Madoff investment scandal Madoff investment scandal The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate Ponzi scheme. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and
Crown Retail Deposit Guarantee Scheme lost money in failed financial institutions. It was implemented on 12 October 2008, administered by Treasury and the Reserve Bank and at its height resulted in Crown guarantees over $133 billion. Ninety-six institutions were covered by the scheme - 60 non-bank deposit takers, 12 banks and 24 collective investment schemes. All guarantees had ended by December 2011. Nine finance companies out of the thirty accepted into the scheme collapsed. This resulted in the Crown bailing out investors, paying $2 billion to more than 42,000 depositors. The three largest bailouts were of South Canterbury Finance Limited, Allied Nationwide Finance Limited, Equitable