Bernie Madoff caught on tape in 2005


Bernie Madoff, the man who orchestrated the biggest Ponzi scheme in history, is heard on tape in 2005 talking to executives at Fairfield Greenwich about how to get around the SEC. Ron Geffner, a former SEC enforcement attorney, discusses the tape with CNBC’s Scott Cohn.

Self-regulation in action.  Note that this tape was uncovered due to a subpoena by the State of Massachusetts, not by the SEC.

Question: How did Fairfield Greenwich escape with an $8 million settlement?

(Embedded video below)

1 Comment
  1. doctorx says

    1. Great question. I suspect corruption at the SEC (can’t provide evidence, of course). What happened to the billions of dollars that are missing?

    2. Of course, re your comment regarding the largest Ponzi scheme in history, presumably you are excluding such governmental Ponzi schemes such as Social Security.

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