Nature of The Bernard Madoff Scandal (cont.):High Profile Victims
Felony charges
Money laundering
Perjury
Fraud
The scheme had high profile victims including actors Kyra Sedgwick and Kevin Bacon, and director Steven Spielberg. Madoff pleaded guilty to felony charges including perjury, money laundering, fraud and false fillings with the SEC (Berman & Knight, 2010). A total of $199 million lawsuit was filed against his sons, his brother and niece all of whom worked at the firm.