Madoff, A Powerful And Revered Man By Wall Street

Bernie Madoff, a once powerful and revered man by Wall Street experts pled guilty on March 12th, 2009 to the largest Ponzi scheme in history. Bernie Madoff was a very intelligent man who correctly predicted that the buying and selling of stock would be computerized. He was able to generate a unique system that provided better prices that attracted new clientele. Madoff was known as a major player and earned a great reputation from Wall Street executives as a financial wizard. The reputation of his engagement and involvement in industry organizations eventually lead him in becoming a nonexecutive chairman of the NASDAQ stock market in the early 1990’s. His success and reputation enabled his company, Bernard L. Madoff Investment Securities, to prosper and grow. Madoff targeted specific elite groups of investors, creating a prestigious reputation and making investors believe that they were members of an exclusive club. The reputation of his prestigious firm continued to grow by d eclining many requests to accepting new investors. His marketing strategy worked and attracted many more new investors. Although his account statements were pure fiction, his prominence and strategically cultivated image kept investors from questioning his success and methods. Madoff’s Ponzi scheme was very complex and operated on major scale. Typically scam artist would take money from new â€Å"investors† and use it to pay off existing investors. Eventually the scheme ends when there are no newShow MoreRelatedEssay on White Collar Crimes in America3039 Words   |  13 PagesLehman Brothers and Madoff, we find how the culprits started there deception, the aftermath of the scandal and what our country has done to prevent future scandals. In the 1920’s, Wall Street was a very different place than it is today. There was a great lack of disclosure and a great amount of stock manipulation. It was common knowledge to Wall Street professionals, and even some of the general public, that Wall Street was a rigged system that was run by large and powerful investment pools. ThereRead MoreSAT Top 30 Essay Evidence18536 Words   |  75 Pages.. 39 Inventors and Innovators: The Wright Brothers (Pioneers of human flight) ...................................................................................... 41 P age |3 Leaders, Politicians, and Businesspeople: Bernard â€Å"Bernie† Madoff (The greatest con artist in history) .................................................................. 43 Henry Ford (Kind-hearted industrialist and automobile innovator) ......................................................... 45 Malcolm X (Militant