rad10 is the Bernie M equivalent. Minus the money, mastermind and lakehouse. LOLZ. Rad go...GFYGM!

SIGH!


Diduknow wrote:What a stand up guy. Threw his own son under the bus, who in the end, committed suicide. Screwed his own people over too. Typical moshe mentality.

Bernard Lawrence Madoff (/medf/;[1] born April 29, 1938) is an American former market maker, investment advisor, financier and convicted fraudster who is currently serving a federal prison sentence for offenses related to a massive Ponzi scheme.[2] He is the former non-executive chairman of the NASDAQ stock market,[3] the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history.[4] Prosecutors estimated the fraud to be worth $64.8 billion based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008.[5]
U.S. Department of Justice photograph, 2009
Born
Bernard Lawrence Madoff

April 29, 1938 (age 82)
New York City
Alma mater Hofstra University
Occupation Stock broker, investment adviser, financier
Employer Bernard L. Madoff Investment Securities (founder)
Known for Being the chairman of NASDAQ and the Madoff investment scandal
Criminal status Incarcerated at Federal Correctional Complex, Butner
FBP Register #61727-054
Pseudo-release: January 4, 2137
Spouse(s)
     
 
  (m. 1959)
Children
 
Conviction(s) March 12, 2009 (pleaded guilty)
Criminal 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-year prison term and forfeiture of US$17.179 billion

Madoff founded a penny stock brokerage in 1960 which eventually grew into Bernard L. Madoff Investment Securities. He served as its chairman until his arrest on December 11, 2008.[6][7] The firm was one of the top market maker businesses on Wall Street,[8] which bypassed "specialist" firms by directly executing orders over the counter from retail brokers.[9]

At the firm, he employed his brother Peter Madoff as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as the firm's rules and compliance officer and attorney, and his now deceased sons Mark and Andrew. Peter was sentenced to 10 years in prison[10] and Mark died by suicide by hanging exactly two years after his father's arrest.[11][12][13] Andrew died of lymphoma on September 3, 2014.[14]

On December 10, 2008, Madoff's sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as saying that it was "one big lie".[15][16][17] The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted multiple investigations into his business practices but had not uncovered the massive fraud.[8] On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said that he began the Ponzi scheme in the early 1990s, but federal investigators believe that the fraud began as early as the mid-1980s[18] and may have begun as far back as the 1970s.[19] Those charged with recovering the missing money believe that the investment operation may never have been legitimate.[20][21] The amount missing from client accounts was almost $65 billion, including fabricated gains.[22] The Securities Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion.[20] On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed.[23][24