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Bernard Madoff died in prison on April 14, at the age of 82. The former Wall Street Stock Exchange star was sentenced to 150 years in prison for setting up one of the most incredible scams in history, based on a Ponzi scheme. It caused more than $ 20 billion in losses for investors.
Four days later, we learned of the arrest of a 33-year-old trader, Ng Yu Zhi, suspected of a giant fraud in the nickel market in Singapore. The $ 740 million collected from investors were mainly used to quench his thirst for luxury, with police seizing $ 75 million worth of luxury cars, jewelry and real estate.
He thus joins the long list of financiers who have switched to the news. Among them: Jordan Belfort. “The Wolf of Wall Street” recently turned against the film’s producers with the idea of pocketing the jackpot.
But the history of the Stock Exchange is also made of traders who once “broke the bank” like Nick Leeson, the man who sank the Queen of England’s bank, the Barings. Between crooks heirs of Ponzi and “rogue trader”, many ill-advised investors have been able to leave their feathers there.
The Story is a podcast of “Echoes” presented by Pierrick Fay. This episode was recorded in April 2021. Editor in chief: Clémence Lemaistre. Guest: Nessim Aït-Kacimi (Financial Markets journalist at Les Echos). Director: Willy Ganne. Music: Théo Boulenger. Graphic identity: Upian. Photo: Reuters. Sounds: “Ocean’s Eleven” (2001), “The Wolf of Wall Street” (2013), “Les Tontons flingueurs” (1963), “Astérix le Gaulois” (1967), Speakers.com, Madonna, “Lupine” (2021 ), World sounds, Swan & Néo, France 24, CNBC.
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