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The Bernie Madoff System Collapse

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The Bernie Madoff System Collapse
The Bernie Madoff fraud happened because of greed. All of the people involved wanted more and more money and eventually the system collapsed. On March 12, 2009, Bernie Madoff pled guilty to the largest Ponzi scheme in history. He successfully took $65 billion from investors that trusted him with their money.

Why the fraud case was created
Bernie Madoff had his investors believe that they were making a lot of money through his investment firm (Bernard Madoff Securities), by creating false trade reports. His firm used a computer program that his employees used to backdate trades and manipulate account statements by entering in a false closing trade in the amount of the required profit for each of his customers. He also set up his portfolios
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