BERNARD MADOFF: THE MAN WHO MADE OFF WITH INVESTORS’ BILLIONS. On Monday, 29 June 2009, Bernard Madoff was sentenced to 150 years in prison for securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the Securities and Exchange Commission (SEC), and theft from employee benefit fraud. The Madoff fraud empire is believed to have squandered over $50 billion of investors’ funds. His meteoric rise and fall is reminiscent of Charles Ponzi’s mail fraud in the 1920s. I will attempt to look at Bernard Madoff from a management perspective. Reports from his victims showed that he played on people’s intelligence by using the instrumentality of credibility to defraud of them of billions of dollars. Credibility is a strong determinant in business dealings. We only want to deal with credible individuals in business and life. In the 1998 movie ‘Enemy of the State’, the corrupt FBI director, a...
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