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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
His involvement made the Madoff scheme by far the largest accounting fraud in history, dwarfing the $11 billion accounting fraud masterminded by Bernard Ebbers in the WorldCom scandal. Madoff's right-hand man and financial chief, Frank DiPascali, pleaded guilty to 10 federal charges in 2009 and (like Friehling) testified for the government at ...
Bernie Madoff. Participants in the Madoff investment scandal included employees of Bernard Madoff's investment firm with specific knowledge of the Ponzi scheme, a three-person accounting firm that assembled his reports, and a network of feeder funds that invested their clients' money with Madoff while collecting significant fees.
Madoff orchestrated his colossal $20 billion fraud over many years until his arrest in 2008. The scheme, which had run through his wealth management firm, unraveled during the global financial crisis.
The final payments, a total of $131.4 million, will bring the total distribution payments to over $4.3 billion. This means victims will have recovered approximately 93.7 percent of their fraud losses.
Madoff's fraud was estimated as high as $64.8 billion. It went undiscovered for many years until Madoff confessed to his sons in December 2008, one day after his firm's Christmas party.
David G. Friehling (born November 27, 1959 [1]) is an American accountant who was arrested and charged in March 2009 for his role in the Madoff investment scandal. [2] He subsequently pleaded guilty to rubber-stamping Bernard Madoff's filings with regulators rather than fully reviewing them.
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.