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Bernard Lawrence Madoff (/ ˈ m eɪ d ɔː f / MAY-dawf; [2] April 29, 1938 – April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion.
A scheme that targets members of a particular religious or ethnic community is a type of affinity fraud, and a Newsweek article identified Madoff's scheme as "an affinity Ponzi". [49] The New York Post reported that Madoff "worked the so-called 'Jewish circuit' of well-heeled Jews he met at country clubs on Long Island and in Palm Beach."
That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis.
Madoff pled guilty in 2009 to 11 felonies, and admitted he used his wealth management business to create a massive Ponzi scheme which enriched himself, his family and others. Madoff was sentenced ...
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.
Bernie Madoff became famous for running the largest Ponzi scheme in history. Everything to know about where the name comes from, and how Madoff's scheme worked. There's A Bernie Madoff Victim Fund ...
On December 11, 2010, on the second anniversary of his father's arrest, Mark Madoff was found dead in his New York City apartment from an apparent suicide. It was later ruled suicide by hanging by a New York City medical examiner. [95] On October 18, 2013, a UK court dismissed a $40 million case against the directors of Madoff's British unit.
Carl Shapiro reached a $625 million settlement with the Madoff trustee, although it was alleged he profited more than $1 billion from his investments with Madoff. The New York Mets and its owner ...