From Steven Spielberg to Kevin Bacon, 7 celebrities who fell victim to Bernie Madoff's Ponzi scheme
Since his fall in 2008, disgraced financier Bernie Madoff has been the subject of several books, films and documentaries, the latest being from Netflix. In 'Madoff: The Monster of Wall Street,' the streaming giant tackles the incredible true story of Madoff, who is known to have defrauded celebrities and everyday people out of $65 million through a Ponzi scheme elaborate and massive.
Throughout his time on Wall Street, Madoff persuaded people, famous and not, to make large investments in a variety of stocks with the promise of a large financial return. However, Madoff never actually invested the money he received. Every time an investor demanded their returns, they simply paid them with another victim's money, perpetuating a cycle of fraud with no profit for anyone but themselves.
Madoff got his start in the financial industry in the 1960s, when he founded a stock company, Bernard L. Madoff Investment Securities, according to The New York Times. For the next four decades, Madoff dominated the stock market, helped develop and revive the use of electronic trading platforms (notably NASDAQ), and was a prominent philanthropist. His financial success, however, was just window dressing and took a serious turn for the worse in 2008 when the real estate bubble burst and clients turned to Madoff in droves to cash in on their investments amid the economic downturn. , only to find that Madoff didn't have their money. On a tip from sons Mark and Andrew Madoff, authorities arrested Madoff at his New York City apartment on December 11, 2008.
After his arrest, Madoff pleaded guilty to 11 counts of money laundering, fraud, theft and perjury in 2009. He was sentenced to 150 years in prison and died in April 2021, according to the Associated Press. Madoff's long-running scam has affected countless people, including a few notable celebrities. Ahead of "Madoff: The Monster of Wall Street" releasing on January 4, here are some of his famous victims.
Since his fall in 2008, disgraced financier Bernie Madoff has been the subject of several books, films and documentaries, the latest being from Netflix. In 'Madoff: The Monster of Wall Street,' the streaming giant tackles the incredible true story of Madoff, who is known to have defrauded celebrities and everyday people out of $65 million through a Ponzi scheme elaborate and massive.
Throughout his time on Wall Street, Madoff persuaded people, famous and not, to make large investments in a variety of stocks with the promise of a large financial return. However, Madoff never actually invested the money he received. Every time an investor demanded their returns, they simply paid them with another victim's money, perpetuating a cycle of fraud with no profit for anyone but themselves.
Madoff got his start in the financial industry in the 1960s, when he founded a stock company, Bernard L. Madoff Investment Securities, according to The New York Times. For the next four decades, Madoff dominated the stock market, helped develop and revive the use of electronic trading platforms (notably NASDAQ), and was a prominent philanthropist. His financial success, however, was just window dressing and took a serious turn for the worse in 2008 when the real estate bubble burst and clients turned to Madoff in droves to cash in on their investments amid the economic downturn. , only to find that Madoff didn't have their money. On a tip from sons Mark and Andrew Madoff, authorities arrested Madoff at his New York City apartment on December 11, 2008.
After his arrest, Madoff pleaded guilty to 11 counts of money laundering, fraud, theft and perjury in 2009. He was sentenced to 150 years in prison and died in April 2021, according to the Associated Press. Madoff's long-running scam has affected countless people, including a few notable celebrities. Ahead of "Madoff: The Monster of Wall Street" releasing on January 4, here are some of his famous victims.
What's Your Reaction?
