Monday, December 15, 2008
Largest fraud ever?
This is an astonishing story that just gets worse -- $50B!!! This may well be the largest fraud in history.
| By Robert Plummer
Business reporter, BBC News |
Wall Street denizen and alleged mega-fraudster Bernard Madoff began his financial career at the age of 22 with just $5,000.
 Mr Madoff's whole legacy has been destroyed, say investors |
Now, after nearly half a century of trading, his reputation is in ruins, as he faces allegations that his entire business was nothing more than a $50bn (£33bn) scheme to dupe investors.
With his alleged victims asking why US regulators failed to query what was going on, it seems that the way in which Mr Madoff operated was key to the success of his venture.
While those who knew him describe him as "affable" and "high-profile, but not in a loud way", he went to great lengths to cultivate an aura of exclusivity.
Full story:
Subscribe to:
Post Comments (Atom)
1 comment:
another fraud by those guys. you know who
Post a Comment