his downfall was some hater😂, but honestly. Lived to be 71 before he got put in jail so honestly he won out
It was!! A dam hater ruined him
Not really.... He could have another 20-30 years and that will be his last moments those will be the moments fresh on his mind when he dies. He will be a shell of his former self when he dies. It's one thing to live fast and die young and another to go from a billionaire life style living it up to living in a prison cell for the rest of your life.
one of his sons committed suicidde because of daddies financial antics. It is a pyrrhic victory at most.
@@asmo1313 seems a lil dramatic to me.
His family is destroyed and he is spending rest of his life in jail. Not quite sure he won out.
He is nothing compared to government retirement scams
Oh HELL yes!!! I paid into the system all my life and can't because of the way they run things collect a dime.
My metal detecting and finding wonderful coins, once sold (hopefully) it's byesville to trying to live on $1,000. A month. Esp. after hearing that just one coin out of almost 100 coins I've found can according to the Gold/Bullion Executive stated a 5 figure worth on that one coin. See ya Hud!😎
Are you talking about how the government "borrows" from ss and Medicare to pay for ammunition?
@Graig Simmonette
Living to the day America goes bankrupt is why I don't smoke or drink. It's what I live for. I can't wait!
GhostCity Shelton HUD stands for Housing and Urban Development. I believe your gripe should be directed towards SSA or the Social Security Administration. Just a thought...
d10fel As along as we continue to sell our debt, we’ll never truly be bankrupt. The most that will happen is our credit rating will be downgraded again. Sorry to burst your bubble...only thing of the sort that will happen is that wage inequality will continue to climb, which is bad for everyone.
This video REALLY helps you put things in perspective. Here I am trippin about $10K in student loans, meanwhile, Madoff here owes $7 billion dollars to people.....
I hope you addressed why Madoff wasn't caught much earlier. There should have been people fired or even went to jail for not thoroughly investigating him.
the greatest con in history is modern banking
In the last century the US Dollar has depreciated 96 percent.
Give a man a gun he can rob a bank, give a man a bank and he can rob the world
Christopher K Hill and its still stronger than multiple countries dollars
Not really. If you are stupid you can get screwed.
And religion. People literally murder fof their imaginary friend
So he was taken down by another firm that wanted his business?
Shawn Sheehan Yeah. The SEC was too busy getting its knob slobbed to care about Bernie.
welcome to capitalism where competition keeps you in check
@Graig Simmonette The nerd hero didn't save anything. He pled with the SEC for years and no one would listen, which is why the book he wrote on it is called, "No one would listen."
Shawn Sheehan The SEC sucks. It’s hard to believe some working there are accepting bribes to look the other way or not look at all.
He got taken down by the stock market crash of 2008. He no longer had enough money to pay the withdrawals. Did the people that were cooking his books go to jail?
More financial crime stories, please! This was excellent.
I wonder...at what point will someone be able to scam people for so much money that they will be able to outlive their prison sentence of 100s of years because they can afford to stay alive?
Food for thought...
Probably never. New laws will be passed at some point denying that luxury before people on the outside commonly live to 150-200 with heavy medical intervention and augmentation. Probably after that the USA collapses (no country or political entity is forever) and whatever replaces it will have a new Constitution that has a clause something like "if it's not cruel and unusual it's not punishment". To me prison is supposed to be for re-education/reformation and lengthy sentences (ie 20-to-life with no parole) where they never get out are a waste of tax money = just execute them and be done with it (after stream lining the appeal process to where it doesn't take 20 years and $3 million, it shouldn't take more than $200k in legal/administration fees and 2-3 years to reach a final decision).
Wealth can’t buy health. Ask Steve Jobs.
Never. People cannot live that long. Its physiologically impossible. The person would have to have entire body transplants. The brain cannot exist for 150 years.
Dude, you're like the history for dummies RUclipsr. This is my favorite video, partially because I like white collar crimes but I'm also subscribed to Infographics. Love your show.
I went back to college in 2008 taking business courses and this was all the buzz for the longest time. My professors would work it in somehow, or we would just have a class discussion on what was going on. It was cool because it was living history but sad at the sametime.
Do "The poor little rich girl" Barbara Hutton
Then "The richest little girl in the world" Doris Duke
They both hated each other, married the same man, and spent their money differently. But in the end lived and died mostly the same way.
Didn't Cary Grant marry both of them?
@@christineparis5607 No only Barbara married Grant. The man that they both married was Porfirio Rubirosa
@@brunsonator3423
Thank you!! I actually have a biography of him around here somewhere, he was a wild card!
I get him mixed up with Cary Grant.
@@christineparis5607 Lol yeah most people do! He sure was a wildcard, never really was content with what he had.
@@brunsonator3423
I think he was married to the daughter of a dictator, too, and about five others...
Buried here, Among all of the amateur economics and anti semitism in the comments I can't help but ask, is this a reupload?
Funny, I haven't seen any anti-Semitic comments. I thought all the anti-Semites gave Bernie a pass because he stole from Steven Spielberg and a bunch of other rich Jews...
I love your channel❤️❤️❤️ I watch to clear my mind after a stressful day & always out of pure enjoyment. Just a thought.... would love to see you do a deep dive on Rita Crundwell! It was a big lose to a small community that unfortunately the comptroller for the city stole more than $53.7 million only to fund her AQHA (horses) plus her shopping addiction. Rita showed those horses across the nation & to this day most of her horses are still in the winners circle from small shows to
world show level. She is infamous in the community. Rita always had the most top of the line anything!!! That’s no joke from over the horse trailers, golf carts, trainers, clothing, jewelry, cars, houses (2), to campers in the millions on their own. Literally the authorities had to do an auction which brought so many people to the community to get the chance to purchase a horse of that caliber for a steal. Netflix did a documentary series on this topic, American greed plus other channels that have. With your attention to detail I’m sure you can research more and create an amazing video❤️ once I’m out of debt I’m going to be a petri on.
> Madoff's family flees anti-Semitism
>Madoff becomes a stereotype that turns people into "anti-semites"
*LOL*
How did you read my mind ? 😁
@@presence9745 As soon as I heard him say that, I put the irony together lmao
Jacob Tola and the cycle continues
@@presence9745 EVERYBODY was thinking that.
"Based in Panama" as a selling point!
I caught that too. This Brit might just be hired to entertain us and who knows what else?
The JCC which both my children attended for preschool was completely wiped by Madoff. They made a valient attempt to hold onto their most lucrative donors and managed to squeeze by for two years I think (my kids were well into public school by then), but sadly the entire reason the school had learned of Madoff was because many of these lucrative donors were already "clients" and urged the school to get in on a sure thing. So, with their own endowment in tatters and the rainmaking donors in a drought, the school was forced to close. It was a great Jewish Community Center -- and I'm speaking as a Presbyterian. We were heartbroken to see it go.
Come to find out, his legit business was insolvent in 2000. He used Ponzi money to prop up the legit one. So it was a scam through and through, even though the 19th floor did do legit trading .... at a $25 million loss per year.
He's sorry . . . he got caught.
His wife is sorry . . . he got caught.
Neither he, his wife nor his sons give a $#%! about the "little people" and no I'm not talking about midgets, that lost so much if not everything.
But his sons.. his sons turned him in
And one son committed suicide.
Granted, they turned him in. Likely ONLY to cover their own asses should the authorities have made a move first to arrest Bernie. Turning their father in was a calculated move to throw off suspicion of collusion. I don't recall ever hearing of them trying to get any of the money back to the investors. You know why? Because they're as self-centered and uncaring as their father.
@@shawnnewell4541
Which is very sad.
There's more to life than money.
The government turned over every rock to try to find a connection with the wife and sons. They found nothing. That is why they were not arrested. There is not one shred of proof that they knew anything. Think about it - The fewer people that knew, the better chance he had of not being discovered.
the greatest con in history was The Federal Reserve Act of 1913.
True... and the abolishment of the gold standard
BIG FACTS
agreed!
@@jaex9617 was gonna say the south sea bubble but wasn't thinking back far enough.
proof?
A white collar crook who got a real sentence. That's good...
He shouldn't have gone to a minimum security holiday camp. Should have been sent somewhere where he would suffer like the thousands of people who's lives he ruined.
@@MrShoryuken1 I agree but... One step at a time...
His ponzy scheme is pretty stupid, he probably have made more money if he actually invested the money
A big part of Bernie’s problem, was that he cared a lot about how the rich people thought of him. When the investors told him he wasn’t making them enough money, he would just change the fake invoice and sent them a higher return of dividends. Because he wanted them to like him. He was actually really insecure. Because he was a complete fake.
0:40 - Chapter 1 - Early years
4:25 - Chapter 2 - Catching the investment bug
5:40 - Chapter 3 - Out on his own
8:00 - Chapter 4 - High flyer
9:15 - Mid roll ads
11:10 - Chapter 5 - The ponzi scheme
15:40 - Chapter 6 - The consequence
As a Mets fan, I'll never forgive him for making the team go broke
They calculated 13 years left of his life in 2009, 2009-2021 is 13 years; they were only off by the months in the first and last years.
I had the good fortune to meet Harry Markopolos and highly recommend his book on this subject "No one Would Listen."
He has just passed away. So sad that people like this existed.
Do a biographic on CHARLES PONZI :) :)
Now I understand why this man became who he was today. I found his sheer arrogance and deception absolutely shocking to the point of near total paralysis! I felt so sorry for his family, especially his wife Ruthie!
He died today on April 14, 2021, and this was in my recommendations.
The fact that this guy’s last name was literally “made off” should’ve tipped more people off
Harry Markopolos book, "No One Would Listen", is outstanding. An excellent book if you want to read more about Bernie
I'm all for capitalism and the concept of meritocracy but ego and unadulterated greed spoil it for everyone.
This guy proves that greed has no end. At what point would he decide he had stolen enough money? Never apparently.
Look at his facial features he resembles George Washington. He probably thought he'd try to get his face (and obviously his hands) on money.
This man right here has one of the best commentary voices ever
Must not have heard very many commentary voices.
Could you do a Bio on George Orwell? Thanks
You didn't watch it. Its been done
@@ssunfish No it hasn't been done?
@@keizeradrianus703 no. I am sorry. I watched OTHER biographies on George Orwell and misremembered. Ill be more careful. The othets were high quslity as well as ones by Biographic
@@ssunfish Im offended!!
The punishment is too excessive imo. Just about 10 years in jail and revoke his finanical trading licence, ban him from working in related industries, take all his assets. this would be enough.
Madoff's Biographics cover art is in full-color; whereas all others 'til now were black, white, and one background color.
Cause he's all about the benjamins baby 💸💸
My cousins deaf, please do subtitles
I’m HOH and Id love them
There are subtitles.
Captions can be turned on. Click the ... on the upper right of the video, then "captions" in the menu that brings up, then "English" or "English (auto generated)" (instructons for mobile app)
@@kimberlycasey5957 thannnnkkkkk yooooouuuuuu
@jacob f whattt
It's not surprising that the SEC wouldn't look into Madoff. They're all former or wannabe brokers.
So, he graduated from B.S. (Boston School)
Then he created B.S. (Bernie Securities), and became an S.B.
Only to have all his money taken away.
(P.S. - From a P.S. [Pyramid Scheme])
What an S.O.B.
Apart from the two deaths that followed his scam I have to say my hat of to this guy to have fooled so many for so long. Damn
Could you please do a bio on Ip Man? Thank you :)
This, i agree with
Heck yeah
Ive asked for months, but still no show. :/
good reason, sure to get made!
That would be awesome and highly necessary
C'mon man no one wants to hear about his gf in highschool!
He was making 100 million a year legal but wanted more and lost it all
American justice can be confusing, seriel killer gets parole after 20 odd years while thief gets 150 years.
My favourite anecdote about Madoff is that one day in the early 2000s an IT guy was called to fix a problem 'upstairs'- this was the private investment floor where nobody except a few highly trusted employees ever ventured. He was amazed to find the place full of dusty old green-screen computers from the 1970s; they could only be fixed because components had been stockpiled via highly specialised suppliers.
Of course, any widespread IT upgrade would have been highly risky, with audit/examination of transferred balances required...
They had to hire a specialist and an old guy too, younger techs wouldn't have clue where to start.
OoOh, that's a good one!
Like father (and mother) like son. Crooks through and through.
When I worked for a living, I asked a friend (CPA) how it was that Mexican Presidents always made off with fortunes after serving six years if there were auditors looking at the books on at least a yearly basis. His response: the auditors are in on it.
*Hofstra UNIVERSITY, and we are so very proud.
One of Madoff's sons died a suicide after Madoff's arrest. The other died of lymphoma. So much tragedy to Madoff's victims, one of whom was his own son.