Group Discussion: Madoff Investment Scandal

Madoff Investment Scandal Author Name Institution Affiliation The Madoff investment scandal is one of the major stock and security crises in history. The fraud was identified in late 2008, when Bernard Madoff, the founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC and the former CEO of NASDAQ, admitted that he had initiated a Ponzi scheme to earn millions of dollars through his business. His victims were hundreds to thousands of stakeholders, institutions, businessmen, and organizations worldwide. Madoff’s Ponzi scheme also trapped some of the richest investors and public figures. The most prominent stakeholders were New York Mets’ head Fred Wilpon and Philadelphia Eagles’ head Norman Braman. He also targeted a number of investment management firms, such as Fair-field Greenwich Advisors and Tremont C...