From Steven Spielberg to Kevin Bacon, 7 Celebs Who Fell Victim to Bernie Madoff's Ponzi Scheme

Since his downfall in 2008, disgraced financier Bernie Madoff has been the topic of a number of books, motion pictures, and documentaries, with the most recent being from Netflix. In “Madoff: The Monster of Wall Street,” the streaming big is tackling the unbelievable true story of Madoff, who is thought for defrauding celebrities and common individuals out of $65 million by way of an elaborate and large Ponzi Scheme.

Throughout his time as a pressure on Wall Street, Madoff persuaded individuals, each well-known and never, to make giant investments in quite a lot of shares with the promise of a major monetary return. However, Madoff by no means really invested any of the cash he recieved. Whenever an investor requested for his or her returns, he’d merely pay them with cash from a brand new sufferer, perpetuating a cycle of fraud with no revenue for anybody however himself.

Madoff bought his begin within the monetary trade again within the Nineteen Sixties, when he based a penny inventory firm, Bernard L. Madoff Investment Securities, in accordance The New York Times. For the following 4 a long time, Madoff dominated the inventory alternate, helped develop and jumpstart the usage of digital buying and selling platforms (notably NASDAQ), and was a outstanding philanthropist. His monetary success, nevertheless, was all a facade and took a extreme flip for the worst in 2008 when the housing bubble burst and shoppers turned to Madoff en masse to money out on their investments amid the financial downturn, solely to seek out Madoff did not have their cash. Following a tip from sons Mark and Andrew Madoff, authorities arrested Madoff in his New York house on Dec. 11, 2008.

After his arrest, Madoff pled responsible to 11 counts of cash laundering, fraud, theft, and perjury in 2009. He was sentenced to 150 years in jail and died in April 2021, per The Associated Press. Madoff’s long-running rip-off affected numerous individuals, together with a couple of notable celebrities. Ahead of the discharge of “Madoff: The Monster of Wall Street” on Jan. 4, listed below are a handful of his well-known victims.

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