Identifying atypical information in financial data early could help identify problematic financial trends such as the systemic risk that recently put the U.S. and global financial systems in a downward fall. Recognizing such ...
Economics & Business
Oct 26, 2011
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The swindling saga of legendary Wall Street conman Bernard Madoff has inspired the creation of The Vile Plutocrat, a website devoted to the notion that "rich people suck."
Internet
Mar 14, 2010
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Is there a bit of Bernie in you? Mobile phone users worldwide will soon be able to play Ponzi scheme scammers in a new videogame based on the financial ruin wreaked by jailed US fraudster Bernard Madoff.
Software
May 6, 2009
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(AP) -- Bernard Madoff is still making a market - at least his Citi Field seats are.
Internet
Apr 11, 2009
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While the Bernard Madoff Ponzi scheme led to the collapse of the Picower Foundation, a major benefactor for life science research, many bioindustry observers view the fallout from the scandal as a minor consequence in the ...
Economics & Business
Mar 17, 2009
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Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/; born April 29, 1938) is a former financier and convicted felon. Madoff, who once served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars. He was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms, by directly executing orders over the counter from retail brokers.
Madoff's sons contacted authorities on December 10, 2008, reporting that their father had just confessed to them that the asset management arm of his firm was a giant Ponzi scheme, and quoting him as saying it was "one big lie." The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.
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