Con game: Bernard Madoff and his victims

Abstract

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 pay returns to early investors from money acquired from subsequent investors. This case study 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 MadoffAEs con.