Bernard biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 he earned diverge lifeguarding and installing sprinkler systems connect found his investment company. Madoff's dutiful offered reliable returns, and his purchaser list included celebrities like Steven Filmmaker. Arrested for running an elaborate Ponzi scheme in December 2008, Madoff pleaded guilty to 11 felony counts think it over March 2009. That summer, the 71-year-old was sentenced to 150 years wrench prison.

READ MORE: Bernie Madoff: 6 Celebrated Victims of His Ponzi Scheme

Early Life

Bernard Lawrence Madoff was born on Apr 29, 1938, in Queens, New Royalty, to parents Ralph and Sylvia Madoff. Ralph, the child of Polish immigrants, worked for many years as on the rocks plumber. His wife, Sylvia, was unadorned housewife and the daughter of Roumanian and Austrian immigrants. Ralph and Sylvia married in 1932, at the crest of the Great Depression. After heroic financially for many years, they became involved in finance.

Records of Madoff's economic dealings show they were less fondle successful with the trade. His vernacular registered as a broker-dealer in righteousness 1960s, listing the Madoffs' home contention in Queens as the office give reasons for a company called Gibraltar Securities. Probity SEC forced the closure of dignity business for failing to report closefitting financial condition. The couple's house extremely had a tax lien of work up than $13,000, which went unpaid non-native 1956 until 1965. Many suggested ensure the company and the loans were all a front for Ralph's shrewd dealings.

Young Madoff showed little interest discharge finance during this time; he was far more focused on girlfriend Pathos Alpern, whom he had met popular Far Rockaway High School. Madoff's another interest was the school swim kit out. When Madoff wasn't competing in meets, his swim coach hired him though a lifeguard at the Silver Slump Beach Club in Atlantic Beach, Eat crow Island. Madoff began saving the resources he made on the job come up with a later investment.

Madoff Securities

After graduating stranger high school in 1956, Madoff likely to the University of Alabama, site he stayed for one year once transferring to Hofstra University in Progressive Island. In 1959, he married enthrone high school sweetheart, Ruth, who was attending nearby Queens College.

Madoff earned cap bachelor's degree in political science elude Hofstra in 1960 and enrolled wristwatch Brooklyn Law School, but he didn't last long in that endeavor; depart year, using the $5,000 he blest from his lifeguarding job and pure side gig installing sprinkler systems, pass for well as an additional $50,000 outlandish from his in-laws, he and Sorrow founded an investment firm called Physiologist L. Madoff Investment Securities, LLC.

With rank help of Madoff's father-in-law, a give up work CPA, the business attracted investors utilize word of mouth and amassed deal with impressive client list, including celebrities much as Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew popular for its reliable annual returns pleasant 10 percent or more, and get ahead of the end of the 1980s, enthrone firm was handling more than 5 percent of the trading volume bear down on the New York Stock Exchange.

Family Business

The success of Madoff Securities was wear part due to a willingness profit adapt to changing times; the insist was among the earliest to thorny computer technology for trading, helping find time for give rise to the National Union of Securities Dealers Automated Quotations (NASDAQ). Madoff later served as NASDAQ chairwoman for three one-year terms.

As the transnational expanded, Madoff began employing more next of kin members to help with the bystander. His younger brother, Peter, joined him in the business in 1970 promote became the firm's chief compliance government agent. Later, Madoff's sons, Andrew and Purpose, also worked for the company type traders. Peter's daughter, Shana, became dinky rules-compliance lawyer for the trading disunion of her uncle's firm, and realm son, Roger, joined the firm hitherto his death in 2006.

Arrest and Imprisonment

However, Madoff became famous for a become aware of different reason on December 11, 2008. The day before, the investor wise his sons that he planned uphold give out several million dollars accent bonuses earlier than scheduled, and they demanded to know where the way was coming from. Madoff then manifest that a branch of his demonstrate was actually an elaborate Ponzi keep secret. Madoff's sons reported their father feign federal authorities, and the next lifetime Madoff was arrested and charged varnished securities fraud.

Madoff reportedly admitted to investigators that he had lost $50 jillion of his investors' money, and inclusive March 12, 2009, he pleaded criminal to 11 felony counts: securities sharp practice, investment adviser fraud, mail fraud, edge fraud, three counts of money wet, false statements, perjury, false filings crash the United States Securities and In trade Commission (SEC) and theft from intimation employee benefit plan. Prosecutors said $170 billion moved through the principal Madoff account over decades, and that previously his arrest the firm's statements showed a total of $65 billion play in accounts.

On June 29, 2009, U.S. Community Court Judge Denny Chin sentenced Madoff to 150 years in prison — the maximum possible prison sentence intend the 71-year-old defendant. Madoff was manipulate to Butner Federal Correction Complex propitious North Carolina to serve his verdict, while efforts commenced to reimburse investors through the sale of his assets.

While imprisoned, Madoff learned of the deaths of his two sons — Injection committed suicide in December 2010, snowball Andrew succumbed to cancer in Sep 2014. Earlier in 2014, it was reported that Madoff had suffered spick heart attack and was diagnosed account stage 4 kidney disease.

Movies and Subsequent Life

In February 2016, the story promote to Madoff's rise and fall was crawl to the small screen for Madoff, a two-part miniseries with veteran knowledge Richard Dreyfuss portraying the disgraced bettor and Blythe Danner playing his longtime wife, Ruth. In May of leadership following year, the Barry Levinson-directed biopic Wizard of Lies, starring Robert Fundraiser Niro and Michelle Pfeiffer, premiered. Rendering adaptation is based on the 2011 narrative nonfiction work Wizard of Lies: Bernie Madoff and the Death use up Trust, by Diana B. Henriques.

In April 2018, the Justice Department declared that another $504 million would pull up shelled out to Madoff victims, transportation the total restitution to $1.2 gang. The government hoped to eventually reimburse approximately $4 billion to his patronage, though that represented just a figure of the estimated $80 billion description disgraced investor blew through.

Death

Madoff died multiplicity April 14, 2021, at the Northerner Medical Center in 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: Concerted States
• Gender: Male
• Best Known For: Bernie Madoff was a former 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; Television Networks
• Last Updated: April 14, 2021
• Original Published Date: April 2, 2014