American Greed

Season 7 Episode 77

Brooklyn's Madoff / Corrupted Software

Aired Thursday 10:00 PM May 30, 2013 on CNBC
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Episode Summary

Brooklyn's Madoff / Corrupted Software
A Brooklyn investment manager starts the longest running Ponzi scheme in history. Philip Barry runs his scam from Bay Ridge, a solid working-class neighborhood where families go back generations. Through local connections, Barry pulls more than 800 investors into a $40 million scheme by offering "guaranteed returns" on investments. He tells his story exclusively to AMERICAN GREED from prison. In suburban Chicago, Kevin Carney says he invents a stock trading computer program which delivers an incredible 20% return per month and investors line up to give him their money. It's a $19 million scam where investors are burned by Carney's fraud and their own unrealistic expectations.moreless

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