Business, Finance & Economics

Global reach of Madoff fraud

The list of those said to be burned by Madoff include some big names, including big banks in Britain, Japan and Spain. Individual victims are said to include big names like sports team owners and foundations run by U.S. senators, even Steven Spielberg. Clearly Madoff was good at what he did, and that was to dupe investors, according to this analyst. He says this appears to just be a pyramid scheme. He says Madoff's resume might've helped him avoid detection because he had nearly a half-century of experience at Wall Street. This investor who had 9% of her company invested in Madoff says the regulatory organizations appear to have fallen asleep at the job. Speaking with the BBC this morning, she pointed out that the fraud Madoff is charged with is relatively simple and that raises questions about the whole financial system in the U.S. And this is just the latest blow to worldwide confidence in Wall Street. If Madoff is found guilty, Madoff faces up to 20 years in prison and a fine of $5 million dollars.

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