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Showing posts with the label Financial Scams

Biggest Financial Scam in the World: Madoff investment scandal

Bernie Madoff , the Wall Street financier who was sentenced to 150 years after being convicted for what came to be known as the largest and most devastating Ponzi scheme in financial history. Madoff was not the only one to face legal action. In 2014, five of his employees were found guilty of their part in the Ponzi scheme. In 2009, Madoff's accountant and lawyer David G. Friehling faced a maximum sentence of 114 years in prison but was later fined and sentenced to one year of house arrest and an additional year of supervised release instead. Only a few of his victims have regained all of their losses. As of 2020, the US Department of Justice had returned about $3.2 billion to individuals that had been conned by Madoff. The estimated $65 billion (45000 cr rupees) scam had victims from every stratum of society, from the poorest to the high. As a well-respected financier, Madoff convinced thousands of investors to hand over their savings, falsely promising consistent profits in...