Bernie Madoff obituary
by Michael Gillard from on (#5GKAH)
Financier who defrauded thousands of investors through a multibillion-dollar Ponzi scheme
When, in 2008, Bernie Madoff was revealed as the world's biggest ever conman, the general reaction was: Bernie who?" Outside Wall Street, he was almost unknown. But investors around the world, most of whom had never heard the name Madoff, soon discovered they were victims of his $65bn Ponzi - or circular money - scheme.
An undiscerning fraudster, Madoff, who has died in prison aged 82, conned relatives, close friends, longstanding clients and charities as well as supposedly savvy banks and fund managers. There was no advertising. It was all by word of mouth: personal recommendations from well-rewarded Madoff middlemen at country clubs, golf courses and marinas. The pitch was exclusivity. The fund was closed - but maybe he would let you in.
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