"Those who don't know history are destined to repeat it."
-Edmund Burke, 18th Century Political Philosopher
NEW YORK (TheStreet) -- In light of recent developments in the Bernie Madoff scandal, a study has been released showing that more than one-quarter of stock market investors are still unfamiliar with Madoff's case.
The study, released Thursday by Confirmation.com, showed that of 985 college-educated investors polled, 27% were not able to identify Bernard L. Madoff Investment Securities LLC as the perpetrator of a stock market fraud.
Confirmation.com, a cloud-based audit confirmation service used by all the top 10 banks in the U.S., stated that when broken down into age groups, only those over the age of 60 showed significant awareness of the Madoff scandal, with around 80% of respondents saying they knew of his crimes.
"The Madoff fraud should be on the mind of every investor. Clearly, there needs to be a greater sense of awareness, so that frauds of this scale can be prevented in the future," Brian Fox, president of Confirmation.com, said in a public statement.
"The irony is that investors want and deserve more protection of their investments. That's a commendable goal, but without basic education, these investors will still be at risk, even with stronger protections in place," Fox added.
Considering younger investors, between the ages of 18-44, are the future of our country's financial markets, it is disturbing that they performed the worst on the survey.
The 18-29 age group showed the least knowledge of the Madoff fraud case in the survey, while the 30-44 age group was second to last.