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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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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The Confession Contd...

According to the federal complaint, the origin of the fraud dated back to the 1980s when the investment management and advisory division of BLMIS was started. The division was supposed to invest clients' money 'in shares of common stock, options, and other securities of large well-known corporations'. It was also promised that whenever clients wanted it, the principal amount of the investment and the profits earned till date would be returned to them. However, instead of investing the money in the securities market, the investment management and advisory division of BLMIS deposited the entire amount in a bank account in Chase Manhattan Bank.6

Whenever a redemption request was made, it was fulfilled using the pooled money kept in the bank account...

Excerpts >>


6] Chase Manhattan Bank was formed in 1955 as a result of the merger between the Chase National Bank and the Bank of the Manhattan Company. In 2000, it was merged with JPMorgan, and became the consumer and commercial banking division of JPMorgan Chase (Source http://en.wikipedia.org).

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