Bernard Madoff Case Study

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INTRODUCTION Madoff's investment scandal is a securities and stock fraud that happened at the end of 2008. In December 2008, the founder of Bernard L. Madoff Investment Securities LLC, the former chairman of the Nasdaq and founder of Wall Street -- Bernard Madoff, admitted that his wealth management is a Ponzi scheme. According to the Prosecutor, the scale of Madoff’s fraud was 64.8 billion U.S. dollars based on 4,800 clients' accounts, as of 30 November 2008. According to investigators, there were many other people and organizations involved in the fraud. Also, the SEC was attacked because they did not work carefully when they investigate Madoff. Since, Madoff’s company had already raised problem earlier than 1999. The freezing of Madoff's personal and corporate equity has spurred a…show more content…
His father is Raf Madoff -- the New York Jewish captain, and his mother is Sylvia Montener -- the plumber and stockbroker. His family has three kids and he is the second one. His brother named Peter Madoff and his sister is Sondra Weiner. In 1956, Madoff graduated from Far Rockaway High School. After that, he studied at the University of Alabama for one year, later on, moved to Hofstra University and major in political science in 1960 . He also studied in the Brooklyn Law School for a short period. Then he leave the school and founded Wall Street Bernard Madoff Investment & Securities LLC in 1960 and continuing work for it. Madoff Securities was the largest market maker on the Nasdaq at that time, and was the sixth-largest market-maker in the United States in 2008. He also active at the National Association of Securities Dealers (NASD) -- an independent securities industry group, and served as chairman of the board and served on the board of director. At a time, he was the chairman of the trading committee of the Securities Association (SIFMA), and a founding director of London International Clearing Corporation(DTCC)
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