The Next Targets in the Madoff Case:
One source said that eventually, many members of Madoff's family will either be indicted by the US attorney's office for the Southern District of New York or cop a plea. "You have to look at the fact that Peter and [his daughter] Shana were compliance officers; they were supposed to look at all the statements to see if they were right," the source said. "Either they asked no questions, turned a blind eye, or they could not help but see the falsified trade tickets of blue-chip companies sent to clients."
- Log in to post comments
Related article from Scientific American, Art of the Con, says:
the University of Colorado at Boulder psychiatry professor Stephen Greenspan in his new book The Annals of Gullibility (Praeger, 2008), which, with supreme irony, he wrote before he lost more than half his retirement investments in Madoff's company! "The basic mechanism explaining the success of Ponzi schemes is the tendency of humans to model their actions, especially when dealing with matters they don't fully understand, on the behavior of other humans," Greenspan notes.
The effect is particularly powerful within an ethnic or religious community