In early 2009 Bernie Madoff pleaded guilty to the largest Ponzi scheme in world history and the largest financial fraud in US history. Over the course of nearly three decades, the financier turned career criminal had stolen billions of dollars from investors by way of deceit and using fraudulent financial reporting.

While no-one has managed to eclipse Madoff in the intervening years, fraud remains a widespread problem in the finance industry. In SA alone some 77% of organisations have fallen victim to fraud, with the global economy suffering losses to the tune of R60-trillion annually.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now