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Episode 77: Brooklyn's Madoff/ Corrupted Software

Case File

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 offering "guaranteed returns" on investments. He tells his story exclusively to "American Greed" from prison. And in suburban Chicago, Kevin Carney says he invents a stock trading computer program which delivers an incredible 20 percent return/month and investors line up to give him their money. It's a 19 million dollar scam where investors are burned by Carney's fraud and their own unrealistic expectations.

VIDEOS

  • The Nightmare  Tuesday, 28 May 2013 | 12:00 AM ET

    Alex Marchak, a hardworking Brooklyn native, sells his Bay Ridge building and decides to invest his windfall with Philip Barry. When he learns the money is gone, it almost destroys his family.

  • Word of Mouth Investing  Tuesday, 28 May 2013 | 12:00 AM ET

    Kevin Carney claims to have invented a new PC program that trades stocks with a 20 percent guaranteed return. When word gets out, and investors make big bucks, hundreds clamor to get in on the deal.

  • He Had Everything Covered  Wednesday, 29 May 2013 | 12:00 AM ET

    David explains why Kevin Carney's pitch sounded legitimate.

  • A Threatening Call  Wednesday, 29 May 2013 | 12:00 AM ET

    Days before forcing Kevin Carney to declare involuntary bankruptcy, David received a threatening phone call. Listen to his story about the call and subsequent FBI investigation.

WEB EXCLUSIVES

  • Carney’s Plea Thursday, 30 May 2013 | 10:37 AM ET

    Kevin G. Carney's plea hearing proceedings.

  • Philip Barry Sentenced Thursday, 30 May 2013 | 9:31 AM ET

    In Philip Barry’s sentencing hearing his victims ask the judge not to be lenient.

  • Letter from Philip Barry Thursday, 30 May 2013 | 9:33 AM ET

    Philip Barry sent this letter touting The Leverage Group’s services and high returns.

  • Philip Barry’s Prison Interview Thursday, 30 May 2013 | 9:36 AM ET

    Philip Barry explains how prosecutors misrepresented what he was doing and how he intends to prove to the world he is innocent of stealing more than 40 million from 800 investors.

American Greed Showtimes

AMERICAN GREEDATHON!
Windy City Wipeout/ Miami Burn- AG #74
Wednesday, August 27th 8pm ET/PT
Union Bu$ter/ the Fool’s Gold- AG #73
Wednesday, August 27th 9pm ET/PT
The Mormon Madoff- AG #63
Wednesday, August 27th 10pm ET/PT
Deadly Payout- AG #71
Wednesday, August 27th 11pm ET/PT
The Wealth Builder Club- AG #69
Wednesday, August 27th 12am ET/PT
Talk Radio Takedown- AG #76
Wednesday, August 27th 1am ET/PT
Don't miss any "American Greed" episodes. Check the U.S. TV schedule for additional showtimes.
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