|
|
Article: The Technology Behind the Scam; Madoff prosecutors want tofind out what really happened in "House 17.".(Cover Story)
- Article from:
- Investment Dealers' Digest
- Article date:
- November 6, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: John Dodge
Two years ago, Bob McMahon wondered why antiquated systems at Bernard L. Madoff Investment Servicesweren't replaced with more modern and efficient off-the-shelf systems.
The Madoff systems were expensive to maintain and made it difficult to grow the business by expanding into new classes of securities. McMahon's job: To organize and document projects that would create custom technology for the firm's trading operations.
On Dec. 11, 2008, he got his answer.
That day, Bernie Madoff was arrested and charged with stealing tens of billions of dollars of his clients' money over decades. McMahon knew if "technologists" ...