Free Market Institute of the Pacific

Exploring Business, Economics, and Freedom

Bernie Madoff: King of the Con Men

A once respected stock broker and investment advisor, Bernie Madoff created an empire on Wall Street...but the empire was apparently built on shifting sands. With tens of thousands of clients, Madoff was able to syphon money from those accounts to pay for his personal lifestyle of extreme luxury. Finally, the house of cards collapsed.

As much as $65 BILLION dollars has dissappeared from his ledgers. The sheer numbers of his graft made Bernie’s scam the largest ponzi scheme in history. He was indicted in 2009 on eleven federal charges and is serving a 150 year sentence (good luck getting out on that one). His scheme left thousands without their retirement savings and many nearly destitute.

Unlike most of our Economic Criminals, Bernie made one huge mistake: He did not work for the government or a government entity...thereby being one of the few in our Rogue’s Gallery who is actually being punished for his crimes instead of being reassigned, retired with multi-million dollar bonuses, or promoted. Bad move Bernie...should have been in government if you wanted to steal money from the people without going to prison for it.