Politics Madoff is dead, but his lessons should live on

02:50  18 april  2021
02:50  18 april  2021 Source:   thehill.com

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Mr. Madoff , who was serving a 150-year prison sentence, had asked for early release in February 2020, saying in a court filing that he had less than 18 months to live after entering the final stages of kidney disease and that he had been admitted to palliative care. Mr. Madoff ’s enormous fraud began among friends, relatives and country club acquaintances in Manhattan and on Long Island — a population that shared his professed interest in Jewish philanthropy — but it ultimately grew to encompass major charities like Hadassah, universities like Tufts and Yeshiva, institutional investors

After Madoff ’s lies unravelled following his arrest, his family always claimed they never knew the truth about just how he was behaving and the extent of his lies. The life of luxury was plain for all to see though. The family owned a penthouse apartment on the corner of East 64th Street and Lexington Avenue in Manhattan, and But after revealing the truth about his fraudulent money-making to family – his sons Andrew and Mark were determined he should be punished. While Madoff shared his secret with his sons and his wife Ruth on the morning of December 10, 2008, he assured them he would

It was the spring of 2009, and I was in Bernie Madoff's personal office in the "Lipstick Building" on Third Avenue in New York City. Prominently displayed was an enormous sculpture of a screw - appropriate, as it was for the mastermind of the largest financial fraud in American history. No one ever quite could explain why Madoff had so blatantly mounted this defiant symbol in his office. I was there as an enforcement attorney on the U.S. Securities and Exchange Commission's team that was meticulously combing through his decades of falsified records. But how exactly did Madoff implement his fraud - and what lessons should we learn today?

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Bernie Madoff victims say his death reopens 'profoundly painful' wounds but doesn't bring them any closure and many were never repaid: Disgraced financier dies in prison aged 82 from kidney disease. Many of his victims came from the Jewish community where Madoff had been a major philanthropist. Among them was Nobel Peace Prize winner and Holocaust survivor Elie Wiesel whose foundation lost .2 million. His victims were varied in their comments on Wednesday but they agreed on one sentiment: his death does nothing to reverse the damage he caused them.

Bernie Madoff died in prison, but his spirit lives on in the US Government. Daunte Wright, like George Floyd, contributed to his own death . Minnesota officer charged with manslaughter to appease the mob.

Bernard Madoff wearing a suit and tie looking at the camera: Madoff is dead, but his lessons should live on © Getty Images Madoff is dead, but his lessons should live on

Madoff cultivated an aura of exclusivity. He controlled those around him and in turn enlisted them as the evangelists for his fraud. He enticed those outside his ring of fraud with lavish rewards - but treated poorly the staff whom he had lured into the scheme.

Madoff often deployed the velvet rope technique prevalent at nightclubs: Keep a large line waiting outside while the club remains empty. Perversely, he rejected high profile potential investors in order to induce others to invest. Madoff's scheme lasted as long as it did because he selected his victims carefully. Sophisticated investors were rejected in favor of charities that by their bylaws could not withdraw the principal. Countless foundations such as Steven Spielberg's foundation were scammed. The New York Mets are still paying the price for their disastrous Madoff investment.

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“Bernie, up until his death , lived with guilt and remorse for his crimes,” Sample said. “Although the crimes Bernie was convicted of have come to define who he was — he was also a father and a husband. He was soft spoken and an intellectual.” But no man is.” Madoff ’s lawyers last year had unsuccessfully asked a court to release him from prison amid the coronavirus pandemic, saying he was ill, with less than 18 months left to live , and wanted to die at home. “Bernie’s sentencing judge denied that request, despite Bernie’s terminal kidney disease and expressed remorse for his crimes,” Sample

At his sentencing, Madoff said, “I am responsible for a great deal of suffering and pain, I understand that. I live in a tormented state now, knowing of all the pain and suffering that I have created. I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.” At the same hearing, U.S. District Judge Denny Chin said, “Here, the message must be sent that Mr. Madoff ’s crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a

Just as Elizabeth Holmes did with Theranos, Madoff also cultivated elected officials to perpetuate the myth of power and legitimacy. Politicians unwittingly engage in "grip and grins" and those photos end up on the desks of schemers nationwide as evidence of their exalted status.

Madoff even maneuvered himself to become the chairman of NASDAQ. I will never forget in July 2001 when - as an SEC summer intern - I stood in Madoff's gleaming brokerage offices as he and his sons smugly pointed to their latest trading systems and gave us a tour of their purportedly model operation. One can only imagine the maniacal nature of the man who would invite the SEC to tour his ongoing crime scene in an effort to intimidate the government from ever asking too many questions.

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Did Madoff start out with criminal intent? Perhaps not. But not all frauds begin with an intent to defraud. They often begin with small transgressions such as a falsified bank loan document, or a minor accounting manipulation. This then snowballs as the fraudster stoically keeps up the charade while privately scrambling to cover the losses. And it is the enablers who look the other way who perpetuate the scheme.

Read CNN Business' last interview with Madoff

  Read CNN Business' last interview with Madoff Editor's note: This story was originally published on May 16, 2013 and has been updated. © Jin Lee/Bloomberg/Getty Images Bernard Madoff, founder of Bernard L. Madoff Investment Securities LLC, leaves federal court in New York, U.S., on Tuesday, March 10, 2009. Madoff, 70, will plead guilty on March 12 that he directed a fraud that totaled as much as $64.8 billion, the largest Ponzi scheme in U.S. history, his lawyer Ira Sorkin said in a court hearing today. Madoff, free on $10 million bail, faces life imprisonment.

Ghislaine Maxwell only trafficked in young women. But Bernie Madoff scammed wealthy people. Of course he went to prison. Even when their victims are choosing to end their lives , or living with such horrible realities because of their experiences. It's good we are finally having more some discourse around these issues, but we need more than just anger, we need to actually help people who've been victimised.

"Someone at the door," he said, blinking. "Some four, I should say by the sound," said Fili. The praise was enthusiastic enough to have delighted any common writer who earns his living by his pen.

Charity is also a preferred weapon of fraudsters because it bolsters their façade of benevolence. After all, if someone donates a million dollars to charity, they must be aboveboard. Charities also enable fraudsters to move in circles and gain the confidence of people who would ordinarily be suspicious of such characters.

Many investors long suspected that Madoff's consistently outsized returns were the result of some chicanery. But they believed he was cheating on their behalf, perhaps by insider trading.

If the returns are too good to be true, they are too good to be true.

In 2009, a Federal District Judge handed down a sentence of 150 years, and after meeting his demise in a jail cell, Madoff will face the Ultimate Judge, who will render His verdict on this notorious financial predator.

George G. Demos is a partner at DLA Piper LLP and an Adjunct Professor at UC Davis School of Law where he teaches Corporate & White Collar Crime.

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usr: 4
This is interesting!