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History Rewind: Behind the Bernie Madoff Scam

Accounting | August 2, 2022

History Rewind: Behind the Bernie Madoff Scam

In 2009, Bernie Madoff pleaded guilty to a Ponzi scheme that cost investors an estimated total of $65 billion, the largest in U.S. history. Before that, he had been chairman of the NASDAQ stock ...

Isaac M. O'Bannon

In 2009, Bernie Madoff pleaded guilty to a Ponzi scheme that cost investors an estimated total of $65 billion, the largest in U.S. history. Before that, he had been a respected member of the financial and trading communities, and was even the chairman of the NASDAQ stock exchange, a penny stock broker, and an investment advisor.

When his scam finally came crumbling down, he would be sentenced to 150 years in a federal prison. Madoff died in prison in 2021. https://en.wikipedia.org/wiki/Bernie_Madoff#Plea,_sentencing,_and_prison_life

This video, which is available on YouTube, is from an NBC News TV segment profiling the Madoff Ponzi scheme and accounting scandal.

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Tags: Firm Management, Taxes

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Isaac M. O'Bannon

Isaac M. O'Bannon

Managing Editor

Isaac M. O'Bannon is the managing editor and digital content manager for CPA Practice Advisor (www.CPAPracticeAdvisor.com), drawing on two decades of experience covering the areas of professional accounting, taxation, business productivity and consumer technologies. . Prior to CPA Practice Advisor, O'Bannon was a consultant at firms in San Francisco, Denver and Tulsa, serving clients that included Logitech, Polycom, Hilti, Microsoft, the Stanford Research Institute, the University of Oklahoma's College of Engineering and other technology leaders. He is a U.S. Navy groundforces veteran (never a SEAL). Email: isaac.obannon - @ - cpapracticeadvisor.com . Isaac OBannon 2019 Cropped Small Headshot

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