Bernard Madoff
Business Person and Money Manager
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Fees in Madoff Case Rise Nearly $25 MillionFees 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 this article: Bernard L. Madoff, Liquidation, Bankruptcy, Baker & Hostetler, and Manhattan |
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Detroit News | November 13, 2009
Ex-Madoff computer programmers arrested
Ex-Madoff computer programmers arrested New York -- The FBI has arrested two former computer programmers for Bernard Madoff's investment firm on charges they falsified records. The U.S. attorney's office in Manhattan says Jerome O'Hara and...
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washingtonpost.com | November 13, 2009
Spoils of Madoff's feast go on the auction block
...New York Hotel & Towers. Madoff's personal effects were guarded by the U.S. marshals who seized his properties - a penthouse on Manhattan's Upper East Side and houses in Montauk, N.Y., and Palm Beach, Fla. Scanning the items, auction...
In this article: Manhattan, Rolex, Marshals Service, Florida, Red velvet, and Raccoon
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National Post | 15 hours ago
Madoff trustee and law firm submit US$22.1M bill
NEW YORK -- Bernard Madoff's bankruptcy trustee and the law firm employing him have asked a U.S. judge to be awarded US$22.1-million in fees for five months of work, boosting their combined total bill to more than US$37.5-million. Baker...
In this article: Bankruptcy, U.S., NEW YORK, and U.S. Bankruptcy Court
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Times Online | 6 days ago
Bernard Madoff yachts raise nearly $2 million at auction$
...in jail awaiting sentencing. The sale followed an auction of 200 Madoff items last weekend in New York, at which US Marshals raked in nearly $1 million, including $7,500 for a ring buoy from Bull. Two or three additional auctions are...
In this article: Sitting Bull, US Marshals Service, Florida, and Frank DiPascali
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Reuters | November 13, 2009
Madoff air charter company is bankrupt
...people and travel up to 3,400 miles. A Saturday auction at a Manhattan hotel of items once used by Madoff and his wife Ruth may raise several hundred thousand dollars, also to benefit Madoff victims. Bernard Madoff is serving a 150-year...
In this article: Bankruptcy, Embraer Legacy 600, NEW YORK, Manhattan, and U.S. Bankruptcy Court
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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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