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December 11, 2008. Bernard Lawrence Madoff ( / ˈmeɪdɔːf / MAY-dawf; [2] April 29, 1938 – April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. [3] [4] He was at one time chairman of the Nasdaq stock exchange. [5]
- Deceased
- December 11, 2008
- Early Life and Education
- Notable Accomplishments
- Scandal, Scheme, and Crime
- Depictions of Bernie Madoff in Popular Culture
- The Bottom Line
Bernie Madoff was born in Brooklyn, New York, on April 29, 1938, to Ralph and Sylvia Madoff. His father worked as a plumber before entering the financial industry with his wife.They founded Gibraltar Securities, which was ultimately forced to close by the SEC. Bernie earned a bachelor's degree in political science from Hofstra University in 1960 an...
Madoff had a chip on his shoulder and felt that he was not part of the Wall Street in-crowd. In an interview with journalist Steve Fishman, Madoff advised, "We were a small firm, we weren't a member of the New York Stock Exchange. It was very obvious." According to Madoff, he began to make a name for himself as a scrappy market maker. "I was perfec...
At some point, Madoff attracted investors by claiming to generate large, steady returns through an investing strategy called split-strike conversion, a legitimate trading strategy. However, Madoff deposited client funds into a single bank account that he used to pay existing clients who wanted to cash out. He funded redemptionsby attracting new inv...
As a financial antagonist, Bernie Madoff has been depicted as a villain in the media and pop culture. For instance, in a 2009 episode of HBO's Curb Your Enthusiasm, Jason Alexander (who played George on Seinfeld) is swindled by Madoff and loses all of his money made off of a fictional app that he invented. Other fictional characters have also been ...
In 2009, at age 71, Madoff pleaded guilty to 11 federal felony counts, including securities fraud, wire fraud, mail fraud, perjury, and money laundering.The Ponzi scheme became a potent symbol of the culture of greed and dishonesty that, to critics, pervaded Wall Street in the run-up to the financial crisis. Madoff, the subject of numerous articles...
Apr 14, 2021 · Bernie Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, has died in prison at age 82. His death was announced by the Bureau of Prisons.
Apr 14, 2021 · Hiroko Masuike/Getty Images. Bernard L. Madoff, the onetime senior statesman of Wall Street who in 2008 became the human face of an era of financial misdeeds and missteps for running the largest ...
- Diana B. Henriques
Apr 15, 2021 · Bernard Madoff, whose name became synonymous with financial fraud, died while serving a 150-year sentence in Federal Prison. He was 82 years old. His death Wednesday at the Federal Medical Center ...
- 3 min
Apr 14, 2021 · Bernie Madoff was born in 1938 in a lower-middle-class neighborhood in the New York borough of Queens. He began his Wall Street career in 1960 alongside his brother Peter with a few thousand ...
Apr 14, 2021 · Bernie Madoff, the financier who orchestrated what is thought to be the largest Ponzi scheme in history, has died. He was 82. He died Wednesday at the Federal Medical Center in Butner, N.C., the ...
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