7 Celeb Victims of Bernie Madoff's Ponzi Scheme - Upsmag - Magazine News

7 Celeb Victims of Bernie Madoff’s Ponzi Scheme

Since his downfall in 2008, disgraced financier Bernie Madoff has been the topic of a number of books, films, and documentaries, with the most recent being from Netflix. In “Madoff: The Monster of Wall Road,” the streaming large is tackling the unbelievable true story of Madoff, who is thought for defrauding celebrities and common individuals out of $65 million by means of an elaborate and big Ponzi Scheme.

All through his time as a pressure on Wall Road, Madoff persuaded individuals, each well-known and never, to make massive investments in a wide range of shares with the promise of a big monetary return. Nevertheless, Madoff by no means truly invested any of the cash he recieved. Each time an investor requested for his or her returns, he’d merely pay them with cash from a brand new sufferer, perpetuating a cycle of fraud with no revenue for anybody however himself.

Madoff bought his begin within the monetary business again within the Nineteen Sixties, when he based a penny inventory firm, Bernard L. Madoff Funding Securities, in accordance The New York Instances. For the subsequent 4 many years, Madoff dominated the inventory trade, helped develop and jumpstart using digital buying and selling platforms (notably NASDAQ), and was a outstanding philanthropist. His monetary success, nevertheless, was all a facade and took a extreme flip for the worst in 2008 when the housing bubble burst and purchasers turned to Madoff en masse to money out on their investments amid the financial downturn, solely to seek out Madoff did not have their cash. Following a tip from sons Mark and Andrew Madoff, authorities arrested Madoff in his New York residence on Dec. 11, 2008.

After his arrest, Madoff pled responsible to 11 counts of cash laundering, fraud, theft, and perjury in 2009. He was sentenced to 150 years in jail and died in April 2021, per The Related Press. Madoff’s long-running rip-off affected numerous individuals, together with just a few notable celebrities. Forward of the discharge of “Madoff: The Monster of Wall Road” on Jan. 4, listed below are a handful of his well-known victims.

Click to rate this post!
[Total: 0 Average: 0]
Leave a Comment

GIPHY App Key not set. Please check settings