Bernard Madoff

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Bernard Lawrence Madoff

US Department of Justice photograph (2009)
Born Bernard Lawrence Madoff
April 29, 1938 (1938-04-29) (age 75)
Queens, New York, United States
Residence Incarcerated at Butner Federal Correctional Institution;[1][2] Federal Bureau of Prisons Register #61727-054; scheduled date of release: 11-14-2139
Nationality American
Ethnicity Jewish
Education Hofstra University (1960)
Occupation Former non-executive chairman of the NASDAQ
Employer Bernard L. Madoff Investment Securities
Known for Ponzi scheme, Chairman of NASDAQ (prior)
Religion Judaism
Criminal charge Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
Criminal penalty 150 years imprisonment and forfeiture of US$17.179 billion
Spouse Ruth Madoff (1959–present)
Children Mark (ca. 1964–2010)
Andrew (b. 1966)
Parents Ralph (deceased)
Sylvia (deceased)

Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/;[3] born April 29, 1938) is an American former investor, former stockbroker and former non executive chairman for NASDAQ Stock Market. He is the admitted operator of a Ponzi scheme which is the largest financial fraud in United States history.[4]

In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. Thousands of investors lost billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s.[5] The people who are hunting for the missing money believe the investment operation may never have been legitimate.[6] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[7] The court-appointed trustee estimated actual losses to investors of $18 billion.[6] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[8][9]

References[change | edit source]

  1. Chuchmach, Megan; Esposito, Richard; Katersky, Aaron (July 14, 2009). "Bernie Madoff 'Hit the Inmate Lottery' with Butner Prison, Consultant Says". ABC News. http://www.abcnews.go.com/Blotter/Madoff/story?id=8080354&page=1. Retrieved July 14, 2009.
  2. Kouwe, Zachery (July 14, 2009). "Madoff Arrives at Federal Prison in North Carolina". The New York Times. Associated Press. http://www.nytimes.com/2009/07/15/business/15madoff.html?hp. Retrieved July 14, 2009.
  3. "Voice of America pronunciation guide". Voice of America. http://names.voa.gov/SearchAction.cfm?searchtype=2&Name2=madoff. Retrieved March 18, 2010.
  4. "Madoff Says He Is Happier in Prison Than Free". The New York Times. Reuters. October 27, 2011. http://www.nytimes.com/reuters/2011/10/27/business/business-us-madoff-interview.html?_r=1. Retrieved October 28, 2011.
  5. Kolker, Carlyn; Tiffany Kary and Saijel Kishan (December 23, 2008). "Madoff Victims May Have to Return Profits, Principal". Bloomberg News. http://www.bloomberg.com/apps/news?pid=20601087&sid=awmAWSxKpXRM&refer=home. Retrieved December 24, 2008.
  6. 6.0 6.1 Safer, Morley (September 27, 2009). "The Madoff Scam: Meet The Liquidator". 60 Minutes (CBS News): pp. 1–4. http://www.cbsnews.com/stories/2009/09/24/60minutes/main5339719.shtml?tag=currentVideoInfo;segmentUtilities. Retrieved September 28, 2009.
  7. Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal (Dow Jones, Inc). http://online.wsj.com/article/SB123685693449906551.html?mod=djemalertNEWS. Retrieved March 12, 2009.
  8. "Bernard Madoff gets 150 years behind bars for fraud scheme". CBC News. June 29, 2009. http://www.cbc.ca/money/story/2009/06/29/madoff-ponzi-fraud-sentence564.html. Retrieved June 29, 2009.
  9. Healy, Jack (June 29, 2009). "Madoff Sentenced to 150 Years for Ponzi Scheme". The New York Times. http://www.nytimes.com/2009/06/30/business/30madoff.html?_r=1&hp. Retrieved June 29, 2009.

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