Who is the Monster of Wall Street in Netflix's new hit documentary?

Netflix has released a new crime documentary mini-series based on true events focusing on Bernie Madoff, the man who earned the slightly creepy moniker The Monster of Wall Street.

Jan 6, 2023 - 17:31
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Who is the Monster of Wall Street in Netflix's new hit documentary?

Madoff, who was born in New York in 1938, was a successful financier and he even made history by launching Nasdaq, the world's first electronic stock exchange. However, despite his successes, Madoff later turned to fraud and he become better known as the mastermind of the world's largest Ponzi scheme, worth around $64 billion.

Madoff claimed that his scheme began in the 1990s, although there was some speculation that it began much earlier, and he managed to attract thousands of investors who believed they were making a legitimate investment.

The fraud was eventually discovered in 2008, and at his trial in 2009, Madoff pleaded guilty to all counts. He received 150 years in prison, the maximum possible sentence, and was ordered to pay billions of dollars in restitution.

"I have left a legacy of shame, as some of my victims have pointed out, to my family and to my grandchildren. This is something I will live with for the rest of my life. I'm sorry ... I know it's not helping you," Madoff told his victims when he appeared in court.

Several people took their own lives due to the losses caused by the fraud

Judge Denny Chin commented: "The message that needs to be sent here is that Mr. Madoff's crimes were extremely evil." And he wasn't wrong - investors caught up in the scheme saw their life savings lost, and several people took their own lives over the losses.

Former British soldier William Foxton OBE shot himself in a park in 2009 after losing his entire family's savings, hedge fund manager Charles Murphy jumped from a 24th-floor window after the company he worked for invested $7 billion in Madoff's scheme, and René-Thierry Magon de la Villehuchet took his own life after losing $1.5 billion from his clients in the scheme.

Netflix's new four-part series, "Madoff: Monster of Wall Street", directed by Joe Berlinger, features interviews with victims, whistleblowers, investigators and others closely connected to the case in order to provide a detailed look at what happened.

"At the end of the day, he's a financial serial killer, and the reason I say that is because serial killers have no empathy. There's no way you're going to look a widow in the eye at the Palm Beach Country Club and convince her that her life savings are going to be fine, you take all of her funds claiming you're going to take care of her, and then you do it to other people. He's someone who has no empathy, so he can't feel remorse," Berlinger told.

Madoff died in April 2021 at the age of 82 at the Federal Medical Center in Butner, North Carolina.


Post By: Vanessa F.