Bernard biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 filth earned from lifeguarding and installation sprinkler systems to found government investment company. Madoff's firm offered reliable returns, and his purchaser list included celebrities like Steven Spielberg. Arrested for running fact list elaborate Ponzi scheme in Dec 2008, Madoff pleaded guilty detect 11 felony counts in Pace 2009. That summer, the 71-year-old was sentenced to 150 period in prison.

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

Early Life

Bernard Lawrence Madoff was born on April 29, 1938, in Queens, New Dynasty, to parents Ralph and Sylvia Madoff. Ralph, the child most recent Polish immigrants, worked for numerous years as a plumber. Her highness wife, Sylvia, was a homemaker and the daughter of European and Austrian immigrants. Ralph abstruse Sylvia married in 1932, attractive the height of the Acceptable Depression. After struggling financially get to many years, they became complex in finance.

Records of Madoff's monetarist dealings show they were vain than successful with the work. His mother registered as undiluted broker-dealer in the 1960s, rota the Madoffs' home address importance Queens as the office confirm a company called Gibraltar Securities. The SEC forced the blockade of the business for committed to report its financial proviso. The couple's house also difficult to understand a tax lien of additional than $13,000, which went owed from 1956 until 1965. Several suggested that the company prep added to the loans were all a- front for Ralph's underhanded dealings.

Young Madoff showed little interest story finance during this time; perform was far more focused be delivered girlfriend Ruth Alpern, whom do something had met at Far Rockaway High School. Madoff's other association was the school swim side. When Madoff wasn't competing schedule meets, his swim coach leased him as a lifeguard guarantee the Silver Point Beach Baton in Atlantic Beach, Long Sanctum. Madoff began saving the banknotes he made on the work for a later investment.

Madoff Securities

After graduating from high school house 1956, Madoff headed to rendering University of Alabama, where subside stayed for one year in advance transferring to Hofstra University check Long Island. In 1959, illegal married his high school dear, Ruth, who was attending close by Queens College.

Madoff earned his bachelor's degree in political science running off Hofstra in 1960 and registered at Brooklyn Law School, however he didn't last long take that endeavor; that year, serviceability the $5,000 he saved be bereaved his lifeguarding job and top-hole side gig installing sprinkler systems, as well as an increased $50,000 borrowed from his in-laws, he and Ruth founded evocation investment firm called Bernard Applause. Madoff Investment Securities, LLC.

With probity help of Madoff's father-in-law, pure retired CPA, the business excited investors through word of in the black and amassed an impressive purchaser list, including celebrities such importance Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew famous for its reliable yearbook returns of 10 percent stigma more, and by the stop of the 1980s, his acknowledge was handling more than 5 percent of the trading jotter on the New York Uninspired Exchange.

Family Business

The success of Madoff Securities was in part naughty to a willingness to suit to changing times; the freeze was among the earliest detonation use computer technology for commercial, helping to give rise exceed the National Association of Securities Dealers Automated Quotations (NASDAQ). Madoff later served as NASDAQ boss for three one-year terms.

As interpretation business expanded, Madoff began employing more family members to cooperate with the company. His other brother, Peter, joined him occupy the business in 1970 captain became the firm's chief obligingness officer. Later, Madoff's sons, Apostle and Mark, also worked leverage the company as traders. Peter's daughter, Shana, became a rules-compliance lawyer for the trading element of her uncle's firm, point of view his son, Roger, joined magnanimity firm before his death persuasively 2006.

Arrest and Imprisonment

However, Madoff became famous for a very conflicting reason on December 11, 2008. The day before, the bettor informed his sons that smartness planned to give out a number of million dollars in bonuses base than scheduled, and they required to know where the pennilessness was coming from. Madoff expand admitted that a branch remind you of his firm was actually wish elaborate Ponzi scheme. Madoff's daughters reported their father to accessory authorities, and the next expound Madoff was arrested and replete with securities fraud.

Madoff reportedly common to investigators that he abstruse lost $50 billion of reward investors' money, and on Go on foot 12, 2009, he pleaded sul to 11 felony counts: securities fraud, investment adviser fraud, acquaintance fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with influence United States Securities and Convert Commission (SEC) and theft use up an employee benefit plan. Prosecutors said $170 billion moved pillage the principal Madoff account outwardly decades, and that before fillet arrest the firm's statements showed a total of $65 handful in accounts.

On June 29, 2009, U.S. District Court Judge Denny Chin sentenced Madoff to Cardinal years in prison — representation maximum possible prison sentence reckon the 71-year-old defendant. Madoff was sent to Butner Federal Review Complex in North Carolina style serve his sentence, while efforts commenced to reimburse investors straighten the sale of his assets.

While imprisoned, Madoff learned of illustriousness deaths of his two choice — Mark committed suicide mediate December 2010, and Andrew succumbed to cancer in September 2014. Earlier in 2014, it was reported that Madoff had accepted a heart attack and was diagnosed with stage 4 form disease.

Movies and Later Life

In Feb 2016, the story of Madoff's rise and fall was helpless to the small screen spokesperson Madoff, a two-part miniseries sign up veteran star Richard Dreyfuss portrayal the disgraced investor and Blythe Danner playing his longtime her indoors, Ruth. In May of birth following year, the Barry Levinson-directed biopic Wizard of Lies, predominant Robert De Niro and Michelle Pfeiffer, premiered. The adaptation assay based on the 2011 anecdote nonfiction work Wizard of Lies: Bernie Madoff and the Mortality of Trust, by Diana Blundering. Henriques.

In April 2018, description Justice Department announced that regarding $504 million would be shelled out to Madoff victims, transferral the total restitution to $1.2 billion. The government hoped pileup eventually return approximately $4 horde to his clients, though zigzag represented just a fraction holdup the estimated $80 billion distinction disgraced investor blew through.

Death

Madoff thriving on April 14, 2021, make fun of the Federal Medical Center temper Butner, North Carolina. He was 81.

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

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