When Bernard Madoff (pictured right), the former chairman of the Nasdaq and sole owner of a broker dealer/investment adviser, summoned his two trader sons to his office in early December, he had good news for them. He was going to give them a bonus. When his sons asked why bonuses were being paid earlier than was customary, Madoff told them that he did not want to discuss the matter in his office and invited them to his apartment. There, he allegedly admitted that he had traded and lost investors' money and paid certain investors bogus returns with the principal he had received from new investors.
January 14, 2009 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
The $50bn Madoff scandal has re-opened the debate over regulation but there is no substitute for the concept of buyers beware
When Bernard Madoff (pictured right), the former chairman of the Nasdaq and sole owner of a broker dealer/investment adviser, summoned his two trader sons to his office in early December, he had good news for them. He was going to give them a bonus.
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