Houston Investment Fraud Attorney
About the Madoff Investment Fraud Case
Bernard Madoff is a modern-day Ponzi schemer responsible for an estimated $50 billion in investor losses. He began his career on Wall Street in 1960 and his firm, Bernard L. Madoff Investment Securities, quickly became one of the largest and most trusted independent trading operations in the industry. Madoff was highly respected and looked to for advice. Madoff even spent three years as the Nasdaq chairman. Like other Ponzi schemers, Bernard Madoff attracted investors with promises of high returns and low fees. When, in these uncertain economic times, investors began to ask for their returns (this is done with redemption notices), Madoff was unable to pay them off.
According to authorities, $7 billion dollars was requested in redemption notices and Madoff apparently did not have it. Like all Ponzi schemes, the Madoff investment fraud collapsed when multiple investors simultaneously requested returns and Madoff was no longer able to pay one with another's money. It is said that his firm, Bernard L. Madoff Investment Securities, controlled over 25 funds and handled approximately $17 billion of investor money. After his arrest, however, it was reported that Madoff's investment losses are estimated to be as much as $50 billion. Bernard Madoff faces 20 years in prison and a $5 million fine for what is likely the largest Ponzi scheme in Wall Street history.
How a Houston Investment Fraud Attorney Can Help
When an investment advisor or broker makes an inappropriate investment recommendation to enrich their own financial position, they are committing investment fraud and they should be held accountable for their actions. If you have incurred a serious financial loss as a result of the Madoff investment fraud or the fraudulent acts of a brokerage firm, stock broker, financial advisor or other securities professional, you have rights. We can protect them.
You may be entitled to recover losses from those responsible. Contact a Houston investment fraud attorney today!