assignment 4.docx - Part 1 A Bernie Madoff started a firm...

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Part 1: A: Bernie Madoff started a firm as a penny stock trader in 1960 after graduating with his bachelor’s degree in political science. His business grew with the help of his father-in-law a retired CPA introducing him to many clients like Steven Spielberg and Kevin Bacon, at one point his firm handled more than five percent of the trading within the NYSE. As his firm grew he hired more family member including his brother Peter. In 2008, Madoff admitted to his sons that he had been using most of his branches for his business as Ponzi schemes, after he had informed them of some very large bonuses that were due to them in the future. After the sons had learned of the crimes their father had been committing they informed the federal authorities and he was arrested the next day December 12 2008. Bernie was charged with security frauds, it was reviled that the “Ponzi scheme” had been going on since 1992. March 2009 Madoff was sentenced to 150 years in prison after pleading guilty to 11 different felonies.
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  • Fall '16
  • Charles Kaiser

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