Bernie Madoff, in 2009, pleaded guilty to securities fraud, investment advisor fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, theft, and false filings with the U.S. SEC. (Yikes, that is a lot of crimes). He faced a statutory maximum of 150 years in prison and is currently serving a 150-year prison term in North Carolina.
Madoff was a secretive investment advisor who only invested for certain groups of people -- the wealthy. In fact, Madoff described his business as "just one big lie." He built his company on his reputation as a well-established financial expert who helped establish the NASDAQ stock exchange.
Madoff promised his clients moderate (not exorbitant returns). He would take the investors money and deposit the money, amazingly enough, in his personal Chase Banking Account. It is estimated that Chase made approximately $500 million from Madoff. As new investors came on board, he would simply issue a portion of the investors money as dividends to the older investor. It was simple, brilliant, and costly.
If you have been charged with fraud,
Plano criminal defense lawyer today.