Bernard Madoff
U.S. Department of Justice photograph, 2008
Born April 29, 1938
Queens, New York, USA
Charge 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
Penalty 150 years imprisonment and $170 billion in restitution
Status Federal inmate #61727-054, scheduled date of release: 11-14-2139; at Butner Federal Correctional Institution.
Occupation Formerly a stock broker, financial adviser, and chairman of NASDAQ.
Spouse Ruth Alpern Madoff
Children Mark Madoff , Andrew Madoff

Bernard Lawrence "Bernie" Madoff " class="IPA">/ˈmeɪdɒf/; born April 29, 1938) is a former financier and convicted felon. Madoff, who once served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars. He was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion. Other estimates of the fraud, excluding the fabricated gains, are $13–21 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.

Madoff's sons contacted authorities on December 10, 2008, reporting that their father had just confessed to them that the asset management arm of his firm was a giant Ponzi scheme, and quoting him as saying it was "one big lie." The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.

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