Everyone believes that their money is safe, tucked away in scandal-proof risk-free accounts that banks assured them were safe. No, I’m not saying it’s best to stuff money in one’s pillows to keep it safe, just reminding you of the potholes on the road to financial freedom.
So why is Netflix warning us again about Bernie Madoff? Haven’t we already seen Robert De Niro starring in and as the heartless trader of Wall Street in the goosebump-inducing movie Wizard Of Lies? Well, it’s on Disney+Hotstar if you want to see it.
For more than 20 years, Bernie Madoff ran the biggest Ponzi scheme in history and left a trail of suffering of impoverished investors who trusted him with their life savings. It has taken the government years to clean up after him and small investors lost more than just money. They lost hopes and dreams of retiring on the returns that were promised.
Aah, the retirement plans! How many times have you dreamed of living the quiet life, and then life intrudes to make a dent in your plans. Those who fell for Bernie’s Ponzi scheme also had plans…
Technically the term Ponzi scheme belongs to Charles Ponzi, a sweet talking man who promised people that their money would make more money if only they handed it over to them. Bernie Madoff did the same, but on such a huge scale that no one could guess that the money he collected from his investors was simply going into his account.
The first red flag: Just because they’re well dressed and well spoken and say…
