In the lifestyles of the rich and famous, Bernie Madoff may have pulled off the biggest financial scam in Wall Street History. It’s reported he has ripped off investors for over $50 billion dollars in a Ponzi scheme dating back to the 1970’s.
Madoff, born on April 29, 1938 is a lusty Taurus. A man who is charming, passionate, and stubborn. Someone who lured investors, with promises of huge returns, but instead he used their money to live a lavish lifestyle. With a penthouse apartment in NYC, a beachfront mansion in the Hamptons, and a villa in France.
Initially, he tapped local money pulled in from country clubs and charity dinners, where investors sought him out to casually plead with him to manage their savings so they could start reaping the steady, solid returns their envied friends were getting.
The juggernaut began to sputter this fall as investors, rattled by the financial crisis and reaching for cash, started taking money out faster than Mr. Madoff could bring fresh cash in the door. He was arrested on Dec. 11 at his Manhattan apartment and charged with securities fraud, turned in the night before by his sons after he told them his entire business was “a giant Ponzi scheme.”
His scam has wiped hundreds of investors, including several charities that had to close their doors, including: The Ramaz School, Elie Wiesel Foundation, and SAR Academy. What I thought was really interesting, is that Elliot Spitzer recently revealed at a holiday party, his family real estate company had also lost millions to good old Bernie as well. Not Elliot’s year, I guess too much greed and lust, can you lead you to the path of ruin.
Who else lost millions to Bernie?
- Fairfield Greenwich Advisors, $7.50 billion
- Tremont Capital Management, $3.30 billion
- Banco Santander, $2.87 billion
- Bank Medici, $2.10 billion
- Ascot Partners, $1.80 billion
- Access International Advisors, $1.40 billion
- Fortis, $1.35 billion
- Union Bancaire Privée, $1.00 billion
- HSBC, $1.00 billion
- Uma Thurman’s fiancee – $230 million
- Steven Spielberg charity – $30 million
Who turned him in? His two sons. I guess they were trying to cover their ass and hopefully not do any jail time. Currently, Madoff is under house arrest and is due in court in January. I think Wall Street is just a bunch of crooks, no wonder we had to do $700 billion dollar bailout. How many OTHER Investment Brokers have lined their pockets with investors money? DISGUSTING!!!