Bernie Madoff: Difference between revisions
imported>Thenabster126 m Thenabster126 moved page Bernard Madoff to Bernie Madoff over redirect: He is better known as Bernie |
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Making false filings with the SEC<br> | Making false filings with the SEC<br> | ||
Theft from an employee benefit plan}}{{Quote|The person that is buying a share of stock is convinced he knows something that the other person who's selling it to him does not know. There's no zero sum game in Wall Street.|Bernard Madoff}} | Theft from an employee benefit plan}}{{Quote|The person that is buying a share of stock is convinced he knows something that the other person who's selling it to him does not know. There's no zero sum game in Wall Street.|Bernard Madoff}} | ||
'''Bernard Lawrence "Bernie" Madoff''' ( | '''Bernard Lawrence "Bernie" Madoff''' (April 29, 1938 - April 14, 2021) was an American former stockbroker, investment advisor, financier, and white collar criminal. He was the former non-executive Chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history. | ||
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms by directly executing orders over the counter from retail brokers. He employed at the firm his brother Peter, as Senior Managing Director and Chief Compliance Officer; Peter's daughter Shana Madoff, as the firm's rules and compliance officer and attorney; and his sons Andrew and Mark. Peter has since been sentenced to 10 years in prison and Mark committed suicide by hanging exactly two years after his father's arrest. | Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms by directly executing orders over the counter from retail brokers. He employed at the firm his brother Peter, as Senior Managing Director and Chief Compliance Officer; Peter's daughter Shana Madoff, as the firm's rules and compliance officer and attorney; and his sons Andrew and Mark. Peter has since been sentenced to 10 years in prison and Mark committed suicide by hanging exactly two years after his father's arrest. | ||
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In March 2009 Madoff pleaded guilty to fraud, money laundering, and other crimes. Madoff’s accountant, David G. Friehling, was also charged in March with securities fraud; it was later revealed that he had been unaware of the Ponzi scheme, and, after cooperating with prosecutors, Friehling ultimately served no prison time. The thousands of people and numerous charitable foundations who had invested with Madoff, directly or indirectly through feeder funds, thus spent the early months of 2009 assessing their often huge financial losses. U.S. federal investigators continued to pursue suspects, including some other members of the Madoff family. Estimates of losses ranged from $50 billion to $65 billion, but investigators acknowledged that locating the missing funds might prove to be impossible. In June 2009 federal judge Denny Chin gave Madoff the maximum sentence of 150 years in prison. | In March 2009 Madoff pleaded guilty to fraud, money laundering, and other crimes. Madoff’s accountant, David G. Friehling, was also charged in March with securities fraud; it was later revealed that he had been unaware of the Ponzi scheme, and, after cooperating with prosecutors, Friehling ultimately served no prison time. The thousands of people and numerous charitable foundations who had invested with Madoff, directly or indirectly through feeder funds, thus spent the early months of 2009 assessing their often huge financial losses. U.S. federal investigators continued to pursue suspects, including some other members of the Madoff family. Estimates of losses ranged from $50 billion to $65 billion, but investigators acknowledged that locating the missing funds might prove to be impossible. In June 2009 federal judge Denny Chin gave Madoff the maximum sentence of 150 years in prison. | ||
Madoff suffered a heart attack in December 2013, and was reportedly suffering from end-stage renal disease (ESRD) neat the end of his life. According to CBS New York and other news sources, Madoff claimed in an email to CNBC in January 2014 that he has kidney cancer but this was unconfirmed. In court filing from his lawyer in February 2020, it was revealed Madoff was suffering from chronic kidney failure. He died of natural causes at the Federal Medical Center in Butner, North Carolina, on April 14, 2021. | |||
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[[Category:Modern Villains]] | [[Category:Modern Villains]] | ||
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[[Category:Mastermind]] | [[Category:Mastermind]] | ||
[[Category:Con Artists]] | [[Category:Con Artists]] | ||
[[Category:Deaths in prison]] | |||