Interesting Facts About Bernard Madoff: The Infamous American fraudster

Bernard Madoff

Bernard Madoff

Bernard Lawrence Madoff was a famous stockbroker who operated his multibillion-dollar industry as a grand-scale Ponzi scheme. He was born April 29th, 1938, Queens, New York, US.
Madoff was a well-known American hedge-fund investment manager and the former chairman of the NASDAQ (National Association of Securities Dealers Automated Quotations) stock market.
He grew up in the mostly Jewish neighborhood of Laurelton in Queens, New York. After studied for only one year at the University of Alabama, he got a degree (1960) in political science from the Hofstra University, Hempstead, New York.
Madoff did study law shortly at Brooklyn Law School before establishing (1960) Bernard L. Madoff Investment Securities with his, Ruth, who worked on the Wall Street after getting a degree in psychology from the Queens College, City University of New York.
In 1960, he utilized $5,000 earned from installing and lifeguarding sprinkler systems to start his investment company. Madoff developed close bonds with the wealthy and powerful businessmen in Palm Beach, Florida and New York City, signed them as key investors, offered them awesome returns, and even took advantage of their positive recommendations to win more investors.
Also, he burnished his reputation by building great relationships with renowned financial regulators. He took advantage of an air of exclusivity to lure serious, wealthy investors; not everybody was signed up for his funds, and it became a prestige mark to be acknowledged as a Madoff investor.
Later, the investigators stated that the pyramid of Madoff, or Ponzi, scheme, started in the early 80s. As new investors signed up, their cash was utilized to finance payouts to the existing investors—as well as the fee payments to Madoff’s industry and, purportedly, to his friends and family.
Madoff’s industry provided steady revenues, and the list of his clients included celebrities such as Steven Spielberg. Detained for operating an elaborate Ponzi scheme in Dec. 2008, he pleaded guilty to eleven felony charges in March 2009. That summer, the judge sentenced him to 150 years in jail.
He is serving his jail term at the medium security Butner Federal Correctional Complex in North Carolina and is scheduled for release on November 14th, 2139. The Madoff scandal made headlines for many years, but there is still much more that people do not know about the pioneer of the largest Ponzi scheme in history.
So, here are some interesting facts you probably didn’t know about Bernard Madoff:
1. He revealed that life in prison isn’t very bad. But, he still cannot sleep. In an interview with CNNMoney in May, the American fraudster mentioned that he had a job making 40 dollars per month wiping down computers and phones for a “few hours a day.” Madoff believes his fellow prisoners highly respected him and said he spends most of his time reading novels and newspapers.
However, he usually wakes up very early -4:30 a.m. -not because he wants to, but because he cannot sleep. He said that the suicide of his eldest son, who hanged himself on December 11th, 2010 (the 2nd anniversary of his father’s arrest) haunts him.
“I was responsible for my son Mark’s death, and that’s very, very difficult,” he said. “I live with that.”
2. His sons, Mark and Andrew, became senior staffs at his firm. The two surrendered their father to the federal authorities in December after his Ponzi scheme was publicized.
3. When he was convicted of fraud, Madoff owned a villa on the French Riviera, a mansion in the Hamptons, a $7 million penthouse in Manhattan, and yachts in the New York, Florida, and Mediterranean. One 56-foot boat was named “The Bull.”
4. Lawyers have earned nearly $800 million trying to clean up the mess of Madoff. Picard and his firm are responsible for tracking down the stolen assets of Madoff and giving them back to the victims.
This is a gigantic, international task, much of which has been outsourced to several other law firms. Nearly $823.6 million in expenses and fees have been paid out to the attorneys since Madoff’s arrest. The largest share -$468.1 million- went to BakerHostetler.

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