Bernie Madoff with his reputation and savvy to dupe sophisticated investors, regulators and Wall Street banks.
Bernie Madoff, the famous orchestrator behind the biggest Ponzi scheme in U.S. history, has reportedly made a name for himself in his jail hot chocolate market.
Steve Fishman, a journalist who allegedly had contact with Madoff during his time in prison, told MarketWatch that he has continued to apply his business instincts in the prison.
“At one point, he cornered the hot chocolate market,” Visser said. “He bought every package of Swiss Miss by the commissioner and sold it for a profit in the prison yard. He monopolized hot chocolate! He made it so that if you wanted one, you had to go through Bernie.”
Madoff, once the Nasdaq chairman, used his reputation and savvy to dupe sophisticated investors, regulators and Wall Street banks.
Madoff, well known in December 2008 that he was running a multi-decade Ponzi scheme and that more than $65 billion he claimed to have on hand for investors had dwindled to a few hundred million dollars from an original investment of about $20 billion. He pleaded guilty to fraud and is serving a 150-year prison in Butner, C. N.
Fishman reportedly hosts an Audible series called “Ponzi Supernova” and published interviews with Madoff.
“It was not going to hurt anybody,” Madoff said. “It was a temporary thing, and because of the success I’ve had and the money that I have made for the people, that I have a bit the feeling that it would just be a kind of a temporary situation, and acceptable.”
The Associated Press contributed to this report