Bernard Madoff
hideBernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/; born April 29, 1938) is a former financier and convicted felon. Madoff, who once served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars. He was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
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.
Madoff's sons contacted authorities on December 10, 2008, reporting that their father had just confessed to them that the asset management arm of his firm was a giant Ponzi scheme, and quoting him as saying it was "one big lie." The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.
For more information about Bernard Madoff, read the full article at
Wikipedia.
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News tagged with bernard madoff
Ponzi scheme theme in 'Made Off' videogame
May 06, 2009 |
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Is there a bit of Bernie in you? Mobile phone users worldwide will soon be able to play Ponzi scheme scammers in a new videogame based on the financial ruin wreaked by jailed US fraudster Bernard Madoff.
Madoff's tickets bid to $2,375 on eBay
Apr 11, 2009 |
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(AP) -- Bernard Madoff is still making a market - at least his Citi Field seats are.
Madoff scandal's impact on the life sciences
Mar 17, 2009 |
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While the Bernard Madoff Ponzi scheme led to the collapse of the Picower Foundation, a major benefactor for life science research, many bioindustry observers view the fallout from the scandal as a minor consequence in the ...
Search results for bernard madoff
Probing Question: How do Ponzi Schemes work?
Jul 02, 2009 |
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Imagine the shock, the horror, and the sheer panic that would come with learning that the financial plan you’d sunk your life savings into was a sham, the financial experts you trusted were crooks, and all your money was ...
This week's Web Winners: Investment help
Jan 13, 2009 |
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Sophisticated investors were among victims of Bernard L. Madoff's alleged $50 billion Ponzi scheme. Avoiding financial scams must be even trickier than we thought. These sites might make it easier.
Role of Statins in Reducing H1N1 Mortality Rates Studied
Nov 13, 2009 |
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(PhysOrg.com) -- Vanderbilt University Medical Center researchers are studying statins, the class of drugs long associated with lowering cholesterol, as a way to reduce H1N1-related deaths.
New Test for Breast Cancer Will Help Guide Treatment Choices
Feb 09, 2009 |
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(PhysOrg.com) -- One in eight women in the United States will receive a diagnosis of breast cancer in their lifetime, and it is the second leading cause of cancer-related death in women. Now a new test will help physicians ...
Researcher: Narcissistic bosses destroy morale, drive down bottom line
Other Sciences / Social Sciences
Aug 07, 2009 |
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In recent years, the motivations of business leaders such as financier Bernard Madoff and former Enron CEO Ken Lay have come under increased scrutiny as a result of behavior that caused both their employees and the public ...
Study casts doubt on creationism
Biology /
Oct 24, 2007 |
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The St Bernard dog – named after the 11th century priest Bernard of Menthon – may have ironically challenged the theory of creationism, say scientists.
Study finds ATV guidelines inadequate
Sep 17, 2008 |
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National size guidelines for all-terrain vehicles (ATV) are inadequate to ensure the safety of young riders, according to preliminary results from a study by researchers at the University of Kentucky.
Research says modern work-related stress damages national output more than 1970s strikes
Jun 23, 2009 |
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(PhysOrg.com) -- Research presented by Bernard Casey of the University of Warwick’s Institute for Employment Research shows that work-related stress today damages national output even more than the loss to national output ...
ATV study to improve fit, safety among kids
Jun 09, 2008 |
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The University of Kentucky is conducting a first-ever study of its kind to analyze all-terrain vehicle (ATV) safety, particularly in children. UK trauma surgeon Dr. Andrew Bernard is the primary investigator of a comprehensive ...
New system will help computer users avoid illegal file-sharing
Oct 29, 2007 |
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The University of Michigan will launch a new educational service to help students avoid unintentionally infringing copyright law.
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