Bernie Madoff Net Worth is$800 Million
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Profession: Banker, Confidence artist, Investment broker, Financial adviser, Businessperson, Stock broker, Financier, Investor
Date of Birth: Apr 29, 1938
Nicknames: Bernie Madoff, Bernard Madoff
Country: United States of America
Bernie Madoff is an American stockbroker, now in jail, who, prior to his incarceration had an estimated net worth of $17 billion dollars. Bernie Madoff is the mind behind the largest Ponzi scheme in history, which bilked his clients out of approximately $65 billion dollars. He is three years into a 150-year prison term.
Bernard Lawrence "Bernie" Madoff ( /'me?d?f/; born April 29, 1938) is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history.
In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s, and those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
Jeffry Picower, rather than Madoff, appears to have been the largest beneficiary of Madoff's Ponzi scheme, and his estate settled the claims against it for $7.2 billion.J.P. Morgan Chase & Co. may have also benefitted from the scheme--through interest and fees charged--to the tune of $1 billion. Trustee Irving Picard has filed suit seeking the return of $1 billion and damages of $5.4 billion. Morgan denied complicity. According to the same lawsuit, New York Mets owners Fred Wilpon and Saul Katz and associated individuals and firms, received $300 million from the scheme. Wilpon and Katz "categorically reject" the charges.
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.

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Bernie Madoff Latest News

Bernie Madoff's wife Ruth settles with court-appointed trustee

Larry Kudlow says the U.S. economy will keep growing at a strong pace this year despite the weakness seen in recent economic reports. The order was viewed as a way to bolster the bottom line of ...
Posted: May 6, 2019, 1:14 pm

Bernie Madoff's wife will pay her husband's victims $594,000 after a judge approved the settlement

Bernie Madoff's wife Ruth will pay victims of her swindler husband $594,000 after a federal judge approved the settlement with a court-appointed trustee who's liquidating the fraudster's assets and ...
Posted: May 29, 2019, 10:28 am

Canadian twist to Madoff Ponzi scheme settled out of court

An attempt to have the Supreme Court of Canada hear a case involving allegations that the former auditor of three offshore investment funds should have discovered Bernie Madoff’s massive Ponzi scheme ...
Posted: May 21, 2019, 8:13 am
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