Buttressed by elaborate account statements and a deep reservoir of trust from his investors and regulators, Madoff steered his fraud scheme safely through recessions and crises. Hedge funds and other institutional investors, pressured by demands from their own clients, began to take hundreds of millions of dollars from their Madoff accounts. More than a dozen prominent hedge funds and money managers had to admit that they had forwarded their clients’ money to Madoff and lost it all. And for the Securities and Exchange Commission, which unsuccessfully investigated more than a half-dozen credible tips about Madoff’s fraud scheme since at least 1992, it was the most humiliating failure in its 75-year history. After his brother, Peter, joined the Madoff firm in 1970, it began to build a reputation for harnessing cutting-edge computer technology.

Source: bd News24 April 14, 2021 18:11 UTC