Madoff

In December 2008, with financial crisis sweeping America and the globe, Bernard “Bernie” Madoff, a leading Wall Street figure and former chairman of the Nasdaq Stock Market, reportedly made a stunning admission: For years he’d bilked thousands of investors worldwide—from wealthy individuals and hedge funds to charities, synagogues, and colleges—to the tune of $50 billion. Overnight, the term “Ponzi scheme”—a fraudulent investment strategy...
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In December 2008, with financial crisis sweeping America and the globe, Bernard “Bernie” Madoff, a leading Wall Street figure and former chairman of the Nasdaq Stock Market, reportedly made a stunning admission: For years he’d bilked thousands of investors worldwide—from wealthy individuals and hedge funds to charities, synagogues, and colleges—to the tune of $50 billion. Overnight, the term “Ponzi scheme”—a fraudulent investment strategy that pays returns to early investors with money invested later by others—became synonymous with Madoff’s name.   In the first comprehensive account of this epic scandal, Peter Sander traces Madoff’s rise from schoolboy to Wall Street trader, from money maker to money manager. His gripping narrative examines how Madoff built his brand by infiltrating influential circles, how the scheme came unraveled, and how Madoff—a Jew whose arrest has been called “fodder for the bigots”—ironically wreaked grievous damage to Jewish organizations in particular. Sandler asks: How did Madoff convince so many sophisticated investors to part with their fortunes without asking questions? How did he elude regulators for years? And how can we, as prudent investors and citizens, avoid such a debacle?   Also included:   - A chronology of events - A list of victims and how much they lost - The full text of the now famous 2005 report by financial fraud investigator Harry Markopolos warning the Securities and Exchange Commission of Madoff’s dealings