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If there ever was a con man on Wall Street who could sell crime by the slice, it was Bernie Madoff. His sweet smell of success was spiced with the idea that somehow his customers believed he was cutting them in on insider trading without the risk of being caught.

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He ultimately parleyed his “good deeds” into defrauding Nobel Peace Prize Winner Elie Wiesel and Hadassah, the Women’s Zionist Organization of America, and Hall of Fame pitcher Sandy Koufax among hundreds of others.

Right after Madoff was arrested in 2008, I went to a black tie event for a Jewish charity in New York looking for victims. On a hotel escalator, I caught up with Wilbur Ross, who had made hundreds of millions taking companies out of bankruptcy and later became Secretary of Commerce in the Trump Administration. Ross, who also had a mansion in Palm Beach where Madoff recruited many of his marks on the golf course and at charity events, told me that Madoff had created such a reputation for himself that he was known jokingly as “The Jewish T-Bill.” (Treasury Bills being celebrated for risk-free reliable returns.)

Madoff’s clients thought they were getting a special deal, so much so that for years people beseeched him to allow them to invest with him. It helped that he was a stone-cold liar who would take their money with a smile. At social gatherings and charity events, on fancy golf courses in New York and Florida, at ski resorts or fishing tournaments or even at funerals, he would set the hook when people were at ease—or distracted. Over the years, thousands of investors, including hedge funds and wealth managers, flocked to his Ponzi scheme. It expanded until it got too big to succeed as Madoff sought new victims in Europe, Asia, and Latin America.

Although detected repeatedly, Madoff’s long-running Ponzi scheme survived a half dozen investigations and stock market hiccups, thanks to good lawyers and his ability to deceive people.

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His former defense lawyer, Ira “Ike” Sorkin, who also served as a federal prosecutor and a Securities and Exchange Commission regional enforcement chief, now tells The Daily Beast that Madoff should have been caught far earlier.

“The SEC blew it, sadly. It really hurts to say that because I have a great deal of fondness for the SEC, but they missed the boat on this. They didn’t ask the right questions. They didn’t follow up or they would have caught him much sooner. What would have happened then is they would have ended the Ponzi scheme.”

As early as 1992, an accounting firm called Avellino & Bienes, run by two men who had worked with Madoff’s father-in-law, got in trouble with the SEC about its clients’ investments with Madoff. Behind the scenes, Madoff scrambled to raise enough money to cover all the claims 100 percent, and the SEC decided to drop further pursuit since there were no financial losses to investors. Later questions raised by Barron’s and stock analysts also ultimately were headed off and deflected by Madoff.

But by 2008, his Ponzi scheme had thousands of investors and was too big to survive hordes demanding to cash out at once. Bernard L. Madoff Investment Securities claimed alleged assets on paper of nearly $65 billion and had only about $20 billion in real money in all of its accounts as the stock market plunged during December 2008. His scheme was so huge that he could not recruit new investors to pay the hundreds of clients demanding cash. Within three months following the collapse of Lehman Brothers in September 2008, Madoff investors had asked to redeem more than $12 billion from their accounts, a sum he could not produce nor stall until the storm blew over.

As Sorkin notes: “Ponzi schemes have to end at some point if the market keeps going up which is never inevitable. Crazy schemes succeed, but when the market turns and people want their money back, that’s when the bottom falls out. I think he knew all along at some point in time the bottom was going to fall out.”

Many of his long-term clients got hit the hardest, especially by the so-called clawbacks by the U.S. government and the Madoff bankruptcy trustee who together recovered almost $17 billion of the $20 billion or so the clients had actually invested. Those loyal Madoff clients got killed because over the years they thought their accounts had been growing steadily as they left their initial capital with Madoff. What actually happened is that over the decades they had withdrawn 100 percent or more of the money they had actually given Madoff. All of those fictional returns did not count and the government and trustee demanded paybacks. Several people committed suicide and hundreds, if not thousands, went broke. As bankruptcy Trustee Irving Picard said in a statement after Madoff died: “The pain experienced by the victims of Mr. Madoff’s fraud is not diminished by his death...”

So how did Bernie build his life of crime? How could he be guilty of what U.S. District Judge Denny Chin called “extraordinary evil” as he sentenced Madoff to 11 felonies and 150 years in prison? What were the secrets of his swindle that allowed him to live a rich life of deceit for decades, apparently without blinking?

Sorkin says: “I think his genius was to remain in the shadows. He never advertised. He never went out and solicited money. People begged him to take their money and I think that’s that was the problem. The word got out that he was making these returns which on their face far exceeded returns along Wall Street and yet for years people kept giving him money. He kept running the Ponzi scheme.”

Those who suspected Madoff’s results were too good to be true avoided him, including former Presi

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