"Madoff" is inspired by the book "The Madoff Chronicles," written by ABC News Chief Investigative Correspondent Brian Ross. In addition to documenting the life of the investment adviser who cost his clients billions of dollars and is currently serving a 150-year prison sentence, the miniseries will examine how his crimes affected those in his inner circle.
Runtime: 60 minutes
Madoff - Participants in the Madoff investment scandal - Netflix
Investigators are looking for other participants in the Madoff investment scandal besides Bernard Madoff, despite Madoff's assertion that he alone was responsible for the large-scale Ponzi scheme. Harry Sussman, an attorney representing several clients of the firm, stated that “someone had to create the appearance that there were returns,” and further suggested that there must have been a team buying and selling stocks, forging books, and filing reports. James Ratley, president of the Association of Certified Fraud Examiners said, “In order for him to have done this by himself, he would have had to have been at work night and day, no vacation and no time off. He would have had to nurture the Ponzi scheme daily. What happened when he was gone? Who handled it when somebody called in while he was on vacation and said, ‘I need access to money’?” “Simply from an administrative perspective, the act of putting together the various account statements, which did show trading activity, has to involve a number of people. ... You would need office and support personnel, people who actually knew what the market prices were for the securities that were being traded. You would need accountants so that the internal documents reconcile with the documents being sent to customers at least on a superficial basis,” said Tom Dewey, a securities lawyer. Anthony Barkow, a former federal prosecutor in New York City who is currently a partner at Jenner & Block LLP was quoted as saying “Bernie Madoff claiming that he acted alone was ridiculous. His surrender was clearly a strategy to try to insulate his family and co- conspirators and made it more difficult for the government to make the case, so it’s taken time but they’ve shown that they’re clearly working on it.”
Madoff - Maxam Capital - Netflix
Madoff was the investment adviser over all the $300 million Maxam Absolute Return Fund’s assets. Maxam was scheduled to receive $2.8 million for investing $280 million in 2008. The Town of Fairfield, Connecticut invested in Madoff through the Return Fund created by Maxam Capital Management LLC, based in Darien, Connecticut. The Maxam fund in turn invested in Madoff through Tremont. Sandra L. Manzke, the founder of Maxam Capital, has had her assets temporarily frozen by the same Connecticut court. Maxam Absolute Return Fund LP has filed a lawsuit in Connecticut Superior Court in Fairfield County against auditors Goldstein Golub Kessler LLP and McGladrey & Pullen LLP to recover losses, claiming they relied on the auditors for their expertise in examining Madoff's firm. On April 13, 2009, Judge Arthur Hiller in Bridgeport, Connecticut, dissolved the temporary order he imposed March 30 freezing assets, and ordered Sandra Manzke, to provide a $2.5 million mortgage on a piece of property she owns in Vermont. Maxam's attorney, Jonathan D. Cogan said,“The Town of Fairfield’s suit is an outrageous publicity stunt to divert attention from the town’s own decision to invest in Madoff, which was made long before it did business with Maxam." The pension fund case is Retirement Program for Employees of the Town of Fairfield v. Madoff, FBT-CV-09-5023735-S, Superior Court of Connecticut (Bridgeport) On July 28, 2011, Irving Picard, the receiver assigned to Madoff's Ponzi scheme, extracted a settlement from Tremont worth over one billion dollars.
Madoff - References - Netflix