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=

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

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)

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)

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)

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)

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)

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)

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)

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)

1. Fairfield, Connecticut: $42 millionBloomberg: Connecticut Town Fears Losses on $42 Million Madoff Investment (December 13, 2008)
2. Robert I. Lappin Charitable Foundation was forced to close on December 13, 2008Reuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
3. Carl and Ruth Shapiro, almost $145 millionReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
4. Avram and Carol GoldbergReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
5. Stephen FineReuters: Madoff losses ripple into Boston, shut foundation (December 13, 2008)
6. 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)
7. Royal Bank of ScotlandTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
8. BramDean AlternativesTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
9. BNP ParibasTimes Online: World's richest hit by Bernard Madoff (December 14, 2008)
10. J. Ezra Merkin, chairman of GMACNew York Times: For Investors, Trust Lost, and Money Too (December 13, 2008)
11. Norman Braman, owner of the Philadelphia EaglesNew York Times: For Investors, Trust Lost, and Money Too (December 13, 2008)
12. New Jersey Senator Frank LautenbergABC News: Big Names Allegedly Burned by Madoff... (December 15, 2008)
13. Publisher Mort Zuckerman's charitable foundationNew York Daily News: Daily News Owner Mort Zuckerman Madoff Victim (December 15, 2008)
14. Director Steven Spielberg's charity WunderkinderNew York Daily News: Daily News Owner Mort Zuckerman Madoff Victim (December 15, 2008)
15. JEHT Foundation charity was forced to close its doors in January 2009JEHT Foundation: Statement of Robert Crane (December 15, 2008)
16. 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)

"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)