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Bernie Madoff, the infamous and notorious American financier and fraudster, is once again in the spotlight after Netflix launched the official trailer for its brand new documentary series, titled Madoff: The Monster of Wall Street. The 4-part miniseries will chronicle the epic rise and fall of the sinister businessman.
Madoff: The Monster of Wall Street makes its arrival exclusively on Netflix this Wednesday, January 4, 2023, at 3 am ET. Highly acclaimed Academy Award-nominated director Joe Berlinger has served as the director of the docu-series.
The official synopsis for Madoff: The Monster of Wall Street, released by Netflix, reads as follows:
"With an innovative visual approach, Madoff: The Monster of Wall Street is a four part edge-of your seat financial thriller which reveals the truth behind Bernie Madoff’s infamous multibillion-dollar global Ponzi scheme and the ways in which a willfully blind financial system allowed it to flourish for decades."
Ever since the trailer dropped, the audience has been buzzing with curiosity to learn more about the Ponzi Scheme conducted by Bernie Madoff for decades, which ultimately landed him behind bars, and is now the topic of the upcoming Netflix documentary series.
The inner workings of Bernie Madoff's infamous Ponzi Scheme explored
What is a Ponzi Scheme?
The Ponzi Scheme is a type of fraud scheme that draws multiple investors in by giving guarantees of high returns, which is quite unusual. The name of the scheme originated after the infamous con artist Charles Ponzi's fraudulent scheme in 1920.
This type of scheme is usually run by a prime operator, who utilizes the money from incoming and new investors to pay off the older ones their promised returns. It makes the entire investment plan seem quite legitimate and profitable, even though there is no actual profit.
Meanwhile, the prime operator of the scheme takes the extra money or utilizes the extra money to lengthen the operation. However, these schemes are not sustainable. They eventually fall apart.
How did Bernie Madoff successfully operate his Ponzi Scheme for decades?
Reportedly, in 2009, Bernie Madoff received a prison sentence of 150 years for running the biggest Ponzi Scheme of all time. As a highly regarded financier, Bernie convinced numerous investors to deposit their hard-earned savings with the false promise of consistent profits in exchange.
Bernie eventually went on to con his investors out of $65 billion. But somehow, for decades, the vicious financier went undetected. For Madoff, everything started to fall apart when his clients began requesting $7 billion collectively in return. However, he only had $200 - $300 million left to hand over at the time.
Madoff managed to go undetected for such a long period of time because of his well-versed manner and active membership in the finance industry. In 1960, he began his own market-maker company and helped in launching the Nasdaq stock market. His status made people believe that his scheme was genuine.
Reportedly in December 2008, Bernie Madoff was arrested and convicted for his crimes. He passed away in federal prison while serving his 150-year prison sentence on April 14, 2021, at the age of 82.
Don't forget to watch Madoff: The Monster of Wall Street, which arrives on Wednesday, January 4, 2023, at 3 am ET on Netflix.
