In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.
On the day the news broke, I received a call from the Securities Investor Protection Corporation (“SIPC”) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”).
A Ponzi scheme the size and duration of Bernard Madoff’s was only possible if he went global. The magnitude of his financial fraud still holds the world record, with approximately $17.5 billion in losses. Four years of investigation has revealed that Madoff’s Ponzi scheme is unprecedented in its global reach - our work reconstructing the fraud has taken us into more than 30 jurisdictions to date.
All amounts approximate