60 Facts About Bernard Madoff

Bernard Lawrence Madoff was an American fraudster and financier who ran the largest Ponzi scheme in history, worth about $64.

Bernard Madoff was at one time chairman of the NASDAQ stock exchange.

The following day, agents from the Federal Bureau of Investigation arrested Bernard Madoff and charged him with one count of securities fraud.

Bernard Madoff said that he began the Ponzi scheme in the early 1990s, but an ex-trader admitted in court to faking records for Bernard Madoff since the early 1970s.

Bernard Madoff was the second of three children; his siblings are Sondra Weiner and Peter Madoff.

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Bernard Madoff attended the University of Alabama for one year, where he became a brother of the Tau Chapter of the Sigma Alpha Mu fraternity, then transferred to and graduated from Hofstra University in 1960 with a Bachelor of Arts in political science.

Bernard Madoff was "the first prominent practitioner" of payment for order flow, in which a dealer pays a broker for the right to execute a customer's order.

Bernard Madoff argued that these payments did not alter the price that the customer received.

Bernard Madoff was active in the National Association of Securities Dealers, a self-regulatory securities-industry organization.

Bernard Madoff served as chairman of its board of directors, and was a member of its board of governors.

Bernard Madoff served on the board of directors of the Securities Industry Association, a precursor of SIFMA, and was chairman of its trading committee.

Bernard Madoff resigned from the board of directors of SIFMA in December 2008, as news of the Ponzi scheme broke.

In 2004, Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations, informed her supervisor branch chief Mark Donohue that her review of Bernard Madoff found numerous inconsistencies, and recommended further questioning.

However, she was told by Donohue and his boss Eric Swanson to stop work on the Bernard Madoff investigation, send them her work results, and instead investigate the mutual fund industry.

Williams Report questioned Kotz's work on the Bernard Madoff investigation, because Kotz was a "very good friend" with Markopolos.

Bernard Madoff was ignored by the SEC's Boston office in 2000 and 2001, as well as by Meaghan Cheung at the SEC's New York office in 2005 and 2007 when he presented further evidence.

Bernard Madoff has since co-authored a book with Gaytri D Kachroo, the leader of his legal team, titled No One Would Listen.

Federal Bureau of Investigation report and federal prosecutors' complaint says that during the first week of December 2008, Bernard Madoff confided to a senior employee, identified by Bloomberg News as one of his sons, that he said he was struggling to meet $7 billion in redemptions.

For years, Bernard Madoff had simply deposited investors' money in his business account at JPMorgan Chase and withdrew money from that account when they requested redemptions.

Bernard Madoff had intended to wind up his operations over the remainder of the week before having his sons turn him in; he directed DiPascali to use the remaining money in his business account to cash out the accounts of several family members and favored friends.

Chin ruled that Bernard Madoff was a flight risk because of his age, his wealth, and the prospect of spending the rest of his life in prison.

For example, when Bernard Madoff determined a customer's return, one of the back office workers would enter a false trade report with a previous date and then enter a false closing trade in the amount required to produce the required profit, according to the indictment.

Bernard Madoff knew that if the amount he "managed" became known, investors would question whether he could trade on the scale he claimed without the market reacting to his activity, or whether there were enough options to hedge his stock purchases.

Bernard Madoff admitted during his March 2009 guilty plea that the essence of his scheme was to deposit client money into a bank account, rather than invest it and generate steady returns as clients had believed.

Bernard Madoff maintained that he began his fraud in the early 1990s, though prosecutors believed it was underway as early as the 1980s.

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An investigator charged with reconstructing Bernard Madoff's scheme believes that the fraud was well under way as early as 1964.

Reportedly, Bernard Madoff told an acquaintance soon after his arrest that the fraud began "almost immediately" after his firm opened its doors.

Bernard Madoff targeted wealthy American Jewish communities, using his in-group status to obtain investments from Jewish individuals and institutions.

About half of Bernard Madoff's investors were "net winners, " earning more than their investment.

Erin Arvedlund, who publicly questioned Bernard Madoff's reported investment performance in 2001, stated that the actual amount of the fraud might never be known, but was likely between $12 and $20 billion.

Jeffry Picower, rather than Bernard Madoff, appears to have been the largest beneficiary of Bernard Madoff's Ponzi scheme, and his estate settled the claims against it for $7.

The plea was the response to a criminal complaint filed two days earlier, which stated that over the past 20 years, Bernard Madoff had defrauded his clients of almost $65 billion in the largest Ponzi scheme in history.

Bernard Madoff pleaded guilty to all charges without a plea bargain; it has been speculated that he did this instead of cooperating with the authorities in order to avoid naming any associates and co-conspirators in the scheme.

Bernard Madoff admitted to merely rubber-stamping Madoff's filings rather than auditing them.

Bernard Madoff's involvement made the Madoff scheme by far the largest accounting fraud in history, dwarfing the $11 billion accounting fraud masterminded by Bernard Ebbers in the WorldCom scandal.

Bernard Madoff admitted he had never made any legitimate investments with his clients' money during this time.

Bernard Madoff was committed to satisfying his clients' expectations of high returns, despite an economic recession.

Bernard Madoff admitted to false trading activities masked by foreign transfers and false SEC filings.

Bernard Madoff stated that he always intended to resume legitimate trading activity, but it proved "difficult, and ultimately impossible" to reconcile his client accounts.

Bernard Madoff noted that Madoff's crimes were "off the charts", since federal sentencing guidelines for fraud only go up to $400 million in losses.

Bernard Madoff's attorney asked the judge to recommend that the Federal Bureau of Prisons place Bernard Madoff in the Federal Correctional Institution, Otisville, which was located 70 miles from Manhattan.

The judge only recommended that Bernard Madoff be sent to a facility in the Northeast United States.

Bernard Madoff was hospitalized for this condition in December 2019.

Bernard Madoff met Ruth Alpern while attending Far Rockaway High School.

Bernard Madoff's was employed at the stock market in Manhattan before working in Madoff's firm, and she founded the Madoff Charitable Foundation.

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Bernard and Ruth Madoff had two sons: Mark, a 1986 graduate of the University of Michigan, and Andrew, a 1988 graduate of University of Pennsylvania's Wharton Business School.

Mark Bernard Madoff owed his parents $22 million, and Andrew Bernard Madoff owed them $9.

In March 2003, Andrew Bernard Madoff was diagnosed with mantle cell lymphoma and eventually returned to work.

Bernard Madoff was named chairman of the Lymphoma Research Foundation in January 2008, but resigned shortly after his father's arrest.

Peter Bernard Madoff remained the targets of a tax fraud investigation by federal prosecutors, according to The Wall Street Journal.

Bernard Madoff lived in Roslyn, New York, in a ranch house through the 1970s.

Bernard Madoff admitted having helped Madoff create a phony paper trail, the false account statements that were supplied to clients.

Bernard Madoff had a heart attack in December 2013, and reportedly had end-stage renal disease .

Bernard Madoff was a prominent philanthropist, who served on boards of nonprofit institutions, many of which entrusted his firm with their endowments.

Bernard Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease.

Bernard Madoff served as the chairman of the board of directors of the Sy Syms School of Business at Yeshiva University, and as treasurer of its board of trustees.

Bernard Madoff resigned his position at Yeshiva University after his arrest.

Bernard Madoff served on the board of New York City Center, a member of New York City's Cultural Institutions Group .

Bernard Madoff served on the executive council of the Wall Street division of the UJA Foundation of New York which declined to invest funds with him because of the conflict of interest.

Bernard Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and made philanthropic gifts through the Bernard Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife.