The man who stole $65 Billion - Bernie Madoff (Ponzi Scheme)

Intro hello everyone Bernard Madoff was a Wall Street investment advisor who ran a ponzi-like scheme and defrauded many investors of billions of dollars the scheme which lasted for over two decades was by far the largest financial fraud in the Background history Bernard was the former chairman of NASDAQ Stock Exchange and was a prominent figure in the financial industry Mada founded his investment firm which was known as the Bernard L Madoff investment Securities in 1960 which eventually grew into a prominent brokerage and asset management business now let us understand what exactly is the Ponzi scheme mados Ponzi scheme lasted over two decades before it collapsed in 2008. upon this scheme is a fraudulent investment operations where the money from the new investors is used to pay the existing investors giving the illusion of a profitable investment Man Ponzi Scheme Of Promise consistent High returns to his client lines averaging about 10 to 12 percent annually and many individuals and the financial organizations invested with him the scheme began to unravel in 2008 when many of the existing investors wanted their money back and Madoff was unable to pay them because of the lack of money and that is when he claimed that he was running a Ponzi scheme he was arrested and charged of Securities fraud money laundering and various other crimes if you look at the legal proceedings and the sentencing in 2009 Madoff pleaded guilty of various charges Impact including the Security fraud the investment advisory fraud and various other crimes he received a 150-year prison sentence that meant that he would live his entire life behind the bars moving forward let us talk about the impact that the Ponzi scheme had on the investors it affected a wide range of individuals and entities including celebrities charitable organizations financial institutions and everyday investors many people lost their entire life savings and faced significant financial hardships because of this fraud in conclusion the Bernie Madoff Ponzi scheme serves as a stark reminder of the dangers of the investment fraud and the importance of conducting a due diligence by the investors before investing it highlighted the need for increase in transparency independent Audits and skepticism towards overly consistent or unrealistic investment returns for more informative content of this sort please do like follow And subscribe our Channel Nirvana by Savant