History Rewind: Behind the Bernie Madoff Scam

In 2009, Bernie Madoff pleaded guilty to a Ponzi scheme that cost investors an estimated total of $65 billion, the largest in U.S. history. Before that, he had been a respected member of the financial and trading communities, and was even the chairman of the NASDAQ stock exchange, a penny stock broker, and an investment advisor.

When his scam finally came crumbling down, he would be sentenced to 150 years in a federal prison. Madoff died in prison in 2021. https://en.wikipedia.org/wiki/Bernie_Madoff#Plea,_sentencing,_and_prison_life

This video, which is available on YouTube, is from an NBC News TV segment profiling the Madoff Ponzi scheme and accounting scandal.

Thanks for reading CPA Practice Advisor!

Subscribe for free to get personalized daily content, newsletters, continuing education, podcasts, whitepapers and more…

Need more information? Read the FAQs

Subscribe for free to get personalized daily content, newsletters, continuing education, podcasts, whitepapers and more...

Tags: Accounting, Auditing, Firm Management, Taxes

Accounting December 24, 2024 Sponsored

Spend Management Advisory: A Growing Opportunity for Accounting Firms

In this special report, learn what accounting firms have done to ramp up this approachable yet lucrative advisory service quickly.

Accounting December 24, 2024

BOI Reporting Injunction Lifted; FinCEN Extends Deadline to Jan. 13

FinCEN has extended the Jan. 1, 2025, deadline for most reporting companies to file beneficial ownership information reports with the Treasury Department until Jan. 13, 2025, after a federal court of appeals lifted an injunction on Dec. 23 that had halted the new law.

Jason Bramwell

Accounting January 14, 2025

CPE Webcast – Jan. 14, 2025: Amended Returns in Drake Software

This webinar is designed for accountants using QuickBooks, Xero, or similar accounting software. Learn how Avalara integrates seamlessly with your existing tech stack, saving time, reducing costly errors, and hear firsthand from a firm that has supported clients through their tax compliance journey. Plus, earn CPE credit!

Accounting Standards December 23, 2024

FASB Invites Comments on Intangibles

The invitation to comment is intended to explore ways the FASB can improve this area of financial reporting, which includes the accounting for acquired and internally developed intangibles.

Jason Bramwell

Accounting & Auditing

Tax

Payroll

Tech

Firm Management

The Profession

Resources

Conference