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Bernard Madoff is the former president of the Bernard L. Madoff Investment Securities financial advisory firm. On March 12, 2009, Madoff pleaded guilty to charges of security fraud involving a $65 billion ponzi scheme. Madoff has been in jail since his entering his guilty plea and was sentenced to 150 years in prison on June 29, 2009.http://money.cnn.com/2009/06/26/news/economy/madoff_sentence/index.htm?postversion=2009062622&eref=rss_topstories
On June 26, 2009, Bernard Madoff and wife Ruth were stripped of $170 billion in assets including $80 million worth of property.http://money.cnn.com/2009/06/26/news/economy/madoff_sentence/index.htm?postversion=2009062622&eref=rss_topstories
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Fast Facts
- Age at time of arrest: 70Bloomberg: Madoff Charged in $50 Billion Fraud at Investment Advisory Firm (December 11, 2008)
- Founded Bernard L. Madoff Investment Securities in 1960CNN: Former Nasdaq Chairman Charged with Fraud (December 11, 2008)
- Former chairman of the board at NASDAQBernard L. Madoff Investment Securities LLC.: The Owner's Name is on the Door
- Spouse: Ruth Madoff
- Allegedly told senior employees that the advisory business was "just one big lie" and "basically, a giant Ponzi scheme"CNN: Former Nasdaq Chairman Charged with Fraud (December 11, 2008)
- Arrested on December 11, 2008, at 8:30 a.m.Bloomberg: Madoff Charged in $50 Billion Fraud at Investment Advisory Firm (December 11, 2008)
- Released on $10 million bond on December 17, 2008Associated Press: Madoff Appears at Courthouse, Has Curfew Set (December 17, 2008)
- The SEC filed civil charges against MadoffReuters: Bernard Madoff arrested, charged with fraud (December 11, 2008)
- Sentenced to 150 years in prison on June 29, 2009
- Sterling Equities, owners of the New York Mets, reportedly invested $300 million with MadoffBloomberg: Sterling Equities, Madoff Client, 'Shocked' by Fraud (Update2) (December 12, 2008)
- Provided the SEC a list of his assets on December 31, 2008San Francisco Examiner: Madoff lists assets for SEC; agency mum on details (January 1, 2009)
- Pleaded guilty to 11 criminal charges on March 12, 2009CNNMoney: Madoff Pleads Guilty (March 12, 2009)
- Victims may divide as little as $10 million in recovered assets between themBloomberg.com: Madoff Investment, Trading Units Valued at Below $10 Million (March 16, 2009)
- U.S. marshals seized Madoff's $2.2 million custom built yacht and his motor boatHuffington Post: Madoff's 1969 Rybovich Yacht "Bull" Seized By US Marshals (April 1, 2009)NY Daily News: U.S. Marchalls Seize Ponzi Schemer Madoff's 1969 Rybovich... (April 1
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Settlement
On June 16, 2009, it was announced that he had partially settled a civil complaint against him which has been brought by the U.S. Securities and Exchange Commission (SEC). Included in the settlement, Madoff does not have to admit to any wrongdoing, although he is "barred from working with any broker, dealer or investment adviser."Reuters: Guilty Madoff barred from acting as investment adviser (June 16, 2009) -
Personal Assets Auction
On May 21, 2009, an auction was held in Dania Beach, Florida, which included some of Madoff's personal processions. Items included were Picasso and Marc Chagall artwork as well as family jewelry and antiques. The money raised from the auction is supposed to go to the victims of Madoff's Ponzi scheme.WCTV: Madoff Auction Benefits Victims of Ponzi Scheme (May 21, 2009) -
1969 Rybovich
Madoff's 1969 Rybovich yacht, named "Bull," was seized by federal marshals. The vintage 55-foot yacht estimated value was listed at $2.2 million.Huffington Post: Madoff's 1969 Rybovich Yacht "Bull" Seized By US Marshals (April 1, 2009)NY Daily News: U.S. Marchalls Seize Ponzi Schemer Madoff's 1969 Rybovich... (April 1, 2009) -
Guilty Plea
Madoff appeared in court on March 12, 2009, and pleaded guilty to 11 criminal counts including wire fraud, securities fraud, mail fraud and three counts of money laundering. The judge ordered that Madoff be jailed until his sentencing date of June 29, 2009, on which he was sentenced to the maximum 150 years in jail.CNNMoney: Madoff Pleads Guilty (March 12, 2009) -
Makes Bond
On December 17, 2008, Madoff was released on bond. The judge gave him a curfew and issued him a monitoring bracelet. Madoff will be confined to his $7 million Park Avenue apartment.ABC News: House Arrest for Madoff in $7 Million Apartment (December 17, 2008) Madoff had to sign over his Upper East Side apartment and homes in Palm Beach and the Hamptons to make the $10 million bond.Associated Press: Madoff Appears at Courthouse, Has Curfew Set (December 17, 2008) -
A "Giant Ponzi Scheme"
It has been reported that Madoff confessed to senior employees that the advisory business was "just one big lie" and a "giant Ponzi scheme."CNN: Former Nasdaq Chairman Charged with Fraud (December 11, 2008) Commentators say that if it's true, Madoff's scheme could be the largest swindle in Wall Street history.Times Online: Wall Street... Bernard Madoff Arrested over '$50 Bn Ponzi...' (December 12, 2008) WSJ.com: Hedge Funds Face Big Losses in Madoff Case (December 12, 2008) -
House Arrest
Although released on bond in December 2008, Madoff was back in court again on January 5, 2009, for a bond hearing. Prosecutors were content that Madoff broke the conditions of his original bail by mailing over $1 million in jewelry and other assets to his relatives. The prosecutors have requested that he be placed in jail without bond.SF Gate: US govt to NY judge: Jail Madoff... (January 5, 2009) On January 12, 2009, a judge rejected the prosecution's request, ruling that Madoff could remain free on bail at his Manhattan apartment.FOX News: Judge Allows Madoff to Remain Free on Bail (January 12, 2009)On February 9, 2009, the SEC said it had come to an agreement with Madoff to force him to pay a civil fine and return money raised from investors. The agreement does not rule out later possible penalties or require Madoff to admit or deny allegations.MSNBC: SEC, Madoff agree to settle civil fraud case (February 9, 2009) CNN Money: Madoff and SEC agree on a partial judgment (February 9, 2009)
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Madoff Victims
On December 13, 2008, companies from around the globe began reporting losses related to the Madoff fraud case, including more than $4 billion from Geneva-based banks.Reuters: Geneva banks lost more than $4 bln to Madoff-paper (December 13, 2008)- Fairfield, Connecticut: $42 millionBloomberg: Connecticut Town Fears Losses on $42 Million Madoff Investment (December 13, 2008)
- Robert I. Lappin Charitable Foundation was forced to close on December 13, 2008Reuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
- Carl and Ruth Shapiro, almost $145 millionReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
- Avram and Carol GoldbergReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
- Stephen FineReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
- Several Geneva-based banks including Banque Benedict Hentsch and Union Bancaire Privee lost more than $4.22 billionReuters: Geneva banks lost more than $4 bln to Madoff-paper (December 13, 2008)
- Royal Bank of ScotlandTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
- BramDean AlternativesTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
- BNP ParibasTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
- J. Ezra Merkin, chairman of GMACNew York Times: For Investors, Trust Lost, and Money Too (December 13, 2008)
- Norman Braman, owner of the Philadelphia EaglesNew York Times: For Investors, Trust Lost, and Money Too (December 13, 2008)
- New Jersey Senator Frank LautenbergABC News: Big Names Allegedly Burned by Madoff... (December 15, 2008)
- Publisher Mort Zuckerman's charitable foundationNew York Daily News: Daily News Owner Mort Zuckerman Madoff Victim (December 15, 2008)
- Director Steven Spielberg's charity WunderkinderNew York Daily News: Daily News Owner Mort Zuckerman Madoff Victim (December 15, 2008)
- JEHT Foundation charity was forced to close its doors in January 2009JEHT Foundation: Statement of Robert Crane (December 15, 2008)
- Picower Foundation, with Madoff-managed assets of $1 billion, announced its closure on December 19, 2008New York Times: Foundation That Relied on Madoff Fund Closes (December 20, 2008)
On February 4, 2009, a 162-page list of Madoff's presumed victims was released. Among the people and institutions allegedly defrauded was actor John Malkovich, Hall of Famer Sandy Koufax and Columbia University.CNN: List of Madoff's presumed victims runs into the thousands (February 5, 2009)
The trustee liquidating Madoff's assets told news media on February 20, 2009, that Madoff had not bought any securities for at least the past 13 years.Reuters: No evidence Madoff bought securities, trustee says (February 20, 2009)
Internal Revenue Service Commissioner Douglas Shulman told the Senate Finance Committee on March 17, 2009 that victims of Bernard Madoff's elaborate Ponzi scheme would be able to claim theft losses as tax deductions when they file their taxes for 2008.Bloomberg: IRS Say Madoff Victims Can Claim... (March 18, 2009)
On March 21, 2009, several possible refund options were announced for victims, including money being distributed from the $ 1 billion dollars held by Madoff's company. The IRS will be giving tax refunds expected in the billions, and an investor guarentee fund may pay up to $500,000 per client. There is also a chance that those that profited from the scam will be required to forfeit the money so it can be redistributed to those that did not.wcbstv.com: Madoff Victims Line Up For Partial Refund (March 21, 2009)
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Quotes
"Our complaint alleges a stunning fraud—both in terms of scope and duration. We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors."—Scott Friestad, U.S. Securities and Exchange Commission deputy enforcer"Bernie Madoff is a longstanding leader in the financial services industry. He will fight to get through this unfortunate set of events."—Madoff's attorney, Daniel HorwitzThe New York Times: Top Trader Is Accused of Defrauding Clients (December 11, 2008)
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Official Site: Bernard L. Madoff Investment Securities, LLC.
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CBS4: Bernard Madoff Sentenced To 150 Years In Prison
Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme. U.S. District Judge Denny Chin handed down the sentenced in New York on Monday. The 71-year-old former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."cbs4.com -
CNNMoney: How Bernie Madoff pulled off his massive swindle
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DailyComedy.com - Bernie Madoff Jokes
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Bloomberg.com: IRS Says Madoff Victims Can Claim Theft Losses...
bloomberg.com (March 17, 2009) -
Bloomberg.com: Madoff is Guilty...Ordered to Jail
bloomberg.com (March 12, 2009) -
Wall Street Journal: Judge Freezes Assets of Madoff's Family
online.wsj.com (April 01, 2009)
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Official Site: Bernard L. Madoff Investment Securities, LLC.
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Bernard Madoff News | Add a Link
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Bloomberg.com: Madoff May Have Zero Net Worth...
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Reuters: Madoff lawyers: wife's apartment, $62 million unrelated to fraud
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Gawker: Bernie Madoff Had Help From His Wife
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Bloomberg: Madoff's Investors Had $27 Billion at Firm: Table (Correct)
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wcbstv.com: Madoff Victims Line Up For Partial Refund
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Bloomberg.com: Madoff Investment, Trading Units Valued at Below $10 Million
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Fox News: Madoff Claims He's Entitled to Keep $7M Manhattan Apartment
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Forbes: Did Madoff Have Help?
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FOX News: Madoff Victim Sues Ex-Wife to Recover Millions
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CBS News: Court Documents Reveal Madoff Client List
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Guardian Unlimited: Famous names pepper Madoff client list
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Journal Inquirer: Massachusetts investor saw inside Madoff scam
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Wall Street Journal: Fees, Even Returns and Auditor All Raised Flags
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NY Daily News: Judgement day for Ponzi schemer Bernie Madoff;...
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MSNBC: SEC, Madoff agree to settle civil fraud case
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New York Times: Ruth Madoff's Lawyers Try to Have Her Retain Assets
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Bloomberg: Ruth Madoff Says Her $62 Million 'Unrelated' to Fraud (Update2)
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Bloomberg: Madoff Left No Trace He Made Any Trades, Picard Says (Update2)
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CNN: List of Madoff's presumed victims runs into the thousands
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Times Online: Madoff lawyer named in 'fraudster's' client list
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CNN Money: Madoff to remain under house arrest
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Reuters: Regulators defend actions amid Madoff scandal
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Times Online: Judge allows Madoff to remain on bail
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NY Daily News: Prosecutors: Bernard Madoff back in court on bail voilation
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7online.com (New York): Prosecutor: Jail Madoff without bail
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Bloomberg.com: Bernard Madoff to Appear in Court for Bail Hearing
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ABC News: House Arrest for Madoff in $7 Million Apartment
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Bloomberg: Madoff Under House Arrest as SEC Says it Missed...
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WSJ.com: European Banks Brace for Madoff Losses
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ABC News: Spielberg Among the Big Names Allegedly Burned by Madoff...Fraud
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Al Jazeera English: World banks hit by US fraud case
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Los Angeles Times: Madoff's reliable returns aroused doubts
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Bloomberg: Madoff Sued in Investor Class Action, Lawyer Says
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CNN: Former Nasdaq Chairman Charged with Fraud
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MarketWatch: Bernard Madoff arrested over alleged Ponzi scheme: WSJ
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Bloomberg.com: Madoff May Have Zero Net Worth...
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Bernard Madoff Cigar Box Collectible Humidor - $99.99
Charged with conducting the largest fraud by a single firm ever ,the Bernard L. Madoff Investment Securities LLC is poised to go down in American history. The logo of this firm has been professionally engraved on the lid of this gorgeous hu...
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Catastrophe: The Story of Bernard L. Madoff, The Man Who Swindled the World - $14.95
THE REAL STORY OF BERNARD "BERNIE" MADOFF AND THE PONZI SCHEME THAT ROCKED THE WORLDIn December 2008, amidst a world gripped by financial crisis, Bernard Madoff, a respected fund manager, and former chairman of NASDAQ, was arres...
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Bernard Madoff - Masterminding a Billion Dollar Fraud - $9.99
Bernard Madoff - Masterminding a Billion Dollar Fraud is a book which details the facts and history behind the fifty-billion dollar ponzi scheme orchestrated by one-time wallstreet heavyweight Bernard L. Madoff who was believed to be runnin...
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Little Dorrit is a novel by Charles Dickens it is a work of satire on the shortcomings of the government and society and bankers of the period.Much of Dickens' ire is focused upon the institutions of debtors' prisons—in which pe...
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Bernard Madoff on Twitter Powered by Twitter
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Disgraced Wall Street financier Bernard Madoff, convicted of running the biggest financial fraud in US history, .. http://short.ie/aq7oog
@RTEbusiness | July 09, 2009 06:05 PM -
Fantástico, o senhor Bernard Madoff condenado a 150 anos de prisão. Se ainda fossem 149 anos, penso que ele aguentava, mas 150 é um abuso.
@julinh_14 | July 09, 2009 06:05 PM -
Madoff won't appeal 150-year sentence: Bernard Madoff has decided not to appeal the 150-year prison sentence he .. http://tinyurl.com/n6opjx
@iLukianox | July 09, 2009 06:04 PM -
Bernard Madoff lawyer: Disgraced financier will not appeal 150-year sentence http://bit.ly/10fr05
@NJ_Business | July 09, 2009 06:04 PM -
Bernard Madoff lawyer: Disgraced financier will not appeal 150-year sentence http://bit.ly/10fr05
@NJ_News | July 09, 2009 06:04 PM
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Questions and Answers About Bernard Madoff | View All | Ask a Question
View All Bernard Madoff Questions (28) | Ask a QuestionWhat do you think of Bernard Madoff's 150 year jail sentence? Has justice been served? (5 Answers)Justice? Is justice ever served? He is never getting out and I don’t have problem with that, then there is the issue of all the people that lost money that ... read moreDo you think there will ever be another person like Bernard Madoff? (3 Answers)There will be many more. His should be criminal offense. Otherwise, many young kids will be inspired by him, to do the same. To prevent this, don't let greed win ... read moreBernard Madoff client list, where can I find a copy of it? (3 Answers)http://www.dubiousanswers.com/who-is-on-the-madoff-client-list/ read moreBernie Madoff jokes (4 Answers)1- Scumbag Billionaire http://www.youtube.com/watch?v=orjiGSiJEOw 2- Bernie Madoff Song / Christmas Bonus http://www.youtube.com/watch?v=K5nOFtAfPNo 3- Bernie Madoff Dances the Hora http://www.youtube.com/watch?v=TlnJiK9zXw4&feature=related 4- Ponzonikah http://www.youtube.com/watch?v=BnUkZa3Ajwc&feature=related 5- Bernie Madoff's Ass Itches http://www.youtube.com/watch?v=1-cGfaWk6OA&feature=related 7- Young ... read more
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Bernard Madoff Company Losses | Add a Link
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Reuters: Madoff losses ripple into Boston, shut foundation
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New York Times: Foundation That Relied on Madoff Fund Closes
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New York Post: Daily News Owner Mort Zuckerman Madoff Victim
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Bloomberg.com: Reichmuth Warns Investors of $330 Million in Madoff Losses
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Times Online: World's richest hit by Bernard Madoff
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The Fabulous Forum (LAT): Mets' Fred Wilpon Among Victims...
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New York Times: For Investors, Trust Lost, and Money Too
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Bloomberg: Connecticut Town Fears Losses on $42 Million Madoff Investment
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Reuters: Geneva banks lost more than $4 bln to Madoff-paper
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Bloomberg: Access International Says Funds Invested With Madoff
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Reuters: Madoff losses ripple into Boston, shut foundation
