Bernard Madoff
Business Person and Money Manager
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Swiss private bank UBP considering acquisitions...a root and branch overhaul of key positions, given added urgency by an exposure of over 1 billion Swiss francs ($991.1 million) to Bernard Madoff's $65 billion fraud. [ID:nL2376694] (Reporting by Jonathan Lynn, editing by Mike Peacock)... In this article: Asia, Bernard Madoff, Citigroup, Taiwan, Hong Kong, and Indonesia |
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New York Post | 17 hours ago
Madoff trustee went too far
Last Updated: 12:51 AM, November 28, 2009 Posted: 12:51 AM, November 28, 2009 The wife of Jeffry Picower, the longtime Bernard Madoff investor who drowned in his pool last month, told a judge that the trustee for Madoff's firm is...
In this article: Bankruptcy, US, and New York
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Reuters | 3 days ago
Luxembourg court examines Madoff compensation suits
A Luxembourg court launched a case on Wednesday to determine whether investors who lost money to Wall Street swindler Bernard Madoff can seek compensation from Swiss bank UBS <UBSN.VX>, a spokesman for the court said. The court's ruling on...
In this article: Luxembourg, HSBC, Wall Street, and Reuters
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USATODAY.com | 4 days ago
Madoff trustee and law firm submit $22.1M bill
Reuters NEW YORK (Reuters) Bernard Madoff's bankruptcy trustee and the law firm employing him have asked a U.S. judge to be awarded $22.1 million in fees for five months of work, boosting their combined total bill to more than $37.5...
In this article: Bankruptcy, Baker & Hostetler, USA Today, U.S., Manhattan, and NEW YORK
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New York Times | 4 days ago
Fees in Madoff Case Rise Nearly $25 Million
The cost of unwinding Bernard L. Madoff's estate for the benefit of his victims is climbing, with a total of almost $25 million in new fee requests filed on Monday with the federal bankruptcy court in Manhattan, The New York Times's Diana B....
In this article: Bernard L. Madoff, Liquidation, Bankruptcy, Baker & Hostetler, and Manhattan
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Madoff trustee and law firm submit $22.1 million bill
In this article: Bankruptcy, U.S. Bankruptcy Court, and U.S.
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Virginia Pilot | 6 days ago
Exposing another player in Madoff scheme
Bernard Madoff raised billions of dollars for his long-running Ponzi scheme from acquaintances in the New York City area and south Florida. Billions more poured in from an assortment of "feeder funds," including some at Fairfield Greenwich...
In this article: Vanity Fair, New York City, Graydon Carter, Allegation, Steve Schwarzman, Carly Fiorina, and Blackstone Group
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HSBC unit told to review controls post Madoff
...controls after the Herald fund for which it was custodian lost nearly $1 billion of client money to Wall Street fraudster Bernard Madoff. In a statement posted on its website on Wednesday, Luxembourg regulator CSSF ordered HSBC...
In this article: HSBC, Luxembourg, and Wall Street
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Boats seized in Madoff scandal sell for $2 million
...seized in Madoff scandal sell for $2 million MIAMI (Reuters) - Four boats seized by U.S. authorities from imprisoned swindler Bernard Madoff and his right-hand man, Frank DiPascali, sold for nearly $2 million at auction on Tuesday, the...
In this article: Marshals Service, Frank DiPascali, Nasdaq, Palm Beach, Florida, Florida, NYSE, New York Mets, U.S., and Department of Justice
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UPDATE 1-Top Madoff deputy DiPascali released from jail
...from prison Nov. 12 * Prior bail requests had been denied Frank DiPascali, a former top deputy to imprisoned Ponzi schemer Bernard Madoff, has been released from prison after having previously been denied two bail requests. DiPascali was...
In this article: Frank DiPascali, Defendant, Richard Sullivan, Federal Bureau of Prisons, and New York
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Description from Wikipedia:
Bernard Lawrence "Bernie" Madoff (pronounced: /ˈmeɪdɒf/; born April 29, 1938) is the former Chairman of the NASDAQ stock exchange and the admitted operator of the Ponzi scheme that might be "the largest investment fraud in Wall Street history".
In March 2009, Madoff pleaded guilty to 11 felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms by directly executing orders over the counter from retail brokers.
On December 10, 2008, Madoff's sons told authorities that their father had just confessed to them that the asset management arm of his firm was a massive Ponzi scheme, and quoting him as saying it was "one big lie." The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted several investigations into Madoff's business practices since 1992, which critics contend were incompetently handled.
- Birth Date:
- April 29, 1938
- Birthplace:
- Queens, New York
- Nationality:
- American
- Spouse:
- Ruth Alpern Madoff (1959-present)
- Residence:
- Manhattan, New York, United States
- Education:
- Hofstra University (1960)
- Occupation:
- Former stock broker, financial adviser, and chairman of NASDAQ
- Known for:
- Ponzi scheme, Chairman of NASDAQ (prior)
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