Bernard Madoff's financial fraud was global, an enormous amount
of money was involved, and thousands of people and hundreds of
institutions were swindled. Madoff's con game was a Ponzi
scheme--an investment that pays returns to early investors from
money acquired from subsequent investors.
This case study of the Madoff scheme looks at the effects of his
crimes on the victims. Elements from a theoretical framework put
forward by Erving Goffman provide a perspective for understanding
the development and the aftermath of Madoff's con. For example, as
Goffman would have put it, Madoff's "marks were not cooled out."
Many did not accept the fact that they were victims of a con game
and publicly clamored for sympathy, restitution, and for public
officials to share their perspective.
Inside men, ropers, outside men, and victims are at the core of
con games. Lionel S. Lewis emphasizes that it is important to
understand a con game's characteristics so as to grasp how it
operates. The Madoff fraud includes elements of a variety of con
games. For a comprehensive study of this economic crime, the "case
study" must be seen as part of the broader social system.
Considerably more is known about the dynamics of con games than
about Ponzi schemes, and this fact frames this book's approach. To
better understand what Madoff did, who was central in keeping his
scheme alive, whom he defrauded, and how they reacted, this work is
as invaluable as it is illuminating.
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