Bernie Madoff Wiki
Bernie Madoff Biography
Bernie Madoff has died in prison at the age of 82.
Bernie Madoff, whose $ 65 billion Ponzi scheme made him one of the world’s most hated criminals and even destroyed his own family, died at the safe federal medical center in Butner, North Carolina, where he was serving a 150 sentence. years in prison. according to a report on Wednesday.
The Associated Press reported that the 82-year-old con artist, who had been suffering from end-stage kidney disease and other chronic ailments, died of natural causes.
Madoff would have turned 83 on April 29.
His epic stock fraud, which came to light amid the global financial crisis of the late 2000s and remains the largest in Wall Street history, left more than 37,000 victims in 136 countries. .
Investors burned ranged from retirees who entrusted him with their life savings to celebrities like Hollywood powerhouse Kevin Bacon and Kyra Sedgwick, former Disney head of studios Jeffrey Katzenberg and legendary baseball Hall of Famer Sandy Koufax.
Several schools and nonprofits also took devastating blows, including Yeshiva University, where Madoff served on the board and which lost more than $ 100 million, about 8 percent of his endowment.
New York University, the Elie Wiesel Foundation for Humanity, and the International Olympic Committee were also scammed, as were several union and municipal pension funds.
Mets owners Fred Wilpon and Saul Katz were among the investors who cashed in on their bogus earnings, but then had to pay back ill-gotten gains, forcing them to sell a minority stake in the team and cut their payroll with predictable results. disastrous.
Madoff’s massive scam was linked to at least four suicides, including that of his eldest son, Mark, who hanged himself on the second anniversary of the scammer’s arrest in 2008 and left a sour note.
Bernie, now you know how you have destroyed your children’s lives with your cheating life. Fuck you, ”48-year-old Mark wrote.
The youngest son, Andrew, also blamed Madoff for the recurrence of the rare cancer, mantle cell lymphoma, which killed him in 2014, also at age 48.
“One way to think about this is scandal and everything that happened killed my brother very quickly. And he’s slowly killing me, “Andrew told People magazine about a year and a half before he died.
How old is Bernie Madoff?
82-year-old con artist.
Madoff’s wife, Ruth, never divorced him, but she told “60 Minutes” in 2011 that she hadn’t spoken to him since Mark’s suicide.
In 2017, The Post located her in Old Greenwich, Connecticut, where she was living in virtual exile in a 989-square-foot rental apartment.
Public outrage against Madoff sparked angry protests outside the Manhattan federal courthouse where he was indicted and the Upper East Side apartment building where he lived in a duplex penthouse.
Before a trip to court, during which he wore a bulletproof vest under his jacket, Madoff faced a mob that had to be held back by metal barricades, as well as an enraged financial trader who displayed a sign that read: “Bernie, it’s not too late to do the right thing: JUMP!”
The dramatic arc of the scandal spawned countless news reports, dozens of books, and an ABC miniseries starring Richard Dreyfuss and an Emmy-nominated HBO movie starring Robert De Niro in the title role.
Madoff, a native of Queens, founded his namesake finance firm, Bernard L. Madoff Investment Securities, in 1960 and started out as a “market maker” accepting buy and sell orders from brokerages.
Rather than charge a commission, Madoff pocketed the 12-1 / 2 cents difference between bid and ask prices, and made massive profits by paying brokers a few cents per trade to provide him with a large volume of orders.
His success led to him being named president of the NASDAQ three times and he also launched a hedge fund that he used to run his Ponzi scheme.
Madoff claimed to employ a “split strike conversion” investment strategy that
it consistently generated profits of 12-15 percent per year regardless of market conditions.
He cultivated an air of exclusivity by strictly controlling access to the fund, while also employing one of the oldest tricks in the book, affinity fraud, by targeting primarily the wealthy New York and Florida Jewish communities of which he was a member. .
The Securities Exchange Commission was repeatedly warned about Madoff as early as 1992, including in a 2005 21-page analysis by independent account expert Harry Markopolos titled “ The World’s Largest Hedge Fund Is A Fraud, ” but Madoff managed to fool investigators during five investigations.
A 2009 inspector general report later found that “a thorough and competent examination or investigation was never conducted,” leading to the discipline of eight SEC employees.
But the inspector general found no wrongdoing regarding the “romantic relationship” between former SEC deputy chief Eric Swanson and Madoff’s niece, Shana Madoff, who was his firm’s compliance attorney. The couple began dating in 2006 and married in 2007; she now she works as a yoga instructor in Westport, Connecticut.
Madoff ran the scam on him from the 17th floor of the iconic Lipstick Building on East 53rd Street and Third Avenue, where his legitimate and market-making business was located upstairs on the 18th and 19th floors.
There, he insisted on decorating pretty much everything in black or gray, and was obsessed with cleanliness and order to the point where he was seen dusting the two-foot sculpture of a screw behind his desk, lining the hall rugs. and insisting that all blinds were hung at the same height and all computer monitors were level and at an identical angle.
Madoff even repeatedly pulled down his pants, in full view of both male and female employees, to make sure the buttons on his shirt were lined up correctly.
But his carefully constructed house of cards collapsed on December 11, 2008, when he was arrested by the FBI for securities fraud.
The arrest came as a result of a tip from his sons, who worked for his market-making business, to whom he had confessed the night before, before his company’s Christmas party, that his hedge fund was “just a big lie ”AND“ basically a giant Ponzi scheme ”that was about to be phased out.
When FBI agents showed up at his attic, one told him they were there “to find out if there is an innocent explanation.”
“There is no innocent explanation,” Madoff confessed before being handcuffed.
He was released on bail and pleaded guilty in March 2009 to 11 counts of fraud, money laundering, false statements, perjury, false filing with the SEC, and theft of an employee benefit plan.
During a 10-minute recitation of his crimes, Madoff said that he started the scam of him in the early 1990s and admitted that he “knew what was wrong.
Cause of Death
The disgraced financier died Wednesday morning of natural causes, according to sources quoted by The Associated Press.
Madoff is the most prolific Ponzi scheme scammer in American history, targeting 37,000 people in 136 countries over several decades.
Last June, he requested a compassionate release claiming that he was dying of kidney disease. A judge denied it, saying he had committed “one of the most heinous financial crimes” in American history.
Five workers, including the unidentified lover, were convicted by a jury of conspiring with Madoff, while nine other employees and associates pleaded guilty to various charges related to his fraud.
Among them was Madoff’s younger brother, Peter, who had been the company’s chief financial officer and was sentenced to 10 years in prison. His release was scheduled for August 2020.
Madoff’s older sister, Sondra Wiener, also suffered a major blow when her scam collapsed, losing an estimated $ 3 million in savings that forced her and her husband Marvin to sell their home at the luxurious BallenIsles Country Club in Palm Beach Gardens. .
One of her sons, Charles Wiener, was a Madoff employee for 30 years who told The Post in January 2009 that the fraud wiped out him and was “emotionally devastating for our entire family.”
Charles, his wife and his parents were later sued by Madoff’s bankruptcy administrator for allegedly pocketing more than $ 1.7 million in fraudulent earnings.
They settled for an undisclosed amount.
During the last months of his life, Madoff desperately tried to get out of jail, submitted a request for clemency from President Trump that received no response and sought compassionate release from the Bureau of Prisons.
When the BOP rejected him, Madoff presented another request to the judge who sentenced him, but the prosecutors opposed his offer, who said that his death in prison would be “totally justified” and pointed out that only 20 of the 520 victims who weighed in on the issue favored his release.
Madoff is survived by his wife, Ruth; six grandchildren; sister Sondra Wiener and brother Peter Madoff.
Bernie Madoff Quicks and Facts
- Madoff died at the Federal Correctional Facility in Butner, North Carolina
- He died of natural causes, according to prison sources, less than a year after asking for compassionate release because he had kidney disease
- Madoff ran the biggest Ponzi scheme in US history, defrauding thousands of victims of $64billion
- Some of them lost everything and killed themselves as a result of him targeting them
- After his arrest, his adult son Mark committed suicide and his other son died of lymphoma
- Madoff’s wife Ruth fled Manhattan in shame and set up in life in Greenwich, CT