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CNBC's 2008 Coverage Of Bernie Madoff's Ponzi scheme
Posted
December 11, 2018
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December 11, 2018
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3:45Now PlayingAs details were revealed of Bernie Madoff's Ponzi scheme in December 2008, CNBC covered the breaking news, the court proceedings and spoke with victims of his scam.
Looking back, Bernard Madoff's investors vividly recall the shock when they learned they were victims of the biggest con man of all time.
"It was disbelief. It was distrust. I mean this man was highly recommended," said Ilene Kent of Columbus, Georgia, who said her elderly parents lost three-quarters of their net worth in the $65 billion fraud.
"I trusted him because he'd been managing my daughters' college funds since the 1970s," said Joyce Greenberg, a stockbroker who is now retired and living in Houston. By 2008, her Madoff account balance had grown into millions of dollars.
"I absolutely thought it was gone with the wind," Greenberg said.
For customers like Greenberg and the Kents, the shock of Madoff's arrest on Dec. 11, 2008, quickly turned into action as they moved to sort out what had happened and what, if anything, they could recover. But that is where their stories diverge.
The outcomes for Madoff's victims — as many as 37,000 people in 136 countries — vary widely. They are the result of a deeply controversial process for unwinding the fraud that is still playing out to this day, having set precedents — and cautionary tales — for scandals to come.
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CNBC's 2008 Coverage Of Bernie Madoff's Ponzi scheme
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