He set the tone himself, in a Savile Row suit with his wedding ring, gold or platinum, exactly matched to the wristband of his vintage watch of the day. All was done with elaborate care, including the handling of other people’s money. A very simple scheme ensured that, come what may, his private clients received compound average annual returns of a steady 15% on their investments.
Happy because, in that mysterious office, he was carrying on the biggest Ponzi scheme in history. It was simplicity itself. The money sent to him by new investors was used to pay existing investors, as well as any redemptions . Some was also diverted into beach houses for him and the family in Long Island and Cap d’Antibes, and into trips to Las Vegas for the accounts manager. The money flowed round and round in a delightfully circular way.
Inspectors seldom got suspicious, however, because they liked and trusted him. He had not spent a third of his time in Washington in the late 1980s and early 1990s, cosying up to the Securities and Exchange Commission, for nothing. In 1992 thefound out that two accountants from his father-in-law’s firm had channelled $440m to him since 1962, offering clients annual returns of up to 20%, but not registering the notes they issued with theas the law required.
C'mon, Madoff was a colossal cheat and liar. No need to make excuses.
Or, his earliest 'investors' became eager co-conspirators in a criminal syndicate that made money.
The biggest Ponzi scheme in history is the Fed.
Watch 'the wizard of lies'
He was just a greedy businessman who cheated greedy and naive rich people.
Good riddance...
Can we hang his body in Wall Street as a warning to others
News at 27?
I’m surprised Mossad didn’t help him on his way to hell.
Good
The Economist: First choice for the news 8 days ago.
Lol
Now he knows his permanent cell !
All these people behind him were just marionettes and they didn’t even know it.
It's unfortunate that people will remember his crime, but completely forget about the regulators who were supposed to be protecting the public
👍👍👍👍👍
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