Bernard Madoff Research Paper

Who lost 60 billion dollars? 60 billions dollars, what a beautiful number for money and with that money you can become the richest person immediately. With that money you can buy 176 Real Madrid, let Kobe Bryant work for you for 2553 years and you can pay for 17649 the newest Lykan Hypersport. (Carscoop,2013). Money sounds so wonderful. But in 2008, Bernard Madoff arrested because a crime about fraud of 64.8 billion dollar. There were 4800 accounts involved and most of them were belong to well-known companies or person. What he did and what is the result. The method Bernard Madoff used for that fraud is a Ponzi scheme. The promised investment was not conducted and instead early investors were paid with later investors’ money in what investigators said was essentially a Ponzi scheme. Bernard Madoff founded his company Bernard L madoff investment Securities LL in 1960. He also is one of the best stockbrokers in wall street. He also founded a country club in palm beach he introduced there was a foundation can makes 10 to 12 percent return for a year. At the beginning, he started with his friend. Some of them know Madoff for ten or even more than twenty years. They trusted him can put their money into the foundation and introduce the foundation to others. One of the most important reason people can’t discover this is Ponzi scheme is the percentage …show more content…
And his family suffering the anger from inventors’ It sounds kind of sad. But thousands of his inventors’ family became victim and each of them lost million at least. The fun part is Madoff didn’t ask for their money, those investors’ regarded having the opportunity to invest Madoff as a honor and they was requesting Madoff to accept their money. The minimum of inventory was 5 million dollars. None of Madoff’s victim was poor conversely each of them was succeed in their life or from wealth family. ( Mark