Bernard Madoff: The Biggest Lie on Wall Street - Part 5: The Reckoning

The fraud ended in court, but its damage kept unfolding for years. That is the reality of a collapse like Bernard Madoff’s. The headlines arrive fast. The consequences do not. They spread through families, charities, retirement plans, and institutions that thought they had already done the hard work of trust.In March two thousand nine, Bernard Madoff pleaded guilty in federal court in Manhattan to charges arising from the advisory fraud. In open court, the lie finally had to speak for itself. The case was no longer an investigation into suspicious returns. It was an admitted crime. On June twenty-ninth, two thousand nine, Judge Denny Chin sentenced Madoff to one hundred and fifty years in prison, the maximum available. The sentence made the moral judgment visible in years instead of adjectives.Learn more at: https://thefraudarchive.com/fraud/madoff-ponziThe Fraud Archive is part of The Archive Network by Jonkai Ventures, a collection of podcasts dedicated to exploring history's greatest cons, scams,and financial crimes.Support the podcast and access exclusive content on Patreon:https://patreon.com/TheArchiveNetworkDiscover more archives and stories:https://thearchivenetwork.comExplore this archive:https://thefraudarchive.com Hosted on Acast. See acast.com/privacy for more information.