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Bernie Madoff
BernardMadoff.jpg
US Department of Justice photograph (2009)
Born
Bernard Lawrence Madoff

(1938-04-29)April 29, 1938
Died April 14, 2021(2021-04-14) (aged 82)
Nationality American
Education Hofstra University (1960)
Occupation Former non-executive chairman of the NASDAQ
Employer Bernard L. Madoff Investment Securities
Known for Ponzi scheme, Chairman of NASDAQ (prior)
Criminal charge(s) Securities 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
Criminal penalty 150 years imprisonment and forfeiture of US$17.179 billion
Spouse(s) Ruth Madoff (m. 1959–2021)
Children Mark (1964–2010)
Andrew (1966-2014)
Parent(s) Ralph (deceased)
Sylvia (deceased)

Bernard Lawrence "Bernie" Madoff (April 29, 1938 - April 14, 2021) was an American former investor, former stockbroker and former non-executive chairman for NASDAQ Stock Market. He was the admitted operator of a Ponzi scheme which is the largest financial fraud in United States history.

FCIButnerMedium
FCI Butner Medium, where Madoff was incarcerated

In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. Thousands of investors lost 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 1970s. The people who are hunting for the missing money believe 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 is of Jewish descent. He was married to Ruth. The elder of their two sons died in 2010. The younger son died in 2014. In December 2013, Madoff suffered from a heart attack. In January 2014, he had stage 4 kidney cancer.

Death

Madoff died on April 14, 2021, at the age of 82.

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