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Bernie Madoff

With the intention to fool the individuals regarding their assets, numerous techniques are designed and carried out. With the advancement in technology, these methods have verified to be more effective then another. Recently in the year 2008 one of the biggest scam ever executed, was uncovered in the U.S. The male who managed the scheme in such a way, to run it more than fifteen years within the most observed regularities in the world. Bernard L. Madoff was the one who was the in charge of the entire fraudulent act, an was arrested.

Bernie Madoff owned three well-off monetary companies at the age of 69. One was a brokerage business, the other was a registered trading company, and the last one was an investment consulting company. In the year 2008, two companies managed by his brother, i: e the trading and brokerage companies were projected to be in profound downturn. On the other hand, the third company was on the breakdown edge. A fraud of $7 million took place by withdrawals and the investor’s required for money back, but he did not have liquid assets to pay the liabilities.

Bernie and his trustworthy staffs knew that the fraud was of dollar fifty million instead of dollar seven million. Bernie called a meeting with his sons, namely Andrew and Mark. It was highlighted in the meeting that the workers should be given their benefits in the month of December instead of February.

It was suggested by Bernie that the matter should be discussed in discretion, in his residence. Just after the arrival at the residence Bernie admitted that he is ruined and that he had nothing left, it was all big lie of being in an investment company. Ponzi structure comprised of thousands of untrue financial statements.

Mark and Andrew were in a state of shock regarding the wrong doings of their father and that, their father have to now spend his whole life in prison. It was requested by Bernie to his sons, that they should remain silent for a week and let him decide what should be the solution to such a situation. In the mean time, he will distribute a small amount of money to the accounts of family and friends along with some special clients. After doing this Bernie will fit himself in SEC (Securities and Exchange Commission). The sons left the residence after 45 minutes.