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Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies - Business (3) - Nairaland

Nairaland ForumNairaland GeneralBusinessBernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies (35443 Views)

1 2 3 Reply (Go Down)

Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Miyachi: 8:23am On Apr 17, 2021
Old man Bernie is gone to the grave.
Crime doesn't pay, this guy lost everything including his family. Sad end.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by shiffynaani(m): 8:35am On Apr 17, 2021
Vizconson:
Yahoo boys reading this will not see any coleration between this man's life and theirs.
correlation.

I'm not in anyway better than you bro. Just to draw your attention to it in case you wanna use it outside
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by UlqU3(m): 8:41am On Apr 17, 2021
Yo, support Battle Rap Nigeria.

Check Out U3 vs Spikey

https://www.youtube.com/watch?v=Hx1OwiSYY-k&t=543s
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Fanuchi007: 8:42am On Apr 17, 2021
rest in peace to our grand patron, u. where indeed a wise man. other sai u made some persons broke, u still made many rich. Everybody no fit blow, poor people will still exist inorder for the balance of the earth to be maintained
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by babatunx(m): 8:46am On Apr 17, 2021
annyz:
How please?
When your investment matures, you'd not be able to withdraw it.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by PrisonEscapee(m): 8:50am On Apr 17, 2021
namiji2598:
Invest 10k and get 30k in 2 hours dem
Omo this na good format o. I think it's more tempting than investing to get profit weekly income.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Pharaoh4rin(m): 8:53am On Apr 17, 2021
mubbyone:
Wow, Rest In Peace
Did you read across the line at all? Which kain rest in peace?
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by maasoap(m): 9:09am On Apr 17, 2021
strom:
One man gain is another man fall, I knew people who did great things with MMM then
Great things indeed!
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Eillyeillz(m): 9:11am On Apr 17, 2021
EndBuhariNow:
This reminds me of wolve of Wall Street
About to rewatch it now, came on here and saw your comment.

Lol
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Barzinime(m): 9:14am On Apr 17, 2021
Must you display your stupidity?
JuanJO:
Grand patron. If na for naija he could have walked away after giving Bubu money to buy more cows
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by seyz91(m): 9:23am On Apr 17, 2021
grin
Ishilove:
The MMM Godfather
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by seyz91(m): 9:23am On Apr 17, 2021
cheesy
Arewa12:
Agba yahoo
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by seyz91(m): 9:26am On Apr 17, 2021
cheesy
GIANTPLUSHUB:
His manhood lives on. All the smaller ponzi we have now are his manhood angry grin
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by foxton: 9:34am On Apr 17, 2021
Ishilove:
The MMM Godfather
All these soft ponzi everywhere, themap, MBA, chymal, make una listen ooo. E no de ever end well
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Benzemma(m): 10:14am On Apr 17, 2021
Phlegman:
https://www.ft.com/content/df7263ef-31a5-487e-af76-8df4af8afa2d
His agent should be hunted also. Cos they will still be using another way to deceive people more.
They should arrest the founder of Qnet also. Their own even worse, very heartless human beings.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by seunmsg(m): 10:21am On Apr 17, 2021
Madoff was the real yahoo boy. He created the template that wonder banks still use to scam people till today in Nigeria. Hero to some and a villain to so many people.

At the end of it all, he lost everything including his life. Crime doesn’t pay. Hopefully, his victims will find restitution in his death.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by hardbody: 10:29am On Apr 17, 2021
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Vizconson(m): 12:26pm On Apr 17, 2021
shiffynaani:
correlation.

I'm not in anyway better than you bro. Just to draw your attention to it in case you wanna use it outside
Thanks. Forgot the spelling all of a sudden
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by MrBONE2(m): 1:06pm On Apr 17, 2021
aseyi24:
Before you Rest In Peace help me carry PMB along please
cheesy

Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by JuanJO(m): 1:08pm On Apr 17, 2021
Barzinime:
Must you display your stupidity?
My brother from the zoo... Truth is always bitter.
People like Evans, wandume etc. we hardly here about them.
Oga you are the biggest fool of the century.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by shiffynaani(m): 2:35pm On Apr 17, 2021
Vizconson:
Thanks. Forgot the spelling all of a sudden
no p bro. We move
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Nobody: 2:41pm On Apr 17, 2021
The wolf of wall street.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by EndBuhariNow(m): 3:53pm On Apr 17, 2021
Eillyeillz:
About to rewatch it now, came on here and saw your comment.

Lol
lol.. those guys ehhhh
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Barzinime(m): 4:21pm On Apr 17, 2021
I know your type, just come online with someone else's hotspot & transfer your frustrations.

JuanJO:
My brother from the zoo... Truth is always bitter.
People like Evans, wandume etc. we hardly here about them.
Oga you are the biggest fool of the century.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Eillyeillz(m): 4:57pm On Apr 17, 2021
EndBuhariNow:
lol.. those guys ehhhh
Movie shows you what addiction to money could do to someone.

Just finished it BTW.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by JuanJO(m): 6:06pm On Apr 17, 2021
Barzinime:
I know your type, just come online with someone else's hotspot & transfer your frustrations.
slowpoke I am not here to exchange words with you. Since you are bent on thinking with your anus. I no blame you. Aboki don Sabi wetin be Hotspot. Undeveloped sets of nuisances
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Barzinime(m): 6:30pm On Apr 17, 2021
You assuming that I am an Aboki really shows how smart you are. The only thing your type knows is to insult, won't be surprised if you are from the tribe they said wakes up their father with scissor kick undecided

JuanJO:
slowpoke I am not here to exchange words with you. Since you are bent on thinking with your anus. I no blame you. Aboki don Sabi wetin be Hotspot. Undeveloped sets of nuisances
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Yusman316(m): 7:40pm On Apr 17, 2021
aseyi24:
Before you Rest In Peace help me carry PMB along please
If na pantami now wish somebody death na extremism
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by Nobody: 8:54pm On Apr 17, 2021
Otunbaigwe:
What a bad biography to die with. Hope this opens all greedy people's eyes to the truth. What is now his joy in all this? Lost his 2 sons, spent his last years in prison irrespective of the type of the treatments he received there. What's then his benefit? All short cut to riches doesn't come with happiness rather sorrow and pain.
Not all o... Ask the Italians!(
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by lolipopandy(f): 6:25pm On Apr 24, 2021
Have you watched rogue trader?
ruggedtimi:
The movie " the wizard of lies"...was about this guy.
Re: Bernard Madoff: The Man Who Ran The World's Largest Ponzi Scheme Dies by XAUBulls: 11:05pm On Oct 05, 2025
Phlegman:
When Bernard Madoff’s Ponzi scheme collapsed in December 2008, $65bn vanished overnight, devastating tens of thousands of small investors, charities and religious groups who continue to struggle to this day.

The former chair of the Nasdaq stock market’s confession that his fabled investment company was “one big lie” came at the depths of the financial crisis and riveted global attention. Amid an alphabet soup of opaque financial products that had crashed the world economy, people could understand this crime.

Madoff, who died this week aged 82 in a North Carolina prison, was so hated that he wore a bulletproof vest in court. His saga has sparked at least five on-screen depictions, including portrayals by Robert De Niro and Richard Dreyfuss. “Underneath that facade, there truly is a beast
. He has fed upon us,” Sheryl Weinstein, one of his victims, testified at his sentencing.

Though the scrappy broker turned Manhattan mogul was the chief villain, Wall Street and the financial capitals of Europe were tarnished, too. His apparent extraordinary run of steady, solid returns had raised red flags for years, but many hedge funds, banks and asset managers clamoured to profit from him rather than ask questions.

Born in 1938 in Queens, Madoff watched his father’s sporting goods business collapse and then dropped out of law school. Using money from lifeguarding and installing sprinklers, he started a tiny brokerage, Bernard L Madoff Investment Securities, in 1960 and built it into a powerhouse with the controversial tactic of paying traders to send their orders to him
.

He always felt shut out from “the club” of the New York Stock Exchange and Wall Street’s elite “white shoe” firms. “They fought me every step of the way,” he said in a 2011 prison interview. Yet by the 1980s, his firm was processing up to 5 per cent of NYSE trading.

A side hustle managing people’s money quietly expanded as he tapped a growing network of investors ranging from the New York University endowment to Holocaust survivor Elie Wiesel to members of the Palm Beach country.

Elegant and well-tailored, Madoff cultivated an air of exclusivity. His business occupied a Manhattan skyscraper, and he bought a penthouse and 56-foot yacht named “Bull”. He attributed his results to a mysterious “split strike” strategy.


Asset managers fell over themselves to send him client money, setting up special “feeder funds”. Few seemed concerned that the operation was audited by a two-man shop and refused to use an outside custodian to keep assets safe.

Most investment banks were more suspicious because their traders never seemed to encounter Madoff’s investment arm as a counterparty. But JPMorgan Chase acted as his banker. It later paid a record $2.6bn for failing to alert authorities to the suspicions that led it to pull out $250m of its own money.

Regulators did no better. Though the US Securities and Exchange Commission received six “substantive complaints” from 1992 onwards, its examiners were charmed by Madoff’s “plausible” explanations, a later investigation found.


By 2008, Madoff had taken in $17bn and sent investors false statements claiming that their holdings amounted to $65bn. The tower of lies crumbled when the financial crisis prompted big investors to pull out funds. Since he had been using new investors’ money to pay off old ones, Madoff was trapped. One December evening, he confessed to his family that the whole business was a scam. His sons turned him in to the authorities the next day.

He pleaded guilty in 2009. “I am responsible for a great deal of suffering and pain. I understand that,” he said as he was sentenced to the maximum 150 years. “I am sorry.”


One of Madoff’s sons later killed himself, the other died of cancer. His brother Peter spent nine years in prison, and his wife Ruth was stripped of their fortune. Last year, the original judge rejected Madoff’s request for compassionate release because he had kidney failure. “It was fully my intent that he live out the rest of his life in prison,” Denny Chin wrote.

The trustee charged with trying to recover money for the victims sprayed the financial world with legal claims against those who profited from their Madoff association. More than 30 targets have ponied up $14.4bn so far.

“The pain experienced by the victims of Mr Madoff’s fraud is not diminished by his death, nor is our work on behalf of his victims finished,” the trustee Irving Picard said this week.


https://www.ft.com/content/df7263ef-31a5-487e-af76-8df4af8afa2d
1 2 3 Reply

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