Bernard Lawrence Madoff (1938 to 2021) was an American financier and stockbroker who admitted to running the largest known Ponzi scheme in history, valued at roughly 65 billion dollars. Born in Brooklyn and raised in Laurelton, he graduated from Hofstra University and started a small brokerage in 1960 that grew into Bernard L. Madoff Investment Securities, a firm he led as chairman until his arrest. The firm brokerage arm became one of the largest market makers in S&P 500 stocks, while its separate asset management business, kept deliberately low profile, was where the fraud was carried out. His sons reported him to authorities in December 2008 after he told them the asset management business was one big lie, and the FBI arrested him the next day. He pleaded guilty to eleven federal felonies in March 2009 and was sentenced to 150 years in federal prison, and he died in prison custody in 2021.
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Madoff ran the largest known Ponzi scheme in history through his own asset management business, making his case a standard reference in finance practice on investment fraud and the failure of due diligence.
Source Bernie Madoff - Wikipedia
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Bernie Madoff - Wikipedia
Associated With: Finance, lead sectionQuote, Associated With: Finance, lead section
was an American financier, con artist, and stock broker who was the admitted mastermind of the largest-known Ponzi scheme in history, worth an estimated $65 billion.
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