The Bernard Madoff Case

Abstract

Madoff was raised in a family who struggled in their initial period of life, especially the financial crisis. He faced many good and bad times in his life. This paper narrates how madoff life was full of struggles. His parents were the financers too, but in the initial period they were not that successful. Madoff soon after his studies didn't wanted to a job but in fact, wanted to enhance his career in business and investment. From a very early age, he was taking considerations and lessons from his parents business. He was quite successful in establishing three running companies. These three companies were in a pathetic condition as portrayed by Madoff. These three companies were quite beneficiary for the country investment too. But madoff was not happy from what he as getting. The fraudulent case of investment fund of advisory was a set back for the new generation. Madoff was continuously seeking people attention and investment. But he didn't utilize them on time. Madoff cheated his investors by not investing their money, but by taking huge checks home. These checks and money drafts were submitted in the banks on which madoff was enjoying the profits. When the people got to know about his fraudulent activity. Nobody appreciated his act for what so ever reason it was made. His own sons made him arrested because of the illegality. First he was scrutinized for 11 counts in which he was involved and held guilty. In 2010, he was sentenced jail for 150years, which is approximately for the rest of his life. This is life long lesson for people to involve in good deed and do not do anything bad to anyone.

The Bernard Madoff Case

Summary

In Queens, New York Bernard Lawrence Madoff was born on 29th April, 1938. Madoff father worked as a plumber for many years. He was the child of polish immigrants Ralph and Sylvia Madoff. His parents got married in 1932, the year of the great depression. After continuous struggle, they managed to involve in finance in 1950. Madoff parents were not that successful in their trade. Gibraltar Securities, one of his parents company was registered in 1960. But this business was soon wined up because of poor financial condition and reports. Till this time, madoff has no interest in finance and went for his high school graduation from University of Alabama. But in a year in 1957, he switched his educational academy and went to University of Hofsta University. In 1959, he got married with the girl name Ruth. His wife had a wide focus on Finance because of her educational background. Soon after the completion of his studies, madoff along with his wife invested $5000, which he saved during his summer job's invested in Madoff investment securities, LLC. Madoff father in law in the initial days worked a great asset in spreading this business, and many valuable clients became part of this investment. One of the most impressive clients of that early time was Steven ...