Ponzi Scheme Mastermind Bernard Madoff Will be Sentence in $65 Billion Investment Scam
Madoff’s fraudulent Ponzi Scheme Rocks New York.
In a Significant break through , in the history of United states, Phonzi scheme mastermind and investment scam artists Bernard Madoff was finally sent to jail after he was found guilty of defrauding investors out of an $65 Billion Investment Scam, where as financial experts have termed as worst example of financial fraud in U.S.
Bernard Madoff Masterminded the serial scam involving fraud and financial investments duping millions .
Madoff explained the court in own words , how it executed the whole process of phonzi scheme.
He told the clients He would invest “in shares of common stock, options and other securities of large, well-known corporations.
Madoff confessed he was involved, in defrauding the clients since 1990’s. Mostly he targeted banks, charities, middle class people investing for retirement in North and South America and Europe, and even celebrities - including Holocaust survivor Elie Wiesel. Thus customer satisfaction was the main motive of Bernard Madoff what he told the court .
Not even this How he mislead the Securities and Exchange Commission by declaring false testimony, filed false/misleading documents. How he fooled the clients: Sent “fake trading confirmations” and account statements showing “bogus transactions.”
While pleading before court he said Madoff told the court he was “deeply sorry” and “ashamed” of his crimes. The judge at Manhattan Federal court, in New York, 12 Mar 2009 ordered Madoff sent to jail immediately while he awaits sentencing on June 16.
source : voanews.com
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