Hey guys, so I've vaguely heard of this guy, Bernie Madoff, and his elaborate Ponzi scheme to the tune 64 billion (BILLION) dollars, 19 billion cash from investors.
Not one cent was ever invested, or trade made, all the money he received went into his private JP Morgan Chase account..
If an investor asked for a withdrawal, he'd take from that account or if not enough in the account due to personal spending, he'd round up other investors and use their money to pay off the investor asking for withdrawal
Take from Peter to pay Paul sort of thing.
He got away with this for 20+ years maybe longer until the 2008 stock market crash when all investors wanted out and he couldn't fund them their money.
I learned all this from the new Netflix docuseries which is the title of this thread.
Robert DeNiro also portrayed him in the film "Wizard of Wall Street" which I plan to watch soon.
Anyhoo I am shocked at how he was able to pull this off!!
He was even investigated the SEC a couple of times and cleared despite the fake looking records and statements reflecting fake trades etc.
One investor (a regular working class guy) invested $900,000 (his life savings) and lost it all. People lost their entire life savings, homes, etc. Some committed suicide because if it.
Anyhoo, below is a link if interested.
www.google.com
Not one cent was ever invested, or trade made, all the money he received went into his private JP Morgan Chase account..
If an investor asked for a withdrawal, he'd take from that account or if not enough in the account due to personal spending, he'd round up other investors and use their money to pay off the investor asking for withdrawal
Take from Peter to pay Paul sort of thing.
He got away with this for 20+ years maybe longer until the 2008 stock market crash when all investors wanted out and he couldn't fund them their money.
I learned all this from the new Netflix docuseries which is the title of this thread.
Robert DeNiro also portrayed him in the film "Wizard of Wall Street" which I plan to watch soon.
Anyhoo I am shocked at how he was able to pull this off!!
He was even investigated the SEC a couple of times and cleared despite the fake looking records and statements reflecting fake trades etc.
One investor (a regular working class guy) invested $900,000 (his life savings) and lost it all. People lost their entire life savings, homes, etc. Some committed suicide because if it.
Anyhoo, below is a link if interested.
Netflix Bernie Madoff docuseires chronicles historic fraud by the 'financial sociopath'
Joe Berlinger’s Netflix docuseries Madoff: The Monster of Wall Street is an eerie look at Bernie Madoff’s ghastly Ponzi scheme, the largest in history.
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