In December 2008, Bernard L. Madoff was arrested for perpetrating a protracted Ponzi scheme of inconceivably huge proportions that defrauded clients of his securities company of nearly $20 billion—and was consequently sentenced to 150 years in jail. How did Madoff pull this off for years, even returning some or all of clients’ money when they asked, while in actuality was financing the lavish lifestyles of himself, his family, and his accomplices with the stolen funds? And why didn’t anyone in the highly regulated investment industry catch on sooner?
Bernard Madoff and His Accomplices: Anatomy of a Con examines Bernard L. Madoff’s unprecedented confidence game (con game), drawing back the curtain on what actually went on at his investment firm, Bernard L. Madoff Investment Securities, and exposing the day-to-day activities of his accomplices that enabled the elaborate con to succeed for as long as it did. Through the examination of court testimony and other court documents, the mechanics of the con game become clear, elucidating how Madoff’s friends and employees hustled money from investors; the methods by which false records, monthly statements to investors, and other documents were manufactured and mass-produced; and how a multitude of felonies and the highest levels of fraud became everyday practices.
- Presents the first study of Bernard L. Madoff Investment Securities, the organization where the fraud began, was centered, and flourished by duping investors for at least a decade
- Documents how investors who depend on and trust investment professionals can lose money, especially given that some investment companies do not always act in their clients' best interests and that Wall Street regulators are often ineffective
- Takes readers backstage to see the intricate details of the "theatre production" of a con game—the playacting, performances, pretending, utilization of props, and false representations that are required to achieve a "standing ovation" (i.e., the total fleecing of the marks)