"But they were willing to give up those greater returns in exchange for the consistency of Madoff's returns. "Through many of the years of Madoff's fraud, investors could have made a lot more money even in some of the very prominent mutual funds," she said. The former NASDAQ chairman portrayed himself not just as a great investor, but a morally upstanding one.įinancial reporter Diana Henriques, who wrote a book about the case, described Madoff's scheme in a 2011 Fresh Air interview as exploiting not investors' greed, but their fear. Madoff Investment Securities LLC, consistently boasted impressive returns, and his clients - many within the Jewish community - included celebrities and wealthy philanthropists as well as ordinary people.īefore the scheme came to light, Madoff's credibility was bolstered by his lavish lifestyle, which featured a yacht and properties in Palm Beach, the Hamptons and the south of France. ![]() But long before his name became synonymous with deceit, it had been held in high regard on Wall Street.
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