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Madoff: A Riot of Red Flags

Finance

Auteurs :
Greg N. Gregoriou
Professor de Finance, SUNY Plattsburgh

François-Serge Lhabitant
Professeur Associé de Finance,  EDHEC Business School

For more than seventeen years, Bernard Madoff operated what was viewed as one of the most successful investment strategies in the world.

This strategy ultimately collapsed in December 2008 in what financial experts are calling one of the most detrimental Ponzi schemes in history. Many large and otherwise sophisticated bankers, hedge funds, and funds of funds have been hit by his alleged fraud. In this paper, we review some of the red flags that any operational due diligence and quantitative analysis should have identified as a concern before investing. We highlight some of the salient operational features common to best-of-breed hedge funds, features that were clearly missing from Madoff's operations.
Type :
Position Paper
Dates :
Créé le 16 février 2009
Complément d'informations :
For more information, please contact Séverine Anjubault, EDHEC Research and Development Department [ severine.anjubault@edhec.edu ]

The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

rédigé par STEPHANE COLOMBANI
mise à jour le 13 mai 2009

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