Wall Street’s history is liberally peppered with fraudsters and rogues. The most prominent villains include:
Bernard Madoff - a prominent money manager and former chairman of the Nasdaq Stock Market. In March 2009 he confessed to turning his wealth management business into a massive Ponzi scheme, defrauding thousands of investors of almost $65 billion. Investigators believe the fraud began as early as the 1970s. In June 2009 Madoff was sentenced to 150 years for what a federal judge called an act of "extraordinary evil.”
Bernard Ebbers- former chairman of defunct telecommunications company Worldcom Inc. In 2005 he was convicted of fraud and conspiracy as a result of WorldCom's false financial reporting, and subsequent loss of US100-billion to investors. At the time the WorldCom scandal was the largest accounting scandal in US history (subsequently eclipsed by Madoff). He was sentenced to 25 years in prison. Time magazine named him the tenth most corrupt CEO of all time.
Kenneth Lay – former chairman of Enron Corp. He was accused of lying about the financial state of the company, which filed for bankruptcy in 2001. He was convicted of 11 counts of securities fraud and related charges. He died while vacationing in Colorado, a few months before his scheduled sentencing.
Some Wall Street villains have reacted to their notoriety in strange ways.
Marcus Schrenker, a former investment adviser with Heritage Wealth Management Inc, was accused of misleading investors and misappropriating hundreds of thousands of dollars. In response, he faked his death in a plane crash in early 2009. He is currently serving a four year sentence for faking his death, having reached a plea bargain on the fraud charges.
Ross Mandell styles himself as a real-life Gordon Gekko (as played by Michael Douglas in the 1987 movie Wall Street). Indicted for conspiracy and securities fraud, he has used the charges to drum up personal publicity, and aims to get his own reality TV show.
Jordan Belfort’s books about his high-life as a fraudster, The Wolf of Wall Street, and Catching the Wolf of Wall Street, tell the tale of his rise and fall, with lots of sex and drugs along the way. The books are best sellers, and a movie is currently in production. He tours as a motivational speaker, ‘discussing how to achieve success without sacrificing integrity and ethics.’
A bonheur du jour (lit: 'daytime delight') is a piece of furniture which is a cross between a writing desk and a dressing table. It was introduced in France in 1760 and developed specifically with ladies in mind. In terms of design, bonheurs du jour range from the highly ornate to the elegantly unadorned.
Rosewood is a strong, brownish-coloured wood taken from trees of the genus Dalbergia. Its name derives from the fact that it has a powerful, sweet, enduring perfume.
The Pennsylvania Railroad (PRR) was founded in 1846 and operated continuously through various mergers and acquisitions until 1970 when it filed for bankruptcy. The PRR was the largest railroad by traffic and revenue in the U.S. for the first half of the twentieth century, and was at one time the largest publicly traded corporation in the world.
The PRR rail network extended from Philadelphia to Jersey City. Crossing the Hudson River to Manhattan, however, required passengers to transfer to ferries. After a failed attempt at building a tunnel in 1874, then a bridge in 1895, construction of a pair of single-track tunnels began in 1904. The tunnels were opened in 1910, a decade before the publication of The Age of Innocence, and ran between Weehawken and mid-town Manhattan.