Bernie “Big Money” Madoff takes a stroll down Lexington Avenue last week....
This guy 70-year old Bernard Madoff whose name wasn’t even known by many in the financial industry until recently is accused of scamming investors worldwide of over $50 Billion dollars. His scheme is so big that it’s said to make Enron and Worldcom scandals look like a “bump in the road”. Since 1960 through his Bernard L. Madoff Investment Securities company in NYC Bernie has been robbing investors through a “Ponzi” (aka pyramid) scheme where he basically used the money new investors would invest to pay unusually high returns to those who had already invested. Over the years investors got paid even when the market was bad and more and more people eventually came into the fold…
As the financial markets tanked a lot of investors needed their cash back - $7 Billion dollars worth of it - so a couple of weeks ago Bernard admitted to his sons and senior company employees that all this money they’ve been investing over the years is gone and he only had $300,000 dollars to his name. Although he told them he planned to give the last $300,000 out as company bonus’, his sons turned him in to the FBI the next day and now he’s free, but under penthouse arrest after posting a $10 million dollar bond. “There is no innocent explanation,” Bernie allegedly told authorities before they took his and his wife’s passports and confined him to his Park Avenue apartment - a building so exclusive you need to have at LEAST $100 Million in liquid assests to move into!
Investigators are hard at work trying to find out where the money is because Bernie is claiming he’s broke and even with all his apartments, airplanes and diamonds they can’t account for a $50 Billion scheme. Bernie faces a maximum of 20 years if found guilty. To make matters worse, yesterday Thierry Magon de La Villehuchet, a fund manager who invested $1.3 Billion of rich French people’s money with Bernie slit his wrists in his midtown New York office.
Do you think his sons knew and are part of this scheme???
Was is worth it for $50 Billion???
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