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In an extended expose, the New York Magazine reported that Bernard Madoff described his scheme as a real nightmare to him, as if he were the real victim, and complained about little old ladies bugging him for money. The article goes on to describe his celebrity in prison among the other inmates and his “freedom” in prison.


1.  What kind of scheme did Bernie Madoff use to defraud his investors? What is the estimated amount that he stole from investors?  What was his sentence?

2.  What did Bernie Madoff claim that the SEC failed to do that would have uncovered his scheme? Do you agree?

3. What trait does Bernie Madoff continue to exhibit that is common to fraudsters? Do you think the sentence fits the crime for this case?


Fishman, Steve. (2010). Bernie Madoff, Free At Last, New York Magazine, June 6. (Retrievable online at