INTERESTING FACT
The operation of the largest fraud in US history was fairly simple. Bernie Madoff deposited all his investors' money into his Chase bank account and paid them off as necessary. At its height his account balance was over $65 billion. The scheme collapsed when he ran out of money.
Amazing WTF Facts
What was Bernie Madoff most famous for?
He was most known for running the biggest Ponzi scheme in recorded history, a financial fraud in which initial investors are reimbursed with funds obtained from subsequent investors rather than with actual investment income.
What accounting principles did Madoff violate?
Because this corporation was unjust to its stockholders, GAAP was broken. To provide the impression that the business is profitable, books and reports were altered. The Principle of Conservatism, The Full Disclosure Principle, and The Revenue Recognition Convention are the GAAPs that were broken
What did the judge reportedly say regarding Madoff?
For his massive Ponzi scheme, disgraced financier Bernard Madoff was given a 150-year sentence on Monday. The court referred to Madoff's actions as "extraordinarily vile," and he claimed that he needed to send a symbolic warning to anyone who would attempt to commit a similar deception.
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