Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/;[1] April 29, 1938 – April 14, 2021) was an American former investor, former stockbroker and former non-executive chairman for NASDAQ Stock Market. He was the admitted operator of a Ponzi scheme which is the largest financial fraud in United States history.[2]
Ponzi scheme
In March 2009, Madoff pleaded guilty to 11 federalfelonies and admitted to turning his wealth management business into a massive Ponzi scheme. Thousands of investors lost 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.[3] The people who are hunting for the missing money believe the investment operation may never have been legitimate.[4] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[5] The court-appointed trustee estimated actual losses to investors of $18 billion.[4] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[6][7]
Personal life
Madoff was of Jewish descent. He was married to Ruth. The elder of their two sons committed suicide by hanging in 2010. The younger son died of lymphoma in 2014.
Madoff died on April 14, 2021 at a prison medical center in Butner, North Carolina after suffering from kidney disease for many years, at the age of 82.[9][10] His cause of death was hypertension caused by heart and kidney disease.[11]
