Bernie Madoff Biography, Wiki, Age, Career, Family, Sister Death, Net Worth & More

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Who was Bernie Madoff?

Bernie Madoff (April 29, 1938 – April 14, 2021) was an American fraudster and financier who ran the largest Ponzi scheme in history, worth about $64.8 billion.

 He was a one-time chairman of the NASDAQ stock exchange. He advanced the proliferation of electronic trading platforms and the concept of payment for order flow, which has been described as a “legal kickback”.

Convicted fraudster Bernie Madoff’s sister, husband found dead

The sister of fraudster Bernie Madoff, who was convicted of masterminding the largest known Ponzi scheme in history, and her husband died last week from an apparent murder-suicide, authorities said on Sunday.

Madoff’s sister, Sondra Wiener, 87, and her husband Marvin were found with gunshot wounds on Thursday in Boynton Beach, Florida, according to a statement from the Palm Beach Sheriff’s Office.

“After further investigation, it appears to be a murder/suicide,” the office said. The medical examiner will determine the cause of death.

Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence.

His massive scheme, estimated as high as $64.8 billion, went undiscovered for years and ensnared thousands of victims, including charities, hedge funds, celebrities, and pension funds.

Bernie Madoff Biography, Wiki

Bernie Madoff, in full Bernard Lawrence Madoff, (born April 29, 1938, Queens, New York, U.S.—died April 14, 2021, Federal Medical Center, Butner, North Carolina), American hedge-fund investment manager and former chairman of the NASDAQ (National Association of Securities Dealers Automated Quotations) stock market.

He was best known for operating history’s largest Ponzi scheme, a financial swindle in which early investors are repaid with money acquired from later investors rather than from actual investment income.

Madoff grew up in the predominantly Jewish neighborhood of Laurelton in Queens, New York. After spending his freshman year at the University of Alabama, he earned a degree (1960) in political science from Hofstra University, Hempstead, New York.

He studied law briefly at Brooklyn Law School before founding (1960) Bernard L. Madoff Investment Securities with his wife, Ruth, who worked on Wall Street after earning a degree in psychology from Queens College, City University of New York. Madoff’s specialty was so-called penny stocks—very low-priced shares that traded on the over-the-counter (OTC) market, the predecessor to the NASDAQ exchange. Madoff served as a NASDAQ director for three one-year terms.

Bernie Madoff Biography Wikipedia
Bernie Madoff
BornBernard Lawrence Madoff
April 29, 1938
New York City, U.S.
DiedApril 14, 2021 (aged 82)
Butner, North Carolina, U.S.
Alma materHofstra University
OccupationStockbroker, investment adviser, financier
EmployerBernard L. Madoff Investment Securities (founder)
Known forBeing the chairman of NASDAQ and the Madoff investment scandal
Criminal statusDied in prison
Spouse(s)Ruth Madoff ​(m. 1959)​
ChildrenMarkAndrew
Conviction(s)March 12, 2009 (pleaded guilty)
Criminal chargeSecurities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
Penalty150 years in prison, forfeiture of US$17.179 billion, a lifetime ban from the securities industry

Bernie Madoff Career

Bernard Madoff started Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman since its inception. The firm started with his savings and a loan of $50,000 from Saul Alpern, his father-in-law. He started gathering investors with Alpern’s support.

Bernard’s firm initially traded through the National Quotation Bureau’s Pink Sheets, but later started using innovative computer information technology to disseminate its quotes. Soon, Madoff’s company become the largest market maker at the NASDAQ and eventually among the top ten on the Wall Street.

By the 1980s, his firm was independently trading operations in the securities industry. With a reputation behind him, Madoff began to attract more investors. It was estimated that the firm handled over 5 percent of the trades on the New York Stock Exchange.

Bernard L. Madoff Investment Securities also started an investment management division where they provided consultation and buy bids. However, this division was rarely publicized and eventually became the focus of the investigation later.

His firm claimed that Madoff’s hedging strategy and trading would produce investment gains in most market conditions and his company started amassing billions of dollars from investors, organizations, pension funds, etc.

In 1990, he became the non-executive chairman of NASDAQ, the electronic stock market. The firm’s business was aligned with his vision, which was trading electronically without people having to meet each other.

He later became active in the securities-industry organization National Association of Securities Dealers (NASD) and served as the chairman and a member of the board of governors. He was actively involved in philanthropy and severed as a board member for many nonprofit institutions. However, his arrest and eventual business collapse affected the charities he was involved in.

He also served as the chairman and treasurer at Yeshiva University. Board of New York City Center and UJA Foundation were among other institutions that he was a part of.

Bernie Madoff FAQ’s

Who was Bernie Madoff?

Bernard Madoff (April 29, 1938 – April 14, 2021) was an American fraudster and financier who ran the largest Ponzi scheme in history, worth about $64.8 billion.

How did Bernie Madoff’s sister die?

Madoff’s sister, Sondra Wiener, 87, and her husband Marvin were found with gunshot wounds on Thursday in Boynton Beach, Florida, according to a statement from the Palm Beach Sheriff’s Office.

When did Bernie Madoff die?

Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence.

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