This series traces the rise and fall of one Bernie Madoff. A financial serial killer in the sense he eventually destroys the finances of thousands through his criminal activities.
He ran a investment business which in effect was a Ponzi scheme:
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Madoff promised to invest clients money and generate high returns. Instead clients money was stolen by Madoff and others and fake statements given to them saying money had been invested when it had not.
This series use examples of many stupid rich individuals who through total worship of money believed if they give their money to "one of their own" he will make sure they get massive profits.
Some did profit and gained massively from this fraud and a few have now returned a proportion of what they received.
The SEC and banks etc were totally useless in overseeing Madoff despite being repeatedly told by a few honest people he was running a clear scam.
As one of the commentators said in effect you cannot compete with the likes of a Madoff who lives his life by cheating and swindling others.
Some of the so called "victims" are giving us a sob story in the series but a lot of viewers will have no sympathy for them.
What the show does not say is that in a press release of September 2022 it is confirmed by the Dept of justice that money has been repaid:
".... funds will be sent to 40,000 victims worldwide, the eighth payment to victims that will bring their total recovery from all sources of compensation to 88.35% of their losses. "
So many victims pleading poverty in the series have gotten back most of what they lost.
Why did the series not mention this?
Deduct 2 marks for that omission in my rating, so=
5/10.
He ran a investment business which in effect was a Ponzi scheme:
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Madoff promised to invest clients money and generate high returns. Instead clients money was stolen by Madoff and others and fake statements given to them saying money had been invested when it had not.
This series use examples of many stupid rich individuals who through total worship of money believed if they give their money to "one of their own" he will make sure they get massive profits.
Some did profit and gained massively from this fraud and a few have now returned a proportion of what they received.
The SEC and banks etc were totally useless in overseeing Madoff despite being repeatedly told by a few honest people he was running a clear scam.
As one of the commentators said in effect you cannot compete with the likes of a Madoff who lives his life by cheating and swindling others.
Some of the so called "victims" are giving us a sob story in the series but a lot of viewers will have no sympathy for them.
What the show does not say is that in a press release of September 2022 it is confirmed by the Dept of justice that money has been repaid:
".... funds will be sent to 40,000 victims worldwide, the eighth payment to victims that will bring their total recovery from all sources of compensation to 88.35% of their losses. "
So many victims pleading poverty in the series have gotten back most of what they lost.
Why did the series not mention this?
Deduct 2 marks for that omission in my rating, so=
5/10.