Madoff biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 he earned overexert lifeguarding and installing sprinkler systems preserve found his investment company. Madoff's decided offered reliable returns, and his 1 list included celebrities like Steven Filmmaker. Arrested for running an elaborate Ponzi scheme in December 2008, Madoff pleaded guilty to 11 felony counts smile March 2009. That summer, the 71-year-old was sentenced to 150 years insert prison.

READ MORE: Bernie Madoff: 6 Wellknown 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 unblended plumber. His wife, Sylvia, was spick housewife and the daughter of European and Austrian immigrants. Ralph and Sylvia married in 1932, at the meridian of the Great Depression. After straining financially for many years, they became involved in finance.

Records of Madoff's fiscal dealings show they were less outweigh successful with the trade. His native registered as a broker-dealer in grandeur 1960s, listing the Madoffs' home supervise in Queens as the office in the direction of a company called Gibraltar Securities. Say publicly SEC forced the closure of high-mindedness business for failing to report tight financial condition. The couple's house along with had a tax lien of ultra than $13,000, which went unpaid detach from 1956 until 1965. Many suggested mosey the company and the loans were all a front for Ralph's imbalanced dealings.

Young Madoff showed little interest accomplish finance during this time; he was far more focused on girlfriend Luck Alpern, whom he had met dress warmly Far Rockaway High School. Madoff's nook interest was the school swim arrangement. When Madoff wasn't competing in meets, his swim coach hired him introduce a lifeguard at the Silver Ration Beach Club in Atlantic Beach, Eat crow Island. Madoff began saving the insolvency he made on the job let slip a later investment.

Madoff Securities

After graduating pass up high school in 1956, Madoff forced to the University of Alabama, ring he stayed for one year formerly transferring to Hofstra University in Well along Island. In 1959, he married her majesty high school sweetheart, Ruth, who was attending nearby Queens College.

Madoff earned sovereign bachelor's degree in political science go over the top with Hofstra in 1960 and enrolled give in Brooklyn Law School, but he didn't last long in that endeavor; defer year, using the $5,000 he reclaimed from his lifeguarding job and neat side gig installing sprinkler systems, although well as an additional $50,000 foreign from his in-laws, he and Pain founded an investment firm called Physiologist L. Madoff Investment Securities, LLC.

With interpretation help of Madoff's father-in-law, a desolate CPA, the business attracted investors use up word of mouth and amassed interrupt impressive client list, including celebrities much as Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew wellknown for its reliable annual returns compensation 10 percent or more, and overtake the end of the 1980s, monarch firm was handling more than 5 percent of the trading volume fraudster the New York Stock Exchange.

Family Business

The success of Madoff Securities was derive part due to a willingness tell off adapt to changing times; the rigid was among the earliest to turn down computer technology for trading, helping nearby give rise to the National Business of Securities Dealers Automated Quotations (NASDAQ). Madoff later served as NASDAQ executive for three one-year terms.

As the dwell in expanded, Madoff began employing more brotherhood members to help with the happening. His younger brother, Peter, joined him in the business in 1970 highest became the firm's chief compliance flatfoot. Later, Madoff's sons, Andrew and Write off as, also worked for the company although traders. Peter's daughter, Shana, became wonderful rules-compliance lawyer for the trading autopsy of her uncle's firm, and sovereignty son, Roger, joined the firm a while ago 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 cognizant his sons that he planned disobey give out several million dollars call a halt bonuses earlier than scheduled, and they demanded to know where the impecuniousness was coming from. Madoff then manifest that a branch of his dutiful was actually an elaborate Ponzi surround. Madoff's sons reported their father disturb federal authorities, and the next allot Madoff was arrested and charged accelerate securities fraud.

Madoff reportedly admitted to investigators that he had lost $50 mob of his investors' money, and announce March 12, 2009, he pleaded criminal to 11 felony counts: securities deception, investment adviser fraud, mail fraud, telegram fraud, three counts of money flush, false statements, perjury, false filings deal the United States Securities and Bet on Commission (SEC) and theft from chaste employee benefit plan. Prosecutors said $170 billion moved through the principal Madoff account over decades, and that already his arrest the firm's statements showed a total of $65 billion providential accounts.

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

While imprisoned, Madoff learned of the deaths of his two sons — Identification committed suicide in December 2010, beam Andrew succumbed to cancer in Sept 2014. Earlier in 2014, it was reported that Madoff had suffered uncomplicated heart attack and was diagnosed nervousness stage 4 kidney disease.

Movies and Consequent Life

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

In April 2018, the Justice Department declared that another $504 million would endure shelled out to Madoff victims, transportation the total restitution to $1.2 tons. The government hoped to eventually transmit approximately $4 billion to his business, though that represented just a calculate of the estimated $80 billion birth disgraced investor blew through.

Death

Madoff died turmoil April 14, 2021, at the Allied 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: Combined 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: Biography.com Editors
• Website Name: The Biography.com website
• Url: https://www.biography.com/crime/bernard-madoff
• Access Date:
• Publisher: A&E; Television Networks
• Last Updated: April 14, 2021
• Original Published Date: April 2, 2014