Bernie Madoff Research Paper

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Pages: 4

For my final essay I chose to do my project on Bernie Madoff. Bernie Madoff was the one who commited 11 felonies mainly through fraud. He was the man who perfected the Ponzi scheme which is the idea of getting more money to older investors by getting new investors to give money. This method of fraud was developed by a man named charles Ponzi who first used the idea back in the early 1900’s he was an italian scandal and con artist who promised his clientele large amounts of money whereas all the money that was being passed around was other newer people's money. His clientele was promised large amounts of money in very short amounts of time which then led to him becoming bankrupt and being thrown into federal prison. Bernie Madoff tried to copy off that scheme for a long period of time.

Bernard Lawrence Madoff was born on April 29, 1938, in Queens, New York, to Ralph and Sylvia Madoff. Ralph Madoff was a polish immigrant who worked as a plumber for many years and Sylvia was an ordinary housewife that was part romanian and part austrian. After falling into loads of financial problems his mother went to pursue financing and became a stockbroker. Little Bernie Madoff didn’t really get into becoming a stockbroker like his parents, he chose to spend more time with
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Although what he did was a very poor decision and it cost him his life and has to still pay for everyone that he ponzi schemed, he admittedly was very smart about how he managed it because for the longest time no one knew that he was taking their money, in fact no one really knew when he started scheming. People think that he started scheming around the mid seventies, but yet he wasn't even caught until the late 2000’s because his sons turned him in. So if his sons never turned him in, hypothetically he would still be scheming people and no one would