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It's September 15th, 2008, on a small peninsula in the south of France. Today, the Mediterranean Sea is a bright, bright blue. Off in the distance, waves crash against the rocky shore. It's a picturesque setting and one of Bernie Madoff's favorite places in the world. That's why he's here now. Lying in the sun may not sink lower into his wicker chair and smiles as he traces the curves of a cloud from made off. This trip couldn't have come soon enough.


He desperately needed to get away from New York and the nightmare he's been living through all across the country, homeowners are defaulting on their mortgages and that's causing stocks to tumble. The global economy has entered something like a death spiral, with people calling it the Great Recession.


The collapse has been especially disastrous for Bernie Madoff because his clients keep demanding to pull their money out of the stock market. But there's a problem that money isn't actually invested in stocks. Instead, Madoff has been using his clients money to pay his other clients. He's merely shifting money around from one account to the other to make it look like his clients are profiting from actual stock. That's the heart of his Ponzi scheme. But with the economic collapse, it's getting harder and harder to keep the scheme going.


He's running out of money, which is why Madoff is here today in his home on the French Riviera. He's with his wife and friends and he's hoping to clear his head and to figure out how to get himself out of this mess. Out on the porch, Madoff off, leans forward and grabs a bottle of champagne from a bucket of ice, uncorks the bottle and fills three glasses. All right, everyone got us a crew. So let's drink up and enjoy ourselves.


Made off, hands out the glasses and his friend raises his in a toast. Well, cheers, everyone, to a year that can't get any worse. Amen to that. But, you know, we're here in the most beautiful place in the world. So how about this today? Let's talk about something else. Anything else other than stocks and money? Something else, Bernie, what else is there besides stocks and money? Oh, I don't know how many books, movies, Bernie.


The rest of us. We go to the movies because we're not living the dream like you are. That's where we get our fantasies. Well, I promised my life isn't the fantasy you think it is. Oh, you have too much money. Look, if you have to give away, I don't know, 10, maybe 20 million dollars, you know where to find me. The group laughs and Madoff forces himself to smile. He knows he has to keep up appearances, even though he's feeling a terrible anguish.


Madoff is about to change the topic when there's a crime on his friend's phone. When a man looks at the screen, all of a sudden his face goes pale. Madoff sets down his champagne. What is it? It's nothing. It's not nothing. You look like you saw goes. What is it? You said you didn't want to talk about business. I didn't then, but I do now. What is going on, Bernie? You got a TV because it sounds like it's all over the news.


Madoff's heart begins to race. You can't take any more bad news. He needed a break from the constant threat that his business would collapse and he'd be exposed as a fraud. But he knows he can't hide from the truth forever.


And so Madoff, his wife and their friend set down their glasses and head inside. Madoff grabs remote and turns on the TV to the American channels.


And right away, he sees the headlines. Right now, breaking news here. Stocks all around the world are tanking because of the crisis on Wall Street. This is absolutely stunning. Wall Street has seen very, very few days like this. The mortgage crisis has now taken down two of the biggest names, the most storied names on Wall Street. One of them, Lehman Brothers. Right behind me, Madoff stands frozen in place. Lehman Brothers is one of the largest investment banks in the world.


Now it's filing for bankruptcy. It's unimaginable and terrifying because if Lehman is going down, people are going to panic even worse than they already are. And that means they're going to start selling. And if they start selling, Madoff's clients are going to demand even more of their money back money. He doesn't have Madoff shut off the TV and pauses for home thinking, and he makes up his mind. He strides to the bedroom and begins packing his clothes.


The vacation is over. It's time to get back to New York because if he doesn't stop the bleeding now, his business and his life will be ruined. American scandal is sponsored by ancestry. Maybe you've heard that you have your father's eyes were your mom's sense of humor, or you laugh like Uncle George or love words like your grandmother. Those resemblances aren't limited to family. Inside you in every one of your cells is a small piece of the history of humanity, a story that goes back generations that proves you and me and everyone on the planet are related.


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From wandering, I'm Lindsey Graham and this is American Scan. Beginning in the late 1990s, Bernie Madoff's investment business came under close scrutiny. The federal government received reports that Madoff could be the mastermind of an enormous fraud soon. Officials began to investigate those allegations. But when the investigation was over, the Securities and Exchange Commission cleared Madoff of any wrongdoing. It was a huge relief for the legendary financier, but Madoff's troubles wouldn't be over. He continued to dig himself into a deeper hole as his Ponzi scheme grew larger.


And in 2008, as the stock market crashed, Madoff faced his biggest test. This is episode three Collapse. It's September 23, 2008, and just over a week since Lehman Brothers filed for bankruptcy today, Frank de Paschalis standing outside Bernie Madoff's office in Manhattan and bracing for what's sure to be a painful meeting. DePasquale has more bad news for Madoff in a year when bad news seems to be the only news. Around a few days ago, Wall Street was shocked yet again when word spread that the insurance giant AIG was on the verge of collapse.


The federal government rushed to bail out the company in an effort to save the economy, but that didn't stop investors from panicking. Since then, Frank DiPasquale has gotten a flood of phone calls from clients who are scared they want to cash out, get back their money. But Depass, he knows there's a big problem for years. He and Madoff had been running a Ponzi scheme and they are almost out of cash as DiPasquale waits to meet with Madoff. He knows there's no way to sugarcoat it.


He has to be honest with his boss. Their firm is about to fall apart. It might be time to finally come clean to save themselves before it's too late. The office door opens and Madoff greets deepest, deepest scout and for a minute, the two chat about the latest dire headlines coming out of Wall Street. Then DePasquale shares an update with Madoff. He's been hustling like a mad man, bringing in lots of clients, and he's impressing them with fake financial reports.


He's gotten their money, but it's not enough. Madoff raises his eyebrows and asks DePasquale to explain himself. And so he does. DePasquale says that their investors are demanding several hundred million dollars and if one more investor wants to cash out, they'll be ruined. Madoff nods, then approaches Depass. He reaches out and tightens, dipasquale his tie. That's better, he says, and steps back. Then, Madoff explains that they have another meeting with a client coming up.


They'll get the money. They'll be fine. A dipasquale it needs to sharpen up Depass. He begins to stammer. For decades, he's dedicated his life to Bernie Madoff. Growing up, he was a poor boy from Queens, but now he's risen to become Madoff's right hand man. DePasquale has done well for himself. The two are as close as it gets a DePasquale. He doesn't know what to make of this. How is it possible that Madoff is so unwilling to confront the truth?


He personally knows it's time to push back, so he tells Madoff that this is insane. It's time to throw in the towel. But Madoff gives dipasquale an icy look in a Nebraska town.


He says it's very far from that time. Their work must continue.


DePasquale hoped it wouldn't come to this, but it has. And so he tells Madoff that he's considering taking steps to protect himself. He's unwilling to go down with the rest of the ship. Madoff casts another icy stare and quietly he reminds, dipasquale what the two of them have known for a long time. It's too late now. Either they stay afloat or they sink together. Madoff checks his watch and then all at once, DePasquale, he notices something bizarre in Art's face begins to shift.


Gone is the menacing stare. Madoff now looks warm, compassionate, smiling and seems easy and approachable. He then claps Depass Galani on the shoulder and he says it's time for their next meeting. I'm going to find some new money. A month later, Bernie Madoff hangs up the phone and closes his eyes, he lets himself sink into his office chair as a throbbing pain begins to pierce his forehead. For the last month, Madoff hasn't stopped working. One moment, he's barely slept.


But all the meetings, all the long nights, they look like they were going to pay off. He managed to claw together 200 million dollars. He was going to use that money to cover his clients withdrawals to save the firm. And for a moment, it looked like he could survive the disaster of 2008. But then came the call. This morning, one of his biggest clients said he needed to make a withdrawal. Madoff asked how much and the client said it plainly.


One billion dollars. Madoff went slack. It was an impossible request. He couldn't come up with that kind of money. He was about to be ruined. He had no idea how to save himself this time. Now, with his head still throbbing, Madoff rises and walks around his office, looks at the walls where he's hung a framed magazine covers profiles of the great Bernie Madoff. He gazes at the photos of himself with powerful people, and then his eyes catch a photo of him and his family, his wife, his children.


Everyone looks happy. Suddenly, Madoff feels his throat closing up before he can stop himself. He begins to cry, hot tears streaming down his face. Madoff can't believe he's failed in such a spectacular fashion. When he was a boy, he promised himself he'd make the right choices, unlike his father, who made nothing but excuses for himself. Madoff wipes away a salty tear, and in a flash of nostalgia, he remembers the colors of his old bedroom.


Suddenly, he can smell his mother's cooking and his father's musty clothes. He thought he was better than them. He thought he would make the same mistakes. But he was wrong. Madoff collapses back into his chair and then he remembers something else, something Frank DiPasquale said, maybe it's not too late. Maybe he can protect himself. It'll take some careful planning and some clever strategizing. But Madoff knows that even now, nothing's impossible if he plays his cards right.


It's December 10th, 2008, and about two months later, in an office lobby in midtown Manhattan, Andy Madoff on buttons. His coat begins pacing. This is the building where his father works, where Bernie Madoff has made millions of dollars and established himself as a titan of Wall Street. Normally, Andy Madoff feels sturdy and proud when he steps in the building. But today seems different right now as he waits for his father to come downstairs. He's filled with a vague sense of dread.


His father has been acting strange lately like something's wrong, but he wouldn't admit anything. So today, Andy is determined to get to the bottom of. And he takes a seat in a leather chair, and as he waits for his father, he begins adding up all the unusual things he's noticed these last few weeks. It began when Andy asked his father for a multi-million dollar loan so he could buy himself an apartment. At first, his father chewed him out.


Then not long after, and he got a call from his father's secretary. She said that Bernie would be happy to loan any of the money and he should have been thrilled. But there was something disorienting about it, the way his dad suddenly flipped. Then earlier today and he got a call from his brother, Mark, Mark said that their father was sending out large bonus checks to employees and friends. At first, it sounded like another act of generosity.


And normally, Andy wouldn't be surprised. His father gives out bonuses every year, but not now. It's December and the bonuses usually go out in mid-February. And there's something even more unusual about the whole thing. Even though he's the head of the company, Bernie himself is writing the checks. He's never done that before and strikes Andy as sentimental like a final act of generosity before something bad happens. And then his father made this request. Bernie said he wanted to have lunch together, along with Andy's brother and their mother, the whole family.


He said there was something he wanted to tell all of them, but he wouldn't say what it was. And he paces in the lobby when he hears a ding, the elevator door opens and out steps. Bernie Madoff looking steely and determined. Beside Bernie is Andy's brother Mark. The two approach, Andy. And all at once, he has an incredible urge to blurt it out. His dad dying. Does Bernie have cancer? Before Andy can get a word out, Bernie lays a hand on his shoulder, then steps past him and walks out of the office building for a moment.


And he remains standing still and he follows his father outside and into the rain. About a half hour later, Andy Madoff steps into the family's penthouse in Manhattan, he gazes across the marble floors and the elliptical staircase. Their family is wealthy, wealthier than almost anyone in the world. They can buy anything they want jewelry, cars, yachts, homes. They should be happy. But as Andy locks eyes with his father, he knows that something is deeply wrong.


A minute later, Andy, his brother and his father enter the study and his mother, Ruth, is already seated. She has a glassy look in her eyes and is staring off into the distance and he begins to sweat. He's about to learn something painful. He can smell it. It's killing him and he won't wait a second longer. So he turns to his father. Enough's enough. Dad, Mom, what's going on? Bernie looks to Andy's mother.


Ruth, would you please turn off the music?


She grabs the remote, presses a button and the music stops. Then Bernie turns back to any and mark her voice. Take a seat, Dad. Just get it out. What the hell's happening? Why are you acting like this or one of you dying? Andy, please, just sit down. Andy scowls reluctantly. He pulls out a chair, takes a seat and waits for his father to speak to boys. It's time I tell you some things.


Look, everything is about to get very difficult for each of us, but I want to confess to you what you need to know is it's all just one big lie. Dad, what are you talking about? What's a lie? My investment advisory business. All of the money is gone, gone, gone.


Now you've got billions of dollars moving through your company. What is this? Is this supposed to be funny? Is this a prank?


And he looks around the room, but no one's smiling. Andrew, you have to listen to me. Listen closely to what I'm telling you. It's all fake. My business is running a big Ponzi scheme and there's nothing left. But what are you talking about? A Ponzi scheme? There are statements, Mark, and we've seen the trades ourselves. The money is there. Oh, yeah. Billions of dollars, billions of dollars should be there. But those statements are fiction and it feels a rage building inside him.


What he's hearing can't be true. Dad, I know our firm. That's not how things work. You can't just invent numbers. You're not some kind of magician. We have real investments with real money. Andrew, you're not listening to the statements aren't real. And for a very long time, I've been lying. I've been lying to you and I lied to my clients. I thought what I was doing was right. But now I'm at the end.


I can't fix it. So I confessed to my brother Peter.


I told him I turn myself in. I'm going to do that sometime next week.


But right now, my main concern is making sure that you, your brother and your mother are OK. If you want to make sure that we're OK, you've got to be kidding. You've got one last chance to tell me that this is some sort of very bad joke.


It's not a joke. I think you I think your boy should talk to a lawyer. Suddenly, Andy's brother Mark leaps up from his chair and races out of the study and he doesn't think he bounds down the staircase calling after his brother. But Mark keeps running forward and he throws open the front door and steps into the hallway as fast as he can. And he sprints up to Mark and grabs him by the shoulders. He spins him around in the to stare at each other, breathing hard.


And he wants to calm him down to say everything is going to be OK. But he can't. He's not a liar, not like his father is. He can't turn this into some kind of happy story because the truth is nothing is going to be OK. Very likely the police are going to get involved, the government, too, and not to mention the media, all of their lives are about to be turned upside down. And Andy knows that they can't run from their problems.


Instead, they have to take decisive action. There's no saving their father, but maybe they can still save themselves. American scandal is sponsored by Calibrate, where there's a will, there's a way. Well, maybe not anyone who's trying to lose weight knows will alone isn't enough. And failure to lose weight isn't a failure of willpower. When diets don't work and your weight plateaus, it's time to take a different approach, one that targets the biological barriers that are holding you back.


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He looks around the dining room ready to find a space that's bustling with the lunch crowd. But as Jaffe steps into the room, you can tell right away that something is off. No one's at the buffet games.


A bridge have been abandoned. The dining room is quiet. Then a piercing sound breaks the silence, a woman screaming out in agony, Jaffe's eyes dart across the dining room and then he notices a man sobbing. Another person stumbles into the room looking shell shocked. Jaffey hurries over to the sobbing man and asks what's happened? The man chokes on his own words and wipes his nose on his forearm. He groans and then manages to get it out. Bernie Madoff has been arrested there, saying he was a fraud and that the money is gone.


All of it. Jarvis stunned, this can't be true, Bernie Madoff in jail. This must be some hoax. But then someone calls out repeating the news, Madoff is locked up, he's done and the money is gone. Suddenly, another man yells out, so does another. It's a cacophony of voices begins to rise. Robert Chaffee's eyes dart across the room. He notices that people's faces are red with fury. Water glasses are knocked over, men and women clutching their heads in agony.


Jaffey feels like the room is spinning because if what they're saying is true, this club has just been hit with a devastating blow. Himself recruited a third of this club's members to be clients with Madoff and he made a fortune doing it. But if the money is gone, these people are about to lose everything.


Jaffey feels dizzy as he stumbles through the room, but then he gets a sudden burst of clarity as people begin to look right at him. They point their fingers and they begin muttering and he knows why they're going to hold him responsible for their losses. Jaffey knows he has to act fast and get out of here, so he turns on his heels and hurries out of the dining hall. He needs to think he needs some kind of a plan because if this is all true, if Madoff is locked up and facing charges and the money is gone and Jaffe could be in deep trouble to.


Several hours later, Bernie Madoff is being led down a very long corridor with a crowd of people watching him. This may be the Manhattan office of the FBI and these may be the FBI agents who have seen their share of criminals. But he also knows that today these agents have landed a big fish. They want to stare at their catch. It all began hours ago when two agents appeared at Madoff's front door. They said they wanted to talk. It didn't take long to figure out what had happened.


Madoff's sons went to the FBI just a day after he came clean about his business. Madoff had planned to turn himself in. He wanted to control the situation, and he was devastated that it was his sons that beat him to it. But Madoff made a quick decision. It was now best to tell the truth. He was bound to be caught anyway. And he knew that from this point forward, he had to appear honest. That's the only way he would ever beat the charges.


So now, as Madoff has led to a small room without windows, he knows he has to stick by that strategy. It's how he's going to win. Madoff enters the room and takes a seat, an FBI agent walks in beside him in handcuffs, his left arm to a chair. The agent then pulls up another chair and the conversation begins. The agent asks, who was involved in Madoff's scheme? Madoff allows himself to look pained for a moment.


And then he says that he acted alone. He made some bad investments. It's true. And that's why he ran a Ponzi scheme. He didn't want his clients to lose any money and he believed he could dig his way back out. The agent raises an eyebrow and asks the question again, did Madoff really run this whole billion dollar illegal operation by himself? Madoff nods and then he says emphatically that this was his doing. He bears the responsibility.


None of his family members knew about this until yesterday. The agent turns and looks at another agent standing nearby, Madoff knows that they don't believe him, not yet at least, but he knows that with time he can convince the government that he's a decent man, that he's someone who made a mistake, but that his heart was in the right place. And that's the key, because if Madoff can convince the FBI and even a jury that this is true and Madoff may get a life sentence or like other white collar criminals, he may never have to go to prison at all.


It's nearly two weeks later, and Bernie Madoff's penthouse in Manhattan, Ruth Madoff, Bernie's wife, opens the fridge and grabs a carton of eggs. She then takes out a bowl and begins cracking the eggs into it. As she beats them, she looks across the kitchen and glances at the gruff middle aged man who's sitting near the doorway. He's reading a magazine. He looks up to catch a case, but she quickly looks away and begins pouring the eggs into a pan.


This man is her new security guard. She doesn't like having him here. It's uncomfortable to have a stranger in the house, but it's even worse to feel scared all the time. And that's how Ruth has felt ever since Bernie was arrested. That's when the death threats started to arrive and they haven't stopped. And even though Bernie has returned home after posting bail, everything is far from normal. And Ruth doesn't know if she'll ever get her old life back.


As Ruth scrambles the eggs, her mind continues to race. She's not sure she even wants her old life back. These days, Bernie is no better than this security guard he seems like a stranger to more than anything. Just like everyone. Ruth wants answers. She wants to know who this man, her husband really is.


Ruth enters the dining room with a plate of breakfast for Bernie. He's on the phone talking and signals that he'll be off in a minute. Yes, I understand. Yeah, yes. OK, thank you. Ruth sets down the food for Bernie and steps back. Who's that? It was business. What kind of business? It was information regarding a former client. Information regarding Bernie talking to me as if I'm someone from the government. What's going on?


Talk to me like a person. Bernie sighs and looks away. Well, one of my investors killed himself last night. Oh, my God. He felt guilty. He lost a lot of money for most of his friends because of me. I see. So now you know what the call was about. How does that make you feel? How do I feel? I'm fine. He's the fool. He's the one who took everything on blind faith.


All these people. Oh, please, Mr. Madoff, take my money. Make me rich. Nobody. You lied to him. This poor man, he's the victim. Oh, come on, Ruth. Everyone in this world is now a victim. You know, all these people made their choices. They have responsibility to it's called due diligence. And now they have to live with the consequences of their decisions.


Ruth squints her eyes as she looks down at her husband. Then she pulls out a chair and sits down and she prepares to ask a question she's been wondering for days. Bernie. Yes. Why don't you do it? Do what?


The whole thing, the scam, the stealing. Why don't you do it? Or you think you even care that you hurt so many people? Bernie takes a bite of his eggs and then sips his coffee, grabs a napkin and looks down as he wipes his mouth and he pushes out his chair and rises. And without saying a word, he walks away. Ruth sits at the table, resting her face against her palm. She doesn't know if she'll ever get a satisfying answer to that question.


She doesn't know if anyone will figure it out, why Bernie lied and why Bernie stole, why he kept his secrets for so many years. But as Ruth Rises carries away Bernie's half eaten breakfast, she realizes that right now the question is moot. All that matters is what will happen in the courts, how she and her family ever recover from Bernie's crimes. American scandal sponsored by Care of almost ninety nine percent of the human body, is made up of just six elements.


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Madoff can also feel the anticipation in the courtroom. Everyone seems eager for the big announcement, which Madoff is about to make. In just a few minutes, Madoff is going to give his plea. He faces multiple federal charges, including securities fraud, wire fraud and money laundering. Madoff knows that the penalties for these crimes are severe. He could spend the rest of his life behind bars. And he also knows that he stands no chance in a trial by jury.


He already admitted his guilt to federal agents. And after his victim spoke before the court, he realized just how grim his situation was. So there's only one path to possibly save himself. So when the judge turns to Madoff and asks how he pleads, Madoff utters one word guilty. Madoff glances around the courtroom and looked at the faces of everyone he hurt, they still appear to be angry and thirsty for blood. But Madoff knows that this is his last chance to save himself.


If he can convince this room that he's sorry, that he knows he was misguided, that maybe he has a shot at redemption and leniency, the judge and lawyers take their turn. Speaking finally, Madoff is allowed to read a statement. He takes a small sip of water, clears his throat and begins. Madoff admits that he operated a Ponzi scheme. He says he knew it was an act of fraud and that it was criminal. But when he began the scheme, he thought it would simply be a short term solution to his problems.


He believed he could quickly dig himself out of the hole. But Madoff also admits that this proved to be impossible. And so he ran the scheme for well over a decade. Madoff tells the court that he knows he deeply hurt many people, including friends, family members and thousands of clients. And Madoff says he's deeply sorry, ashamed of himself.


He tells the court that he's here today to accept responsibility for his crimes. Madoff finishes speaking and takes another look across the courtroom. Maybe he's imagining it, but it seems like some people were swayed. Maybe his plan worked, maybe by admitting his guilt, he'll avoid a large prison sentence. Maybe the judge will show some mercy, but he won't know the answer until he receives a sentence. And that's a few months from now. Until then, all Madoff can do is hope and pray.


Two weeks later, it's a cool spring morning in Manhattan. Andy Madoff walks outside his apartment carrying a couple of Louis Vuitton suitcases. He brings the suitcases to an idling town car and loads one into the trunk. And he looks up toward the apartment where his fiancee and brother are finishing, grabbing their things. The three of them are about to get out of town for a short vacation, a much needed trip. And any only hopes they'll hurry up so they can leave Manhattan as soon as possible.


And he looks out over his neighborhood and takes a deep breath. Feels like months since he last got a good night's sleep. Everyone he knows has turned against him.


He's been expelled from his social clubs, all because of his father, his father, Bernie, who admitted his guilt in court and and been found guilty, too, by association. So the sooner Andy Madoff can get out of Manhattan, the sooner he can try to forget the whole ordeal.


And he's about to head back upstairs when he runs into a man wearing an old sweatshirt and sweatpants. His name is Read Oben, and he used to work at the firm as a trainer. He was one of Andy's last hires. The two shake hands and Arbain gives a friendly smile. Well, notorious Andy Madoff running away somewhere. Yes, very much so. Very much so that it's been tough. How are you holding up as well as can be expected?


I guess I can imagine. Here, let me help you with your back up and grabs one side of the suitcase, and together he and Andy loaded into the trunk. Well, thanks for your help. But now you can read me. You know, I don't know. Now trying to find a job, make a little money. I lost it all with your dad.


You invested with my dad? Yeah, I invested with your dad. I trusted him with everything at that moment.


And he realizes that Arvind has gotten closer. He's hovering right over in his breath, steaming in and his face. I didn't I didn't know. Well, I thought I was in good hands. Right. Since he was a Madoff, a friend. Right now I'm broke. And I'm so sorry that you must feel terrible. These kind of stories must be keeping you up all night here in your Upper East Side apartment with your Louis Vuitton bags. And he looks down and sees that Obinze fists are now clenched and he takes a step back and closes the car's trunk.


Look, I didn't know he was doing it. I swear to God. Oh, that right. Are you there? Twenty years. Your name was on the door right next to his. But you you didn't know. Kept us all in the dark. You think he didn't hurt us, too? Not as much as I want to hurt you. Arbain steps closer, his mouth, a threatening snarl. And all at once the adrenaline coursing through and his arms and legs locks him in place.


Where's the money? Offshore, somewhere in the Caribbean. When do I get my money back? There's. There's no money. There's no money. It's gone. It's there's no reason for this to get physical force. I'm not going to hit you. I just want you to know that we all hate you. The whole world does. They hate you. Shame on you. Shame on you. And then spits at Andy's feet, he walks off.


And he stands frozen, watching Arbon disappear around the corner when he's finally out of sight and his body goes slack rests his forehead against a window. The Towncar he takes another deep breath and shouts of curse. It didn't get physical, at least this time, but Andy doubts that that's the last of these kinds of confrontations because he knows that wherever he goes, for as long as he's alive, he'll always be Bernie Madoff's son. He'll never be free again.


On June 29th, 2009, Bernie Madoff arrived at court to receive his sentencing, he acknowledged again that his crimes caused suffering and pain, and he said that he now lived in a tormented, emotional state. Madoff then stood before the courtroom and apologized again as some of his victims watched, sobbing after Madoff finished speaking. The federal judge handed down his sentence. He called Madoff's crimes extraordinarily evil and sentenced him to 150 years in prison for Madoff, the 71 year old.


At the time, the punishment all but guaranteed that he would die in prison. As of early 2021, Madoff is still alive and incarcerated in a prison in North Carolina. Bernie Madoff scam has been described as the largest ever Ponzi scheme, he's estimated to have caused about 20 billion dollars of losses for his investors. It was a scheme that caused untold suffering across the world. Tens of thousands of people lost money and some were financially devastated. Madoff's scheme had a large human cost to meet our son.


Mark committed suicide in 2010 on the second anniversary of his father's arrest. Madoff's other son, Andy, died four years later from a recurrence of cancer. The disease came back, he said, because of stress, and he blamed the cancer on his father. In 2009, Frank DiPasquale, Madoff's right hand man, admitted to his role in Madoff's Ponzi scheme and pleaded guilty to 10 felony counts, he went on to cooperate with officials helping to convict five other Madoff employees for their role in the fraud.


In the years since his arrest, Bernie Madoff's victims have been able to recover about 70 percent of their losses. And the Federal Securities and Exchange Commission instituted numerous reforms in order to protect against other large Ponzi schemes like Madoff's. Yet some argued that the finance industry is still regulated too loosely and that despite changes in federal law, investors could still be swindled by the next Bernie Madoff. Next on American Scandal, we speak with Diana Enriquez, an author who's written extensively about Bernie Madoff.


We'll discuss how he was able to gain so many people's trust and how he relied on that trust to get away with his scam from wandering. This is episode three of Bernie Madoff for American Scam. If you like our show. Please give us a five star rating. Leave a review. Be sure to tell your friends. Subscribe on Apple podcast, Amazon Music or wherever you're listening right now. Join 100 plus in the one year you have to listen to episodes one week early and at free.


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A quick note about our reenactments. In most cases, we can't know exactly what was said, but all our dramatisations are based on historical research. If you'd like to learn more about Bernie Madoff, we recommend the books to Good to Be True by Erin Arvedlund and The Wizard of Lies by Diana Enrique's American Scandalous, hosted, edited and executive produced by Neil Lindsey Graham for Airship Audio Editing by Molly BOQ Sound Design by Derek Burns. This episode is written by Charles Olivier, edited by Dave King.


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