Bernie Madoff has died. He was responsible for one of the largest ponzi schemes in Wall Street's history. The fraud effected average citizens, prominent public figures, and some celebrities. Many lost their savings and investments due to Madoff's scandal. At the height of his influence many sought to work with Madoff and his advice. Bernard L. Madoff Investment Securities was founded in 1960 and grew to be one of the most powerful firms on Wall Street. When the criminal actives were discovered, Madoff was arrested in 2008. There were indications that criminal activity with his firm began in 1999. The clip above shows Madoff explaining regulation. Here he explains how it is simple to detect violations related to firms. This was produced in 2007, before the scandal was made public. Avarice and corruption are all too prevalent in the world of finance and the stock market. Madoff demonstrated that even with certain regulations in place, they can be evaded. The SEC failed to capture Madoff , until it was too late. The Madoff scandal is an example of why regulation is needed and the SEC should be more active in pursuing suspicious business practices.
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