Payouts of $584 million will be made in the new year, and trustees expect to recover all the stolen money
Bernard Madoff is a former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been called the largest Ponzi scheme in history.
In December 2008, Madoff was arrested by federal agents in Manhattan, and was charged with one account of securities fraud. It emerged that one of his sons turned him over to the authorities after Madoff admitted that he was running a massive fraud involving more than $50 billion. The Madoff scam has gone down as the largest Wall Street scam in history and has affect banks and businesses alike.
Madoff was born in New York in 1938 and began an investment career in 1960 when he established Madoff Securities. Known for his business’ reliable overturns, he quickly became a successful trader and by the 1980s his company became of one the largest trading firms.
With his success, Madoff became a prominent philanthropist and served on the boards of many non-profit institutions which trusted their assets with him. He and his family were known for donating to medical research facilities and to political groups.
By 2000, Madoff’s firm is said to have had over $300 million in assets and many Jewish non-profit organizations and charities had entrusted him with their money and organization’s finances. The individuals who invested – and lost - significant amounts with him include Steven Spielberg, Elie Wiesel, Larry King, and Sandy Koufax.
In March 2009, Madoff pleaded guilty to 11 federal offenses and in June 2009 was sentenced to 150 years in federal prison. His prison sentence is the equivalent of a life sentence and the possibility for parole has also been ruled out. Today, Madoff is incarcerated in the Federal Correctional Institution Butner Medium in North Carolina. His expected release date is set for 2139.
The sum, being returned eight years after Bernie Madoff pleaded guilty to committing one of the largest fraud schemes in U.S. history, is the largest restoration of forfeited property in the United States
Thousands more submitted claims to the Department of Justice in regards to billions in losses suffered through the now notorious Ponzi scheme.
Ponzi schemer, subject of upcoming TV miniseries, is 'doing as well as can be expected' and is said to have a 'little bit of a heart problem.
There are worse things than having a name associated with the world-class con artist who is being featured in a new, two-part TV show this week. If this is the worst of my family’s problems, I’ll take it.
Jailed Ponzi schemer says living with pain he caused investors is 'nothing' compared to anguish he suffers from sons' deaths.
Annette Bongiorno, a former manager at the convicted fraudster's firm, was convicted of helping him carry out his billion-dollar Ponzi scheme.
Judge Bernstein said Irving Picard failed to show J. Ezra Merkin knew Bernard Madoff, currently serving a 15-year prison term, was running a giant Ponzi scheme.
In an amended lawsuit against Andrew Madoff and the estate of older brother Mark Madoff, court-appointed trustee Irving Picard, says activities reflected their 'sense of entitlement' to undeserved riches.
Moody's Investors Service cuts the school's rating to junk, Bloomberg News reports.
One of the unresolved questions in l’affaire Madoff is that of the relationship between Wiesel, one of the most revered Jews in the world, and Madoff, one of the most loathed.
Items belonging to Wall Street swindler Bernard Madoff, which included mostly household goods, were sold during the weekend at a U.S. Marshals Service auction.