Bernard Madoff and the Largest Fraud in Financial History (Part One)
The shocking story behind the biggest swindle in the history of Wall Street.
Madoff, leaving Federal court during his prosecutionAgent Cacioppi was so taken aback by Madoff’s candor and unusual cooperation he called his office to determine what he should do next. Typically, a subject with Bernie’s sophistication and community stature would refuse to answer questions and stall, at least requesting time to speak with or even have an attorney present before answering any questions. Madoff’s admissions to the agents were an unexpected response. The agent was told to arrest Madoff and bring him to FBI offices at 26 Federal Plaza.
Ruth MadoffUpon graduation from college, Madoff briefly attended Brooklyn Law School but unlike his brother Peter, who graduated from Fordham Law School, he dropped out after a year. He did pass the requisite exams to not only sell financial securities but to also operate his own securities brokerage firm, which he formed in 1960, calling it Bernard L. Madoff Investment Securities. By then, Madoff was already married to Ruth Alpern, the daughter of a successful accountant, Saul Alpern. Another occasional fable that Madoff spun was that his working capital came from his summer jobs installing sprinklers and as a lifeguard. He frequently left out the fact that his father in law not only lent him fifty thousand dollars, he also gave him a desk in his firm’s office and referrals of all of Saul’s client base.
Published on 2 years, 4 months ago
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