†Accepted by Yves Gendron. The authors express their gratitude to all their interview partners and, especially, to Madoff's investors who accepted, despite their pain and often financially distressed situation, to be interviewed for this research. The authors gratefully acknowledge comments by Diane-Laure Arjaliès, Thierry Foucault, Yves Gendron, Chris Humphrey, Lambert Jerman, Nancy Leo, Sabina du Rietz, two anonymous reviewers, participants at the EAA Annual Meeting (Rome, April 2011) and AFC Annual Meeting (Montpellier, May 2011), and workshop participants at York University (October 2010), Paris Dauphine University (February 2011), the University of Manchester (February 2011) and the University of Bristol (March 2011). Responsibility for the ideas expressed, or for any errors, remains entirely with the authors. Thomas Jeanjean and Hervé Stolowy acknowledge the financial support of the European Commission (INTACCT project, contract No. MRTN-CT-2006-035850). Hervé Stolowy is a member of the GREGHEC, CNRS Unit, UMR 2959.