Bernie Madoff

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Bernie Madoff
US Department of Justice photograph (2009)
Bernard Lawrence Madoff

(1938-04-29)April 29, 1938
DiedApril 14, 2021(2021-04-14) (aged 82)
Cause of deathHypertension caused by heart and kidney disease
Resting placeCremation
EducationHofstra University (1960)
OccupationFormer non-executive chairman of the NASDAQ
EmployerBernard L. Madoff Investment Securities
Known forPonzi scheme, Chairman of NASDAQ (prior)
Criminal charge(s)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 penalty150 years imprisonment and forfeiture of US$17.179 billion
Ruth Madoff (m. 1959)
ChildrenMark (1964–2010)
Andrew (1966–2014)
Parent(s)Ralph Madoff
Sylvia Muntner

Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/;[1] April 29, 1938 – April 14, 2021) was an American former investor, former stockbroker and former non-executive chairman for NASDAQ Stock Market. He was the admitted operator of a Ponzi scheme which is the largest financial fraud in United States history.[2]

Ponzi scheme[change | change source]

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.[3] The people who are hunting for the missing money believe the investment operation may never have been legitimate.[4] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[5] The court-appointed trustee estimated actual losses to investors of $18 billion.[4] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[6][7]

Personal life[change | change source]

Madoff was of Jewish descent. He was married to Ruth. The elder of their two sons committed suicide by hanging in 2010. The younger son died of lymphoma in 2014.

Health[change | change source]

In December 2013, Madoff suffered from a heart attack. In January 2014, he said he had stage 4 kidney cancer.[8]

Death[change | change source]

Madoff died on April 14, 2021 at a prison medical center in Butner, North Carolina after suffering from kidney disease for many years, at the age of 82.[9][10] His cause of death was hypertension caused by heart and kidney disease.[11]

References[change | change source]

  1. "Voice of America pronunciation guide". Voice of America. Retrieved March 18, 2010.
  2. "Madoff Says He Is Happier in Prison Than Free". The New York Times. Reuters. October 27, 2011. Retrieved October 28, 2011.[permanent dead link]
  3. Kolker, Carlyn; Tiffany Kary and Saijel Kishan (December 23, 2008). "Madoff Victims May Have to Return Profits, Principal". Bloomberg News. Retrieved December 24, 2008.
  4. 4.0 4.1 Safer, Morley (September 27, 2009). "The Madoff Scam: Meet The Liquidator". 60 Minutes. CBS News. pp. 1–4. Retrieved September 28, 2009.[permanent dead link]
  5. Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal. Dow Jones, Inc. Retrieved March 12, 2009.
  6. "Bernard Madoff gets 150 years behind bars for fraud scheme". CBC News. June 29, 2009. Retrieved June 29, 2009.
  7. Healy, Jack (June 29, 2009). "Madoff Sentenced to 150 Years for Ponzi Scheme". The New York Times. Retrieved June 29, 2009.
  8. "Bernie Madoff recovering from heart attack, battling kidney cancer as he rots in federal prison". New York Daily Retrieved September 3, 2014.
  9. "Disgraced financier, Ponzi scheme architect Bernie Madoff dies in prison". Jerusalem Post. Reuters. April 14, 2021.
  10. Rothfeld, Michael; Baer, Justin (April 14, 2021). "Bernie Madoff Dead at 82; Disgraced Investor Ran Biggest Ponzi Scheme in History". The Wall Street Journal.
  11. "Bernie Madoff: Hypertension and kidney disease... causes of death" (PDF). TMZ. April 30, 2021. Retrieved May 1, 2021.

Other websites[change | change source]