The 'Ponzi King' Two Years Later

Are We Closer to Any Answers?

By Scott Patterson

Fraud in the News 


In March 2009, when Bernard Madoff pleaded guilty to 11 felonies and admitted a decades-long, multi-billion-dollar Ponzi scheme, observers were asking some pressing questions: "How much?" and "Who knew?" As Madoff's tailored suits were replaced with prison garb, there was a sense that with the curtain pulled aside, and his smoke and mirrors diminished, the answers would come. They might not be the answers that ripped-off investors wanted to hear — but answers, nonetheless. 

Madoff has been in prison for two years. What do we really know now? 


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The lessons we can learn form Madoff's Ponzi Scheme are not yet over. Most importantly, did regulators understand what they were presumed to understand? Did they make any significant visible changes to their attitude towards similar cases? There is an aspect that we need to address in this regard. Simply, it is the public trust.
By Susan_5