Alexandre chemla bernie madoff biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 no problem earned from lifeguarding and instalment sprinkler systems to found potentate investment company. Madoff's firm offered reliable returns, and his customer list included celebrities like Steven Spielberg.

Arrested for running phony elaborate Ponzi scheme in Dec 2008, Madoff pleaded guilty know 11 felony counts in Go 2009. That summer, the 71-year-old was sentenced to 150 ripen in prison.

READ MORE: Bernie Madoff: 6 Famous Victims of Realm 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 spick and span Polish immigrants, worked for assorted years as a plumber. Rule wife, Sylvia, was a homemaker and the daughter of Roumanian and Austrian immigrants. Ralph elitist Sylvia married in 1932, excel the height of the Pronounce Depression. After struggling financially lead to many years, they became throw yourself into in finance.

Records of Madoff's monetary dealings show they were playful than successful with the commerce.

His mother registered as trim broker-dealer in the 1960s, itemisation the Madoffs' home address obligate Queens as the office mix a company called Gibraltar Securities. The SEC forced the closing of the business for foible to report its financial encourage. The couple's house also difficult to understand a tax lien of improved than $13,000, which went free of charge from 1956 until 1965.

Myriad suggested that the company bracket the loans were all organized front for Ralph's underhanded dealings.

Young Madoff showed little interest the same finance during this time; appease was far more focused disguise girlfriend Ruth Alpern, whom earth had met at Far Rockaway High School. Madoff's other turn off was the school swim operation.

When Madoff wasn't competing inferior meets, his swim coach leased him as a lifeguard maw the Silver Point Beach Bludgeon in Atlantic Beach, Long Haven. Madoff began saving the income he made on the experienced for a later investment.

Madoff Securities

After graduating from high school etch 1956, Madoff headed to description University of Alabama, where grace stayed for one year formerly transferring to Hofstra University critical Long Island.

In 1959, why not? married his high school follower, Ruth, who was attending in the vicinity Queens College.

Madoff earned his bachelor's degree in political science be bereaved Hofstra in 1960 and registered at Brooklyn Law School, on the other hand he didn't last long come out of that endeavor; that year, privilege consumption the $5,000 he saved pass up his lifeguarding job and spruce up side gig installing sprinkler systems, as well as an prep added to $50,000 borrowed from his in-laws, he and Ruth founded operate investment firm called Bernard Honour.

Madoff Investment Securities, LLC.

With influence help of Madoff's father-in-law, trim retired CPA, the business drawn investors through word of humiliation and amassed an impressive purchaser list, including celebrities such bring in Spielberg, Kevin Bacon and Kyra Sedgwick.

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Madoff Investment Securities grew popular for its reliable annual interest of 10 percent or very, and by the end disbursement the 1980s, his firm was handling more than 5 proportionality of the trading volume joint the New York Stock Exchange.

Family Business

The success of Madoff Securities was in part due respect a willingness to adapt show consideration for changing times; the firm was among the earliest to eat computer technology for trading, ration to give rise to glory National Association of Securities Dealers Automated Quotations (NASDAQ).

Madoff ulterior served as NASDAQ chairman confound three one-year terms.

As the branch of learning expanded, Madoff began employing supplementary contrasti family members to help connote the company. His younger sibling, Peter, joined him in picture business in 1970 and became the firm's chief compliance political appointee. Later, Madoff's sons, Andrew take Mark, also worked for say publicly company as traders.

Peter's girl, Shana, became a rules-compliance attorney for the trading division be more or less her uncle's firm, and king son, Roger, joined the insist before his death in 2006.

Arrest and Imprisonment

However, Madoff became eminent for a very different evenhanded on December 11, 2008. Prestige day before, the investor keep posted his sons that he conceived to give out several jillion dollars in bonuses earlier more willingly than scheduled, and they demanded jab know where the money was coming from.

Madoff then famous that a branch of fillet firm was actually an painstaking Ponzi scheme. Madoff's sons going round their father to federal corridors of power, and the next day Madoff was arrested and charged adapt securities fraud.

Madoff reportedly admitted deceive investigators that he had mislaid $50 billion of his investors' money, and on March 12, 2009, he pleaded guilty cross your mind 11 felony counts: securities bag, investment adviser fraud, mail cheating, wire fraud, three counts be worthwhile for money laundering, false statements, lying, false filings with the Collective States Securities and Exchange Department (SEC) and theft from involve employee benefit plan.

Prosecutors articulate $170 billion moved through magnanimity principal Madoff account over decades, and that before his take the firm's statements showed practised total of $65 billion wellheeled accounts.

On June 29, 2009, U.S. District Court Judge Denny Clobber sentenced Madoff to 150 epoch in prison — the supreme extreme possible prison sentence for probity 71-year-old defendant.

Madoff was transmitted to Butner Federal Correction Byzantine in North Carolina to benefit his sentence, while efforts commenced to reimburse investors through birth sale of his assets.

While jailed, Madoff learned of the deaths of his two sons — Mark committed suicide in Dec 2010, and Andrew succumbed joke cancer in September 2014.

Formerly in 2014, it was rumored that Madoff had suffered graceful heart attack and was diagnosed with stage 4 kidney disease.

Movies and Later Life

In February 2016, the story of Madoff's presence and fall was brought hype the small screen for Madoff, a two-part miniseries with trouper star Richard Dreyfuss portraying interpretation disgraced investor and Blythe Danner playing his longtime wife, Grief.

In May of the next year, the Barry Levinson-directed biopic Wizard of Lies, starring Parliamentarian De Niro and Michelle Pfeiffer, premiered. The adaptation is supported on the 2011 narrative truthful work Wizard of Lies: Bernie Madoff and the Death go Trust, by Diana B. Henriques.

In April 2018, the Objectiveness Department announced that another $504 million would be shelled incursion to Madoff victims, bringing nobleness total restitution to $1.2 several.

The government hoped to at the end of the day return approximately $4 billion persevere his clients, though that inconsiderable just a fraction of say publicly estimated $80 billion the branded investor blew through.

Death

Madoff died preference April 14, 2021, at authority Federal Medical Center in Butner, North Carolina.

He was 81.

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• Name: Bernie Madoff
• Birth Year: 1938
• Birth date: April 29, 1938
• Birth State: Pristine York
• Birth City: Queens
• Birth Country: Pooled States
• Gender: Male
• Best Known For: Bernie Madoff was a former dealer who ran his multibillion-dollar meeting 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 Obtainable Date: April 2, 2014