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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 Tuesday, July 28, 2009, Madoff was interviewed by lawyers looking to sue him, and candidly stated that he couldn't believe he got away with his scheme for so long.http://finance.yahoo.com/career-work/article/107431/madoff-cannot-believe-fraud-lasted-so-long.html;_ylt=Al2FigR017jJ1xbOUABSdb.7YWsA?sec=topStories&pos=2&asset=&ccode=
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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
- 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/eco...
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Cocaine and Prostitution Alligations
On October 29, 2009, a lawsuit claiming that Madoff had used company money and resources to obtain cocaine and prostitution was filed in New York.http://www.mahalo.com/bernie-madoff-sex-and-drugs -
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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NASDAQ | Ponzi Scheme | New York Stock Exchange | Wall Street | Sterling Equities | New York Mets | SEC | Andres Pimstein | Mort Zuckerman | Ezra Merkin | JEHT Foundation | Shana Madoff | Eric Swanson | Marc Mukasey | Michael Mukasey | Picower Foundation | Rene Thierry Magon de la Villehuchet | Liliane Bettencourt | Sonja Kohn | Eric Roth | Eddie Perez | Ramesh Chakrapani | Arthur Nadel | Robert Allen Stanford | Ballad of Bernie Madoff | David Friehling | Madoff Lawsuits | Frank DiPascali | Curbed.com | Danny Pang | Charlie Gasparino | New York News -
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Bernard Madoff on Amazon | View All
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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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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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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 on Twitter Powered by Twitter
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Madoff jewels, clothes set for New York auction: The trappings of Bernard Madoff's once luxurious lifest... http://bit.ly/4eAIJE
@PlushAsia | November 11, 2009 08:41 AM -
RT @eltiempocom: Joyas y objetos personales de Bernard Madoff irán a subasta para indemnizar a víctimas de estafa http://bit.ly/J9abd
@ibizaccs | November 11, 2009 05:06 AM -
Madoff Homes for Sale, Now at Discount Prices - DealBook Blog ...: The real estate slump has even hit Bernard L.. http://bit.ly/1QRXUB
@sossicrilly | November 11, 2009 04:25 AM -
Bernard Ruth Madoff things will be auctioned on Nov. 14...including size-28 belts, two pairs of designer leather boots, and five fur coats.
@furcoats | November 11, 2009 03:55 AM -
Madoff Homes for Sale, Now at Discount Prices - DealBook Blog ...: The real estate slump has even hit Bernard L.. http://bit.ly/hPpfj
@infodiligo | November 11, 2009 03:37 AM
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Questions and Answers About Bernard Madoff | View All | Ask a Question
View All Bernard Madoff Questions (37) | 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 Blogs
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Bernard Madoff's belongings go on the auction block in New York ...
US government works to recoup Ponzi scheme victims' losses, one diamond-encrusted gold watch at a timeNext week Americans will have the opportunity to bid on.badcreditloandoctor.com (November 10, 2009) -
Bernard madoff - surchur
At the end of the day, there is | Kushner Calls Madoff a "Murderer" Tony Kushner thinks that the crimes of Bernard Madoff amount to... http://bit.ly/1kKPD3 #gay #news | Bernard Madoff victims' good luck (Boston Herald) Acton resident ...surchur.com -
OneRiot.com - Madoff Cohort Left Fortune To Charity
MIAMI (Reuters) - Jeffry Picower, the billionaire beneficiary of Bernard Madoff's fraud scheme who died last month in Florida, left $200 million to his...oneriot.com (November 10, 2009) -
Jeffrey Picower, Madoff Associate, Leaves Fortune To Charity
NEW YORK — A man who made billions of dollars off Bernard Madoff's Ponzi scheme signed a will leaving the bulk of his fortune to charity, but the gift's ultimate size may depend on legal wrangling over how much of the money rightfully ...huffingtonpost.com (November 10, 2009)
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