2. The Madoff fraud
Bernard Lawrence Madoff founded Bernard L. Madoff Investment Securities LLC, a
small Wall Street investment firm in 1960. The firm was initially a small penny stock
trader but it grew fast due to its use of innovative computer technology. The firm
became one of the largest market makers in the US, and by 2008, the year of B.L.
Madoff’s arrest, Bernard L. Madoff Investment Securities LLC was the sixth largest
market maker on Wall Street [1]