The 'Bernard Madoff' Financial Scam


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Case Details:

Case Code : FINC055
Case Length : 16 Pages
Period : 1990-2008
Pub. Date : 2009
Teaching Note :Not Available
Organization : Bernard L. Madoff Investment Securities LLC
Industry : Banking & Financial Services
Countries : US

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts Contd...

Why Did The Fraud Happen?

According to the industry experts, both regulators and investors neglected some important facts which enabled Madoff to carry on with this fraud for a long time. His fund had proved to be a consistent performer over decades. The fund had had only five losing months since 1996...

The Aftermath

The financial scam affected many investors in the US. The regions most affected included New York, Florida, Oregon, Nevada, Montana, Georgia and Kansas. A large section of these investors were from wealthy families of Florida's Palm Beach and New York's Long Island.

Rene-Thierry Magon de la Villehuchet, a founder of a hedge fund named Access International Advisors, committed suicide in December 2008 after losing US$ 1.4 billion in the scam...

Did Madoff Act Alone?

Industry experts were of the opinion that the magnitude of the scam was such that it was impossible to believe that it had been carried out by a single person...

Exhibits

Exhibit I: Investors Affected Due to Madoff Scam
Exhibit II: The Charges against Bernard Madoff
Exhibit III: A Note on the Regulations in the US Mutual Funds Industry
Exhibit IV: S&P 500 Index Chart (May 2006-March 2009)



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