Bernard Madoff Scandal

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Who is Bernard Madoff?

The real name of Madoff is Bernard Lawrence Madoff and his nickname is “Bernie”.

Bernie Madoff is a businessman who was engaged with a ponzi scheme and is sent to jail for defrauding thousands of investors

How he did the so-called “Madoff Scandal?

It’s actually similar to the Legacy Scandal that Celso Delos Angeles’ company is accussed of.

Bernie Madoff got billions of money from his investors promising them high investment returns.  Instead of investing the clients’ money, he deposited it on his bank account. So that his activity will not be noticed by the authorities, he reported false trading activities and false SEC filing.

He started his fraudelent activity in early 1990′s and he was caught only this late 2008 after revealing it to his sons. His sons immediately reported him to the authorities and finally sent him into jail.

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