Bernard "Bernie" Lawrence Madoff is an American former stockbroker, investment advisor, financier, and admitted fraudster. He is the former non-executive chairman of the NASDAQ stock market, and the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history. Prosecutors estimated the size of the fraud to be $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008.
|Born:||Bernard Lawrence Madoff, Apr 29, 1938, New York City, New York, U.S.|
|Alma mater:||Hofstra University|
|Occupation:||Stock broker, investment adviser, financier|
|Employer:||Bernard L. Madoff Investment Securities|
|Known for:||Being the chairman of NASDAQ and the Madoff Investment scandal|
|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 $17.179 billion|
|Criminal status:||Incarcerated at Butner Federal Correctional Institution, FBP Register #61727-054, Release: November 14, 2139|
|Children:||Mark Madoff (1964–2010), Andrew Madoff (1966–2014)|
About Bernard Madoff
Wall Street broker accused of $50 billion in investment fraud.
He received a degree in political science from Hofstra University in 1960, before briefly attending law school.
His Ponzi scheme took in billions of dollars and only a portion of the wealth was recovered.
He married Ruth Alpern, with whom he had two children.
Billy Preston was also convicted of investment fraud.
Information related to Bernard Madoff
- Affinity fraud - Affinity fraud is a form of investment fraud in which the fraudster preys upon members of identifiable groups, such as religious or ethnic communities, language minorities, the elderly, or professional groups.
- Madoff investment scandal - The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008.
- Participants in the Madoff investment scandal - Investigators are looking for other participants in the Madoff investment scandal besides Bernard Madoff, despite Madoff's assertion that he alone was responsible for the large-scale Ponzi scheme.
- Recovery of funds from the Madoff investment scandal - There have been attempts for the recovery of funds from the Madoff investment scandal. The Madoff Trustee, Irving Picard, reports recoveries and settlement agreements of $11.079 billion, of which $9.271 billion has been distributed or committed to victims of Bernard Madoff.
- White-collar crime - White-collar crime refers to financially motivated, nonviolent crime committed by business and government professionals.
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