Madoff was making a lot of money legitimately, but he allowed external influences to lead him to set up a “fake” business that was only opened to a select few. In this new underground business, Madoff promised investors returns at all times🕰️. When the stock market crashed and people lost their money🙆🏼♂️, Madoff’s investors were making ‘profits in the books.’
He was smart enough not to give too much profits, but pegged it between 10-15%, which was reasonable, except that he never recorded a loss even when everyone was losing money. He smartly turned away many investors who wanted to invest with him and only kept a few customers in this business👩🏻⚕️. “It was an exclusive club of the privileged.” He altered the figures to make it seem the investors were making profits when indeed💷, they were making losses! Although he was investigated, he was never caught🤫!
He was also generous and gave a lot of money to charity👨🏼🦼, which earned him the trust of many non-profits and humanitarian organizations🏩, who invested their funds with him. Owing to his ‘fake’ investment returns💴, big investment managers and banks sent their investments to him💵. They were pushing their duty of being managers to him without caring how he made profits🤷♀️ all the time. He was taking in billions of dollars 💸…
His legitimate business was extremely lucrative💼 and could have earned him the Wall Street elites’ respect 🫡 solely as a market maker and electronic trading pioneer💡. “I had more than enough money to support any of my lifestyle and my family’s lifestyle🛋️. I did not need to do this for that,” he said later, adding, “I don’t know why🤦🏼 (I did it) … I just allowed myself to be talked into something and that is my fault💁🏼♂️… I thought I could extricate myself after a period of time🧏🏻♂️. I thought it would be a very short period of time⏰, but I just couldn’t.”
During the 2008 financial crises, things took a nosedive📉 and manipulation of figures could not work out without he being caught🧨… he called his sons, who were staff at his company, and confessed to them that his asset management unit was a scam😵💫! His two sons, who could not take it, reported him to the FBI, and he was arrested👨🏽✈️⛓️…the dominoes then began to fall; a house of cards 🃏…the funds of big banks🏛️, non-profit institutions, churches, investment managers🏦, charities etc…were immediately wiped off, running into $billions (~$65 billion)!
Madoff was eventually sentenced to 150 years in Prison⛓️, where he died on April 14, 2021. His brother, Peter Madoff, was sentenced to 10 years in 2012⚖️. His sons, Mark & Andrew Madoff, are now dead: Mark hanged himself in 2010📿 (2 years after his father’s arrest) and Andrew died of Lymphoma🦠. Madoff allowed Greed into his home 🏡, and it came with Pride, until Satan himself destroyed🧨 him.
The story of Madoff shows the sad ending of greed and how Satan🐍 will destroy all those who allow greed and pride into their lives🤦🏻♀️. He lost his kids and destroyed his family! He ruined his reputation🤷🏼… ”the thief cometh not, but for to steal, and to kill🗡️, and to destroy: I’m come that they might have life🐣, and that they might have it more abundantly.” Friends, it is to Christ that I invite thee🫵🏼…in Him, you will have life and abundant peace… He shall plant🌱 you by rivers of water 💦, and you shall never want.
On this Sabbath, let us reflect on our greed for material gain and note the consequences thereof before it is too late. This is especially true for politicians who try to amass wealth at all cost, at the disadvantage of the masses, yet die miserably, leaving everything behind! A happy and peaceful Sabbath to all🙌🏼🫶🏻🙏🏽!
