|MADOFF’S FRAUDULENT FINANCIAL SCHEME, HIS DECADES-LONG SWINDLE, AND THE FAILURE OF OPERATIONAL RISK MANAGEMENT|
|Written by LUMINITA IONESCU|
ABSTRACT. The objective of this paper is to emphasize Madoff’s financial crimes, the implementation of Madoff’s system and the development of his scheme, and Madoff’s supposed hedge fund strategy. Hurt observes that many victims felt that Madoff was somehow responsible for the economic downturn. Clauss et al. clarify the primary reasons which allowed Madoff’s system to operate for several years. Arvedlund claims that Madoff relied on fund-raisers and feeder funds to build his client base. (pp. 237–242)
JEL: B26, G32
Keywords: Madoff, financial, hedge, fund, scheme, economic
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