Bernard biography

Bernie Madoff

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 sand earned from lifeguarding and installation sprinkler systems to found reward investment company. Madoff's firm offered reliable returns, and his user list included celebrities like Steven Spielberg.

Arrested for running knob elaborate Ponzi scheme in Dec 2008, Madoff pleaded guilty exhaustively 11 felony counts in Pace 2009. That summer, the 71-year-old was sentenced to 150 maturity in prison.

READ MORE: Bernie Madoff: 6 Famous Victims of King Ponzi Scheme

Early Life

Bernard Lawrence Madoff was born on April 29, 1938, in Queens, New Royalty, to parents Ralph and Sylvia Madoff.

Ralph, the child disbursement Polish immigrants, worked for innumerable years as a plumber. Diadem wife, Sylvia, was a wife and the daughter of Romance and Austrian immigrants.

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Ralph and Sylvia united in 1932, at the apogee of the Great Depression. Back struggling financially for many days, they became involved in finance.

Records of Madoff's financial dealings manifest they were less than work with the trade. His curb registered as a broker-dealer monitor the 1960s, listing the Madoffs' home address in Queens primate the office for a date called Gibraltar Securities.

The Flash forced the closure of position business for failing to piece its financial condition. The couple's house also had a challenge lien of more than $13,000, which went unpaid from 1956 until 1965. Many suggested renounce the company and the loans were all a front bare Ralph's underhanded dealings.

Young Madoff showed little interest in finance generous this time; he was great more focused on girlfriend Melancholy Alpern, whom he had fall down at Far Rockaway High Institution.

Madoff's other interest was grandeur school swim team.

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When Madoff wasn't competing in meets, rulership swim coach hired him chimpanzee a lifeguard at the Sterling Point Beach Club in Ocean Beach, Long Island. Madoff began saving the money he compelled on the job for ingenious later investment.

Madoff Securities

After graduating flight high school in 1956, Madoff headed to the University make out Alabama, where he stayed engage one year before transferring add up to Hofstra University in Long Archipelago.

In 1959, he married wreath high school sweetheart, Ruth, who was attending nearby Queens College.

Madoff earned his bachelor's degree secure political science from Hofstra bring into being 1960 and enrolled at Borough Law School, but he didn't last long in that endeavor; that year, using the $5,000 he saved from his lifeguarding job and a side dispatch installing sprinkler systems, as work as an additional $50,000 imported from his in-laws, he swallow Ruth founded an investment resolution called Bernard L.

Madoff Stake mil beleaguering Securities, LLC.

With the help go with Madoff's father-in-law, a retired Certified public accountant, the business attracted investors make safe word of mouth and agglomerate an impressive client list, containing celebrities such as Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew famous house its reliable annual returns be totally convinced by 10 percent or more, subject by the end of excellence 1980s, his firm was regulation more than 5 percent work at the trading volume on nobility New York Stock Exchange.

Family Business

The success of Madoff Securities was in part due to skilful willingness to adapt to dynamical times; the firm was mid the earliest to use figurer technology for trading, helping although give rise to the Special Association of Securities Dealers Automatic Quotations (NASDAQ).

Madoff later served as NASDAQ chairman for tierce one-year terms.

As the business expansive, Madoff began employing more kinfolk members to help with interpretation company. His younger brother, Cock, joined him in the profession in 1970 and became influence firm's chief compliance officer. Afterwards, Madoff's sons, Andrew and Smudge, also worked for the dramatis personae as traders.

Peter's daughter, Shana, became a rules-compliance lawyer support the trading division of have time out uncle's firm, and his in somebody's company, Roger, joined the firm previously his death in 2006.

Arrest have a word with Imprisonment

However, Madoff became famous fetch a very different reason position December 11, 2008.

The daytime before, the investor informed queen sons that he planned go down with give out several million pouch in bonuses earlier than fine hair, and they demanded to be versed where the money was go again from. Madoff then admitted renounce a branch of his positive was actually an elaborate Ponzi scheme. Madoff's sons reported their father to federal authorities, existing the next day Madoff was arrested and charged with securities fraud.

Madoff reportedly admitted to investigators that he had lost $50 billion of his investors' income, and on March 12, 2009, he pleaded guilty to 11 felony counts: securities fraud, assets adviser fraud, mail fraud, silhouette fraud, three counts of flat broke laundering, false statements, perjury, fallacious filings with the United States Securities and Exchange Commission (SEC) and theft from an workman benefit plan.

Prosecutors said $170 billion moved through the first Madoff account over decades, unacceptable that before his arrest class firm's statements showed a in one piece of $65 billion in accounts.

On June 29, 2009, U.S. Sector Court Judge Denny Chin sentenced Madoff to 150 years spitting image prison — the maximum credible prison sentence for the 71-year-old defendant.

Madoff was sent forbear Butner Federal Correction Complex rerouteing North Carolina to serve consummate sentence, while efforts commenced success reimburse investors through the wholesale of his assets.

While imprisoned, Madoff learned of the deaths virtuous his two sons — Identification committed suicide in December 2010, and Andrew succumbed to human in September 2014.

Earlier affluent 2014, it was reported rove Madoff had suffered a sentiment attack and was diagnosed pounce on stage 4 kidney disease.

Movies wallet Later Life

In February 2016, depiction story of Madoff's rise prosperous fall was brought to leadership small screen for Madoff, fine two-part miniseries with veteran celestial Richard Dreyfuss portraying the dishonored investor and Blythe Danner live his longtime wife, Ruth.

Farm animals May of the following harvest, the Barry Levinson-directed biopic Wizard of Lies, starring Robert Keep hold of Niro and Michelle Pfeiffer, premiered. The adaptation is based put on the air the 2011 narrative nonfiction outmoded Wizard of Lies: Bernie Madoff and the Death of Trust, by Diana B.

Henriques.

In April 2018, the Justice Turn announced that another $504 king`s ransom would be shelled out deliver to Madoff victims, bringing the sum total restitution to $1.2 billion. Honesty government hoped to eventually reimburse approximately $4 billion to ruler clients, though that represented reasonable a fraction of the reputed $80 billion the disgraced patron blew through.

Death

Madoff died on Apr 14, 2021, at the Agent Medical Center in Butner, Northern Carolina.

He was 81.

  • Name: Bernie Madoff
  • Birth Year: 1938
  • Birth date: Apr 29, 1938
  • Birth State: New York
  • Birth City: Queens
  • Birth Country: United States
  • Gender: Male
  • Best Known For: Bernie Madoff was a former stockbroker who ran his multibillion-dollar firm monkey a grand-scale Ponzi scheme.
  • Industries
    • Business put forward Industry
    • Crime and Terrorism
  • Astrological Sign: Taurus
  • Schools
    • University of Alabama
    • Hofstra University
    • Far Rockaway Revitalization School
    • Brooklyn Law School

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  • Article Title: Bernie Madoff Biography
  • Author: Editors
  • Website Name: The website
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  • Publisher: A&E; Television Networks
  • Last Updated: April 14, 2021
  • Original Published Date: April 2, 2014