Part 7/12:
The narrative continues with Bernie Madoff, the orchestrator of history’s largest Ponzi scheme. Madoff, once viewed as a brilliant mind in the financial sector, began his investment firm in 1960 and quickly became a major player on Wall Street. As chairman of NASDAQ, he capitalized on an elite reputation to attract wealthy investors.
When faced with dwindling returns, Madoff resorted to maintaining appearances through a classic Ponzi scheme. New investor funds were used to pay returns to earlier investors, creating the illusion of a highly profitable business. Over time, Madoff’s operations led to claims of managing $65 billion, despite the reality of far less capital.