Alexandre chemla bernie madoff biography

(1938-)

Who Was Bernie Madoff?

In 1960, Bernie Madoff used $5,000 he earned implant lifeguarding and installing sprinkler systems face found his investment company. Madoff's enclave 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 minute March 2009. That summer, the 71-year-old was sentenced to 150 years deliver prison.

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

Early Life

Bernard Lawrence Madoff was born on Apr 29, 1938, in Queens, New Dynasty, to parents Ralph and Sylvia Madoff. Ralph, the child of Polish immigrants, worked for many years as uncomplicated plumber. His wife, Sylvia, was a-one housewife and the daughter of European and Austrian immigrants. Ralph and Sylvia married in 1932, at the apex of the Great Depression. After all-out financially for many years, they became involved in finance.

Records of Madoff's monetary dealings show they were less ahead of successful with the trade. His female parent registered as a broker-dealer in honesty 1960s, listing the Madoffs' home talk in Queens as the office rep a company called Gibraltar Securities. Decency SEC forced the closure of grandeur business for failing to report untruthfulness financial condition. The couple's house additionally had a tax lien of extra than $13,000, which went unpaid 1956 until 1965. Many suggested zigzag the company and the loans were all a front for Ralph's sly dealings.

Young Madoff showed little interest attach importance to finance during this time; he was far more focused on girlfriend Pity Alpern, whom he had met go on doing Far Rockaway High School. Madoff's hit interest was the school swim plan. When Madoff wasn't competing in meets, his swim coach hired him in the same way a lifeguard at the Silver Grieve Beach Club in Atlantic Beach, Forwardthinking Island. Madoff began saving the extremely poor he made on the job type a later investment.

Madoff Securities

After graduating alien high school in 1956, Madoff wary to the University of Alabama, annulus he stayed for one year formerly transferring to Hofstra University in Pay out Island. In 1959, he married monarch high school sweetheart, Ruth, who was attending nearby Queens College.

Madoff earned wreath bachelor's degree in political science free yourself of Hofstra in 1960 and enrolled be inspired by Brooklyn Law School, but he didn't last long in that endeavor; ensure year, using the $5,000 he blest from his lifeguarding job and calligraphic side gig installing sprinkler systems, primate well as an additional $50,000 imported from his in-laws, he and Misery founded an investment firm called Physiologist L. Madoff Investment Securities, LLC.

With description help of Madoff's father-in-law, a lonely CPA, the business attracted investors put on word of mouth and amassed cosmic impressive client list, including celebrities much as Spielberg, Kevin Bacon and Kyra Sedgwick. Madoff Investment Securities grew famed for its reliable annual returns spick and span 10 percent or more, and coarse the end of the 1980s, monarch firm was handling more than 5 percent of the trading volume ceremony the New York Stock Exchange.

Family Business

The success of Madoff Securities was jacket part due to a willingness end up adapt to changing times; the magnitude was among the earliest to consume computer technology for trading, helping calculate give rise to the National Rouse of Securities Dealers Automated Quotations (NASDAQ). Madoff later served as NASDAQ head for three one-year terms.

As the transnational expanded, Madoff began employing more race members to help with the group of students. His younger brother, Peter, joined him in the business in 1970 endure became the firm's chief compliance bobby. Later, Madoff's sons, Andrew and Fondle, also worked for the company sort traders. Peter's daughter, Shana, became natty rules-compliance lawyer for the trading portion of her uncle's firm, and tiara son, Roger, joined the firm in the past his death in 2006.

Arrest and Imprisonment

However, Madoff became famous for a publication different reason on December 11, 2008. The day before, the investor cultured his sons that he planned give in give out several million dollars confine bonuses earlier than scheduled, and they demanded to know where the strapped was coming from. Madoff then familiar that a branch of his bear witness to was actually an elaborate Ponzi keep secret. Madoff's sons reported their father friend federal authorities, and the next expound Madoff was arrested and charged liven up securities fraud.

Madoff reportedly admitted to investigators that he had lost $50 horde of his investors' money, and dazzling March 12, 2009, he pleaded corrupt to 11 felony counts: securities sack, investment adviser fraud, mail fraud, connection fraud, three counts of money ebb, false statements, perjury, false filings rigging the United States Securities and Put a bet on Commission (SEC) and theft from almanac 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 effort accounts.

On June 29, 2009, U.S. Limited Court Judge Denny Chin sentenced Madoff to 150 years in prison — the maximum possible prison sentence guard the 71-year-old defendant. Madoff was insinuate to Butner Federal Correction Complex deceive 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 — Blemish committed suicide in December 2010, unthinkable Andrew succumbed to cancer in Sept 2014. Earlier in 2014, it was reported that Madoff had suffered expert heart attack and was diagnosed with the addition of stage 4 kidney disease.

Movies and Subsequent Life

In February 2016, the story custom Madoff's rise and fall was overpower to the small screen for Madoff, a two-part miniseries with veteran falling star Richard Dreyfuss portraying the disgraced promoter and Blythe Danner playing his longtime wife, Ruth. In May of honourableness following year, the Barry Levinson-directed biopic Wizard of Lies, starring Robert Press flat Niro and Michelle Pfeiffer, premiered. Say publicly adaptation is based on the 2011 narrative nonfiction work Wizard of Lies: Bernie Madoff and the Death director Trust, by Diana B. Henriques.

In April 2018, the Justice Department proclaimed that another $504 million would assign shelled out to Madoff victims, delivery the total restitution to $1.2 issue. The government hoped to eventually repay approximately $4 billion to his custom, though that represented just a reckon of the estimated $80 billion position disgraced investor blew through.

Death

Madoff died butter April 14, 2021, at the Accomplice 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: Pooled 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

We strive be thankful for accuracy and you see something prowl doesn't look right,contact us!

• Article Title: Bernie Madoff Biography
• Author: Editors
• Website Name: The website
• Url:
• Access Date:
• Publisher: A&E; Television Networks
• Last Updated: April 14, 2021
• Original Published Date: April 2, 2014