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Bernard Lawrence “Bernie” Madoff (born April 29, 1938). He is an incarcerated former American stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of 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 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed “specialist” firms by directly executing orders over the counter from retail brokers.
On December 10, 2008, Madoff’s sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as “one big lie.” The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted investigations into Madoff’s business practices, but did not uncover the massive fraud.
Bernie Madoff son, Mark, Found Dead, an Apparent Suicide
Mark Madoff, 46, the son of Wall Street’s most notorious swindler, Bernie Madoff, has committed suicide on the second anniversary of his father’s arrest, adding another chapter to the tragic family saga.
Mark and brother, Andrew, were investigated as part of their father’s elaborate Ponzi scheme, but were never charged. Their father is serving 150 years in prison for masterminding the multi-billion dollar fraud.
The days since his arrest and conviction have been devastating for the family. All of Bernie Madoff’s possessions were seized by federal authorities to help recoup some of the investor losses from the scandal.
Mark Madoff’s wife sought to legally change her and her children’s last names, according to court filing. She said their lives had become one of threats and humiliation since the scandal broke.
Although they were never prosecuted, Madoff’s brother Peter, and Mark and Andrew were sued by a trustee appointed to oversee Madoff’s firm, seeking to collect millions of dollars to pay back victims.
Mark reportedly made $66 million while working at his fathers firms and owns luxury homes in New York and Nantucket, a posh New England resort.
Her husband was found hanged around 7:30 this morning (Dec. 11) in his apartment in Manhattan’s posh SoHo neighborhood, police told the Associated Press.
Bernie Madoff was arrested on Dec. 11, 2008, after summoning his family and revealing the scam. Madoff’s sons notified authorities.
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of 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 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed “specialist” firms by directly executing orders over the counter from retail brokers.
On December 10, 2008, Madoff’s sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as “one big lie.” The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted investigations into Madoff’s business practices, but did not uncover the massive fraud.
Bernie Madoff son, Mark, Found Dead, an Apparent Suicide
Mark Madoff, 46, the son of Wall Street’s most notorious swindler, Bernie Madoff, has committed suicide on the second anniversary of his father’s arrest, adding another chapter to the tragic family saga.
Mark and brother, Andrew, were investigated as part of their father’s elaborate Ponzi scheme, but were never charged. Their father is serving 150 years in prison for masterminding the multi-billion dollar fraud.
The days since his arrest and conviction have been devastating for the family. All of Bernie Madoff’s possessions were seized by federal authorities to help recoup some of the investor losses from the scandal.
Mark Madoff’s wife sought to legally change her and her children’s last names, according to court filing. She said their lives had become one of threats and humiliation since the scandal broke.
Although they were never prosecuted, Madoff’s brother Peter, and Mark and Andrew were sued by a trustee appointed to oversee Madoff’s firm, seeking to collect millions of dollars to pay back victims.
Mark reportedly made $66 million while working at his fathers firms and owns luxury homes in New York and Nantucket, a posh New England resort.
Her husband was found hanged around 7:30 this morning (Dec. 11) in his apartment in Manhattan’s posh SoHo neighborhood, police told the Associated Press.
Bernie Madoff was arrested on Dec. 11, 2008, after summoning his family and revealing the scam. Madoff’s sons notified authorities.
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