Bernie Madoff Apa Paper
Professor Erica Ellsworth
August 05, 2011
Bernie Madoff was one of the most prolific Ponzi-scheme artists in history. Madoff schemes netted him millions of dollars. Mr. Madoff used his BMIS Bernard L. Madoff Investment Securities a New York Limited Liability company, to commit fraud, money laundering, and perjury. This is just a few things that Mr. Bernard Madoff has done to many innocent investors, who believed in Mr. Madoff, and everything he stated. Due to Mr. Madoff’s action he has changed so many people’s lives. Some have lost everything, some committed suicide, and others just humiliated by Mr. Madoff. This paper is to tell you about Mr. …show more content…
(Mad Money, by Jerry Oppeheimer copyright 2009)
Arrested on December 11, 2008 on a criminal complaint and has been charged with perpetrating the largest investor fraud ever committed by an individual.
On March 2009, Madoff pleaded guilty to 11 federal crimes, and admitting to turning his wealth management business into a massive Ponzi- scheme that defrauded thousands of investors of billions of dollars. The amount missing from client accounts including fabricated gains was almost $65 billion. Maddoff was sentenced to 150 years in prison, the maximum allowed. Bernard Madoff has caused a lot of grief to many investors some who has lost everything from dealing with him and others taking their own life for losing everything to Madoff Scam. Renee Thierry Magon lost as much as $1.4 billion to Madoff and William Foxton OBE lost $35 billion, due to this they killed themselves after losing all of their investments, savings, and access to Mr. Madoff. (telegraph.co.uk ), (NYtimes.com )
There were three types of parties who were impacted by the actions of Mr. Madoff Tremont Group Holding is an asset management firm, and amount of exposure $3,300,000,000.00 the investment firms is owned by Oppenheimer Funds and Massachusetts Mutual Life Insurance Co. Tremont Rye Investment Management business had $3.1 billion invested, and it fund of funds group invested another $200 million. The loss is more than half of all assets overseen by Tremont.