One yr and eight months after the loss of life of Bernie Madoff, an American fraudster and Wall Road financier who was the mastermind behind the biggest Ponzi scheme in historical past, streaming platform Netflix (NASDAQ: NFLX) turned his notorious endeavor right into a four-part monetary thriller.
Set to premiere on January 4, 2023, “Madoff: The Monster of Wall Street” follows the rise and fall of the multibillion-dollar schemer who managed to run his ploy undetected, possible for many years, defrauding hundreds of buyers of near $65 billion and dealing with among the world’s most harmful folks.
In keeping with the trailer launched on December 8, 2022, the docuseries explores how the scheme operated for such a very long time, with the monetary system turning a blind eye, and regulatory companies, together with the USA Securities and Trade Fee (SEC), failing of their mission.
As a reminder, Madoff’s scheme began to unravel throughout the Nice Recession of 2007-2009 as buyers began to line up making an attempt to withdraw their cash en masse, and Madoff discovered himself missing the monetary property to satisfy all of those requests resulting from utilizing the funds of late-comer buyers to supply income for early-comers.
Cornered, he confessed all the pieces to his two sons, Mark and Andrew, who labored at his agency (although Madoff insisted they had been unaware of the scheme) and reported him to federal authorities. In 2021, the 82-year-old Madoff died in jail, the place he was serving a 150-year sentence.
Image of monetary scammer
Within the meantime, Madoff has turn into a logo of a typical monetary scammer, with each the “Rich Dad Poor Dad,” creator Robert Kiyosaki and podcaster Joe Rogan utilizing him to criticize Sam Bankman-Fried – the founding father of the now-bankrupt crypto buying and selling platform FTX.
To make issues worse, Bankman-Fried by accident described what was primarily a Ponzi scheme in an interview with Bloomberg’s monetary columnist months earlier than the FTX collapse, which sank the crypto market capitalization again to its pre-2021 ranges.
In the meantime, Gregory Coleman, the retired Federal Bureau of Investigation (FBI) agent who was concerned in Madoff’s case, in addition to the prosecution of Jordan Belfort, referred to as the ‘Wolf of Wall Street,’ defined that the investigation of SBF must be to easily comply with the cash.
On the similar time, Bernie Madoff’s lawyer Ira Lee Sorkin believes that SBF would possibly face an prolonged jail time period if discovered responsible and is prone to get extra costs, in addition to that extra co-conspirators are prone to be arrested within the coming days, as Brokers reported on December 16.
Watch the trailer beneath:
