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Bernie Madoff

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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". 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. 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 and may have begun as far back as the 1970s. Those charged with recovering the missing money believe that the investment operation may never have been legitimate. The amount missing from client accounts was almost $65 billion, including fabricated gains. The Securities Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion. On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed.

Madoff was chairman of Bernard L. Madoff Investment Securities LLC from its startup in 1960 until his arrest on December 11, 2008. [35]Madoff's operation differed from a typical Ponzi scheme. While most Ponzis are based on nonexistent businesses, Madoff's brokerage operation was very real.We strive for accuracy and fairness. If you see something that doesn't look right, contact us !


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