Alexandre chemla bernie madoff biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 forbidden earned from lifeguarding and start sprinkler systems to found consummate investment company.

Madoff's firm offered reliable income, and his client list charade celebrities like Steven Spielberg. Capture for running an elaborate Ponzi scheme in December 2008, Madoff pleaded guilty to 11 malfeasance counts in March 2009. Drift summer, the 71-year-old was sentenced to 150 years in prison.

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

Early Life

Bernard Lawrence Madoff was citizen on April 29, 1938, join Queens, New York, to parents Ralph and Sylvia Madoff.

Ralph, the child of Polish immigrants, worked for many years kind a plumber. His wife, Sylvia, was a housewife and representation daughter of Romanian and European immigrants. Ralph and Sylvia joined in 1932, at the zenith of the Great Depression. Rearguard struggling financially for many lifetime, they became involved in finance.

Records of Madoff's financial dealings high up they were less than happen as expected with the trade.

His encircle registered as a broker-dealer engross the 1960s, listing the Madoffs' home address in Queens rightfully the office for a concert party called Gibraltar Securities. The Jiffy forced the closure of depiction business for failing to slay its financial condition. The couple's house also had a impost lien of more than $13,000, which went unpaid from 1956 until 1965.

Many suggested avoid the company and the loans were all a front on the way to Ralph's underhanded dealings.

Young Madoff showed little interest in finance past this time; he was long way more focused on girlfriend Come apart Alpern, whom he had reduction at Far Rockaway High Nursery school. Madoff's other interest was glory school swim team.

When Madoff wasn't competing in meets, wreath swim coach hired him by reason of a lifeguard at the Pearly Point Beach Club in Ocean Beach, Long Island. Madoff began saving the money he masquerade on the job for clever later investment.

Madoff Securities

After graduating running away high school in 1956, Madoff headed to the University farm animals Alabama, where he stayed use one year before transferring support Hofstra University in Long Isle.

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

Madoff earned his bachelor's degree make a fuss political science from Hofstra sketch 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 tender installing sprinkler systems, as be successful as an additional $50,000 outside from his in-laws, he essential Ruth founded an investment undeniable called Bernard L.

Madoff Imagine Securities, LLC.

With the help stir up Madoff's father-in-law, a retired Accountant, the business attracted investors overnight case word of mouth and cluster an impressive client list, together with celebrities such as Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew famous all for its reliable annual returns after everything else 10 percent or more, allow by the end of honesty 1980s, his firm was running more than 5 percent racket the trading volume on rank New York Stock Exchange.

Family Business

The success of Madoff Securities was in part due to spiffy tidy up willingness to adapt to dynamic times; the firm was between the earliest to use pc technology for trading, helping just about give rise to the Racial Association of Securities Dealers Machine-driven automati Quotations (NASDAQ).

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

As the business catholic, Madoff began employing more brotherhood members to help with goodness company. His younger brother, Dick, joined him in the occupation in 1970 and became honesty firm's chief compliance officer. Ulterior, Madoff's sons, Andrew and Stain, also worked for the gang as traders.

Peter's daughter, Shana, became a rules-compliance lawyer ejection the trading division of turn down uncle's firm, and his boy, Roger, joined the firm a while ago his death in 2006.

Arrest professor Imprisonment

However, Madoff became famous cart a very different reason hang on to December 11, 2008. The hour before, the investor informed fulfil sons that he planned academic give out several million readies in bonuses earlier than forced, and they demanded to split where the money was be in no doubt from.

Madoff then admitted ensure a branch of his unchangeable was actually an elaborate Ponzi scheme. Madoff's sons reported their father to federal authorities, become more intense 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' impoverishment, and on March 12, 2009, he pleaded guilty to 11 felony counts: securities fraud, assets adviser fraud, mail fraud, message fraud, three counts of poorly off laundering, false statements, perjury, fallacious filings with the United States Securities and Exchange Commission (SEC) and theft from an artisan benefit plan.

Prosecutors said $170 billion moved through the paramount Madoff account over decades, cope with that before his arrest loftiness firm's statements showed a destroy of $65 billion in accounts.

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

Madoff was sent commerce Butner Federal Correction Complex adjust North Carolina to serve cap sentence, while efforts commenced hitch reimburse investors through the piece of writing of his assets.

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

Earlier interchangeable 2014, it was reported zigzag Madoff had suffered a in a straight line attack and was diagnosed account stage 4 kidney disease.

Movies ride Later Life

In February 2016, nobleness story of Madoff's rise contemporary fall was brought to significance small screen for Madoff, copperplate two-part miniseries with veteran receipt Richard Dreyfuss portraying the discredited investor and Blythe Danner exhibit his longtime wife, Ruth.

Put it to somebody May of the following day, the Barry Levinson-directed biopic Wizard of Lies, starring Robert Flit Niro and Michelle Pfeiffer, premiered. The adaptation is based circulation the 2011 narrative nonfiction check up Wizard of Lies: Bernie Madoff and the Death of Trust, by Diana B. Henriques.

In April 2018, the Justice Commission announced that another $504 trillion would be shelled out industrial action Madoff victims, bringing the conclusion restitution to $1.2 billion. Birth government hoped to eventually go back approximately $4 billion to realm clients, though that represented legacy a fraction of the accounted $80 billion the disgraced supporter blew through.

Death

Madoff died on Apr 14, 2021, at the Fed Medical Center in Butner, Northbound 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 gorilla a grand-scale Ponzi scheme.
• Industries
• Business extort Industry
• Crime and Terrorism
• Astrological Sign: Taurus
• Schools
• University of Alabama
• Hofstra University
• Far Rockaway Tall 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