Jump to content

Bernie Madoff

Page semi-protected
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Startstop123 (talk | contribs) at 17:33, 19 March 2009 (cleaned up lead and moved bulk of information to proper place in article.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

For the related scandal, see Madoff investment scandal
Bernard L. Madoff
Bernard Madoff's mug shot
StatusInmate #61727-054 at the Metropolitan Correctional Center, New York City, NY.[1]
NationalityAmerican
EducationHofstra University (1960)
Occupation(s)Stock broker, financial adviser (retired), former chairman of NASDAQ
EmployerBernard L. Madoff Investment Securities
Known forPonzi scheme, Chairman of NASDAQ (prior)
SpouseRuth Alpern Madoff
ChildrenMark Madoff (ca. 1964), Andrew Madoff (ca. 1966)
Criminal chargeSecurities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
PenaltySentencing scheduled for June 16, 2009; maximum sentence of 150 years in prison and $170 billion in restitution

Bernard Lawrence "Bernie" Madoff (/ˈmeɪdɒf/) (born April 29, 1938, in New York City) is a former American businessman and former chairman of the NASDAQ stock exchange, who operated the largest investor fraud ever committed by a single person.[2]

Personal life

Bernard L. Madoff was born to Jewish parents, Ralph and Sylvia Madoff. [3][4][5] He grew up in the Laurelton neighborhood of the New York City borough of Queens.[6] He graduated from Far Rockaway High School in 1956,[7] attended the University of Alabama for one year, then transferred to and graduated from Hofstra University (then Hofstra College) in 1960 with a degree in political science.[8][9] The following year, he attended Brooklyn Law School, but did not continue.

Madoff is married to his high school sweetheart, Ruth Alpern, who has been involved with the firm and in the Madoff Charitable Foundation.[10][11] It has been reported that Mrs. Madoff had reconciled the firm's bank accounts.[12] They have two sons, Mark, 45 and Andrew, 42.[13] Andrew, was diagnosed with lymphoma. Deborah Madoff, Andrew's wife, reportedly filed for divorce the day before the scheme was publicly disclosed.[14] Mark took his money out of the investment arm to fund a divorce from his first wife in 2000 and both sons used outside investment firms to run their own private philanthropic foundations, but Andrew had millions invested with his father.[15]

Madoff lived in Roslyn, New York, in a ranch house through the 1970s[9] and since 1981, has owned an ocean-front residence in Montauk.[16] His primary residence was on Manhattan's Upper East Side,[17] and he was listed as chairman of the building's co-op board.[18] He also owns a home in France[19] and a mansion in Palm Beach, Florida,[20] where he is a member of the Palm Beach Country Club. Madoff owns a 55-foot (17 m) fishing boat named Bull,[18] which is docked in the French Riviera.[21]

According to a March 13, 2009 filing [22] by Madoff, he and his wife are worth up to $126 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC.[23] Other major assets include securities ($45 million), cash ($17 million), half-interest in BLM Air Charter ($12 million), 2006 Leopard yacht in France ($7 million), jewelry ($2.6 million), Manhattan apartment ($7 million), Montauk home ($3 million), Palm Beach home ($11 million), Cap d' Antibe, France property ($1 million), and furniture, household goods, and art ($9.9 million).

Before his arrest, Madoff's family was involved in philanthropic circles.[24] Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed.[25] Several Jewish charities, however, were among Madoff's victims and at some of them were forced to stop their activities since all their funds were invested with Madoff[26].

Madoff served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University, and as Treasurer of its Board of Trustees.[24][27] He resigned his position at Yeshiva University after his arrest.[27] Madoff also served on the Board of New York City Center, a member of New York City's Cultural Institutions Group (CIG).[28] He served on the executive council of the Wall Street division of the UJA Foundation of New York, a Jewish foundation which declined to invest funds with him due to the conflict of interest.[29]

Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and also engaged in philanthropic giving through The Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife.[30] They donated money to hospitals and theaters.[24] The foundation has also contributed to many educational, cultural, and health charities, including those later forced to close due to Madoff's fraud.[27][31] After Madoff's arrest, the assets of the Madoff Family Foundation have been frozen by a federal court.[30][27]

Madoff was a donor to the Democratic Party.[32][33]

Bitter feelings were experessed among Jewish community about the damage caused by Madoff's scandal to the image of the Jews, to the point that a blogger labled him "enemy of the Jewish People."[34]

Early career

Madoff started his firm in 1960 as a penny stock trader with $5,000 (about $35,000 in 2008 dollars), earned from working as a lifeguard and sprinkler installer.[15][35] His fledgling business began to grow with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.[36] Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate its quotes.[37] After a trial run, the technology that the firm helped develop became the NASDAQ.[38] At one point, Madoff Securities was the largest buying- and-selling "market maker" at the NASDAQ.[37]

He was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industry organization. His firm was one of the five most active in the development of the NASDAQ. He has served as the Chairman of the Board of Directors and on the Board of Governors of the NASD.[39]

Several family members worked for him. His younger brother, Peter, was Senior Managing Director and Chief Compliance Officer,[37] and Peter's daughter, Shana, was the compliance attorney. Madoff’s sons, Mark and Andrew, worked in the trading section,[37] along with Charles Weiner, Madoff’s nephew.[24] Andrew Madoff had invested his own money in his father's fund, but Mark stopped in about 2001.[40]

Access to Washington

The Madoff family gained unusual access to Washington's lawmakers and regulators through the industry's top trade group. The Madoff family has long-standing, high-level ties to the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization. Bernard Madoff sat on the Board of Directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA.

Madoff's brother Peter then served two terms as a member of SIFMA’s Board of Directors. He stepped down from the Board of Directors of the Securities Industry and Financial Markets Association (SIFMA) in December 2008, as news of the Ponzi scheme broke.[41][42] Peter's resignation came amid growing criticism of the Madoff firm’s links to Washington, and how those relationships may have contributed to the Madoff fraud.[43] Over the years 2000-08, the two Madoff brothers gave $56,000 to SIFMA,[43] and tens of thousands of dollars more to sponsor SIFMA industry meetings.[44]

In addition, Bernard Madoff's niece Shana Madoff[45] was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest.[41][46][47] She married an SEC compliance official, Eric Campbell, after an SEC investigation concluded in 2005. A spokesman for Campbell, who has left the SEC, said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff.[48]

Madoff investment scandal

Main article: Madoff investment scandal

On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint admitting to defrauding thousands of investors through a massive Ponzi scheme. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion.[49][50] He had been confined to his Manhattan penthouse apartment during the investigation, and was subsequently incarcerated after his guilty plea. There was no plea deal with prosecutors. He faces spending the rest of his life in prison, and up to $170 billion in restitution.[51][52]

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.[53][54][55] Over the years, he built up a golden reputation. Investors, including Jewish charities, entrusted him with billions.[56][57][58] Madoff's firm was one of the top market maker businesses on Wall Street, (the sixth-largest in 2008),[59] often functioning as a "third-market" provider which bypassed "specialist" firms, directly executed orders over the counter from retail brokers.[60] The firm also had an investment management and advisory division that was the focus of the fraud investigation.[61]

According to the original federal complaint, Madoff claimed his firm had "liabilities of approximately US$50 billion."[62][61][63] Prosecutors increased their estimate of the size of the fraud from $50 billion to $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients in November 30, 2008.[64] On December 10, 2008, he confessed to his sons that the asset management arm of his firm was a giant Ponzi scheme — as he put it, "one big lie."[65] They then passed this information to authorities.[62][66] The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. Five days after his arrest, Madoff's assets and those of the firm were frozen, and a receiver was appointed to handle the case.[67] Some investors, journalists, and economists have questioned Madoff's statement that he acted alone without assistance. Law enforcement continues to investigate if others were involved in Madoff's fraud.[68] The SEC conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.[59][60]

Madoff was a philanthropist who served on boards of nonprofit institutions, many of which entrusted his firm with their endowments.[30][24] He is a former National Treasurer of the American Jewish Congress. The collapse and freeze of his personal assets and that of his firm's have had repercussions on businesses, charities and foundations around-the-world, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation which were forced to close as a consequence.[30][27][69][70]

Concerns about Madoff's business had surfaced as early as 1999, when financial analyst-whistleblower Harry Markopolos informed the SEC that he felt it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. Others felt it was inconceivable that his growing volume of accounts could be competently serviced by his documented accounting/auditing firm, a three-person firm with only one active accountant.

However, no serious inquiries were made into his business practices until December 2008, when the financial crisis created a rising demand of cash withdrawals. On December 10, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled.[71]

According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn't afford to pay investors. Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff's sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.[72]

On March 12, 2009, Madoff pled guilty to 11 felonies, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.[73] The plea came in response to a criminal complaint filed two days earlier, which stated Madoff had defrauded his clients of almost $65 billion. The complaint spelled out the largest Ponzi scheme in history, as well as the largest investor fraud committed by a single person. Despite the scale of the fraud, Madoff insists that he was solely responsible for the Ponzi scheme.[50][74] Madoff did not reach a plea bargain with the government, opting instead to simply plead guilty to all charges. It has been reported that he did so because he refused to cooperate and name any accomplices.[51][52] He faces a maximum sentence of 150 years in prison, plus mandatory restitution of up to twice the gross gain or loss from his crimes. If the government's estimate of $65 billion is correct, Madoff faces a maximum of $170 billion in restitution.[73]

In his pleading allocution, Madoff stated that had begun his Ponzi scheme sometime in the early 1990s. He wanted to continue to satisfy the expectations of high returns promised to his clients, in spite of an economic recession. He admitted that he had never invested any of his clients' money since the inception of his scheme. Instead, he simply deposited the money into his business account at Chase Manhattan Bank. He admitted to false trading activities masked by foreign transfers and false SEC returns. He used the Chase business account to pay clients who requested withdrawals, claiming the "profits" were the result of his own unique "split-strike conversion strategy". He declared that he had every intention of resuming legitimate activities in his asset management division, but it proved "difficult, and ultimately impossible" to catch up to the paper profits. Madoff admitted he knew his day of reckoning was inevitable.[2][75]

Wikinews has related news:

Madoff had been under 24-hour monitoring and house arrest in his Upper East Side penthouse apartment since December, 2008. However, after accepting Madoff's plea, Judge Denny Chin immediately revoked his $10 million bail and remanded him to the Metropolitan Correctional Center pending sentencing. Chin said that in light of Madoff's age, wealth, and the possibility of spending the rest of his life in prison, Madoff was a substantial flight risk.[75] Madoff's lawyers have appealed Chin's order,[76] but prosecutors have filed a notice of opposition.[77]

Prosecutors have filed two asset forfeiture pleadings which include lists of valuable real and personal property as well as financial interests and entitities.[78]

Some involved in the case as well as other unrelated observers have opined that the actual loss to investors could be far less than reported. Former SEC Chairman Harvey Pitt estimated the actual net fraud to be between $10 and $17 billion, because it does not include the fictional returns credited to the Madoff's customer accounts.[79]

In February, 2009, Madoff reached an agreement with the SEC, banning him from the securities industry for life.[80] About 120 class action suits have been filed against him.

The SEC came under fire for not investigating Madoff sooner, despite complaints from Markopolos and others. In testimony before Congress after the scandal broke, Markopolos claimed it was very easy to prove mathematically that Madoff was running a scam. He said it took him five minutes to make an initial assessment of the fraudulent nature of Madoff's purported high investment returns and about four hours to work the detailed math calculations.[81]

References

  1. ^ "Bernie Madoff's New Digs: From Penthouse To Outhouse". CNBC. 2009-03-13. Retrieved 2009-03-13.
  2. ^ a b "Plea Allocution of Bernard Madoff (U.S. v. Bernard Madoff)". FindLaw. 2009-03-12. Retrieved 2009-03-12.
  3. ^ In Madoff Scandal, Jews Feel an Acute Betrayal - NYTimes.com
  4. ^ [1][dead link‍]
  5. ^ Madoff Wall Street fraud threatens Jewish philanthropy - Haaretz - Israel News
  6. ^ Segal, David; and Cowan, Alison Leigh. "Madoffs Shared Much; Question Is How Much", The New York Times, January 14, 2009. Retrieved February 9, 2009.
  7. ^ John Carney. "The Education of Bernie Madoff: The High School Years". Clusterstock. Retrieved 2008-12-25.
  8. ^ Salkin, Allen (2009-01-16). "Bernie Madoff, Frat Brother". New York Times. Retrieved 2009-01-20.
  9. ^ a b Chernoff (December 26, 2008). "What drove Bernie Madoff". CNN. Retrieved December 26, 2008.
  10. ^ Lambiet (December 12, 2008). "Bernie Madoff's arrest sent tremors into Palm Beach". Palm Beach Daily. Retrieved December 12, 2008.
  11. ^ "A Madoff Cookbook Has a Secret, Too".
  12. ^ "Probers Work Backward on Madoff".
  13. ^ "Inquiry Finds No Signs Family Aided Madoff". The New York Times. December 16, 2008. Retrieved December 20, 2008.
  14. ^ "I'M NOT MADOFF". The New York Post. February 2, 2009. Retrieved February 10, 2009.
  15. ^ a b The Madoff files: Bernie's billions - Business Analysis & Features, Business - The Independent
  16. ^ Maier, Kate (December 12, 2008). "Montauk Oceanfront Owner Cited in Ponzi Scheme". East Hampton Star. Retrieved December 23, 2008.
  17. ^ Jagger, Suzy (December 18, 2008). "Bernard Madoff: the 'most hated man in New York' seeks $3 m for bail". The Times. Retrieved December 23, 2008.
  18. ^ a b Frank, Robert (December 13, 2008). "Fund Fraud Hits Big Names; Madoff's Clients Included Mets Owner, GMAC Chairman, Country-Club Recruits". Wall Street Journal. Retrieved December 13, 2008. {{cite web}}: Unknown parameter |coauthor= ignored (|author= suggested) (help)
  19. ^ "Wall Street Titan May Have Fooled Investors for Years". CNBC. Retrieved December 13, 2008.[dead link‍]
  20. ^ "Madoff's arrest in billion-dollar fraud case shocks Palm Beach investors" Palm Beach Post December 12, 2008.
  21. ^ Creswell, Julie (January 24, 2009). "The Talented Mr. Madoff". The New York Times. Retrieved January 25, 2009.
  22. ^ http://www.nypost.com/seven/03132009/news/regionalnews/031309madofffinance.pdf
  23. ^ "Madoff to appeal bail, net worth revealed". Reuters. March 13, 2009. Retrieved March 13, 2009.
  24. ^ a b c d e "Standing Accused: A Pillar of Finance and Charity". The New York Times. December 13, 2008.
  25. ^ Friedman. "Charity Caught Up in Wall Street Ponzi Scandal". Fox News. Retrieved December 13, 2008.
  26. ^ Jullian Kossoff, http://blogs.telegraph.co.uk/julian_kossoff/blog/2009/03/12/bernard_madoff_enemy_of_the_jewish_people_
  27. ^ a b c d e "Madoff Wall Street fraud threatens Jewish philanthropy". Retrieved December 13, 2008.
  28. ^ NYCC Board of directors New York City Center.
  29. ^ Moore. "Deal Journal Q&A: A Jewish Charity That Avoided Madoff". The Wall Street Journal. Retrieved December 24, 2008.
  30. ^ a b c d Appelbaum, Binyamin (December 13, 2008). "'All Just One Big Lie'". The Washington Post. Washington Post Company. p. D01. Retrieved December 12, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  31. ^ Sherwell. "Bernie Madoff: Profile of a Wall Street star". Telegraph. Retrieved December 14, 2008.
  32. ^ "Madoff was a donor to the Democratic Party..." Stephen Gandel Wall Street's Latest Downfall: Madoff Charged with Fraud Friday, Dec. 12, 2008 Time magazine http://www.time.com/time/business/article/0,8599,1866154,00.html?imw=Y
  33. ^ Campaign money.com http://www.campaignmoney.com/finance.asp?pg=2&type=in&criteria=madoff&ra=95700&rc=79&prevpage=4&cycle=04
  34. ^ Jullian Kossoff, http://blogs.telegraph.co.uk/julian_kossoff/blog/2009/03/12/bernard_madoff_enemy_of_the_jewish_people_
  35. ^ Glovin, Dan (December 11, 2008). "Madoff Charged in $50 Billion Fraud at Investment Advisory Firm". Bloomberg News. Retrieved December 11, 2008. {{cite news}}: Unknown parameter |coauthor= ignored (|author= suggested) (help)
  36. ^ Madoff's tactics date to 1960s, when father-in-law was recruiter | Business Features | Jerusalem Post
  37. ^ a b c d de la Merced, Michael J. (2008-12-24). "Effort Under Way to Sell Madoff Unit". The New York Times. Retrieved 2008-12-24.
  38. ^ Weiner, Eric J. (2005). What Goes Up: The Uncensored History of Modern Wall Street as Told by the Bankers, Brokers, CEOs, and Scoundrels who Made it Happen. Little, Brown and Company. pp. 188–192. ISBN 0316929662.
  39. ^ "The Owner's Name is on the Door". Madoff.com. Retrieved 2008-12-11.[dead link‍] Archive
  40. ^ Probe Eyes Role of Aide to Madoff, Accountant. Wall Street Journal, December 23, 2008.
  41. ^ a b Barlyn, Suzanne (2008-12-23). "Madoff Case Raises Compliance Questions". Wall Street Journal. Retrieved 2008-03-01.
  42. ^ Williamson, Elizabeth (2008-12-18). "Family Filled Posts at Industry Groups". Wall Street Journal. Retrieved 2009-03-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  43. ^ a b Lerer, Lisa (2008-12-18). "Peter Madoff resigns". Politico. Retrieved 2009-03-01.
  44. ^ Williamson, Elizabeth (2008-12-22). "Shana Madoff's Ties to Uncle Probed". Wall Street Journal. Retrieved 2009-03-01.
  45. ^ Javers, Eamon (2008-12-16). "Madoff bought influence in Washington". Politico. Retrieved 2009-03-01. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  46. ^ Wenzel, Robert (2008-12-22). "Madoff Family Members Had Exclusive Briefings from [[Treasury Secretary]] Paulson on the Financial Crisis". EconomicPolicyJournal.com. Retrieved 2009-03-01. {{cite web}}: Check |authorlink= value (help); External link in |authorlink= (help); URL–wikilink conflict (help)
  47. ^ Madoff, Shana. "San Francisco Topical Breakfast". Compliance and Legal Division of the Securities Industry and Financial Markets Association. Retrieved 2009-03-01.
  48. ^ http://abcnews.go.com/Blotter/WallStreet/story?id=6471863&page=1
  49. ^ "Wall Street legend Bernard Madoff arrested over '$50 billion Ponzi scheme'". The Times. Times Newspapers Ltd. December 12, 2008. Retrieved December 13, 2008.
  50. ^ a b Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal. Dow Jones, Inc. Retrieved March 12, 2009.
  51. ^ a b "Bernard Madoff Will Plead Guilty to 11 Charges in Financial Fraud Case, Faces 150 Years in Prison". Fox News. March 10, 2009. Retrieved March 10, 2009. Cite error: The named reference "Fox031009" was defined multiple times with different content (see the help page).
  52. ^ a b Glovin, David (March 10, 2009). "Madoff to Plead Guilty in Largest U.S. Ponzi Scheme". Bloomberg.com. Retrieved March 10, 2009. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  53. ^ "The Madoff Case: A Timeline". The Wall Street Journal. March 6, 2009. Retrieved March 6, 2009.
  54. ^ David Glovin (2009-02-11). "Madoff Prosecutors Get 30 More Days for Indictment". Bloomberg L.P. Retrieved 2009-02-11.
  55. ^ DeStefano, Anthony M. (March 7, 2009). "Madoff expected to plead guilty in Ponzi scheme". Newsday. Retrieved March 7, 2009.
  56. ^ "Former Nasdaq chairman charged with fraud". CNN. December 11, 2008. Retrieved December 16, 2008.
  57. ^ "S.E.C. Updates on Madoff Case; Charities Feel Losses". Politonomist.com. December 18, 2008. Retrieved January 3, 2009.[dead link‍]
  58. ^ Diana Henriques (2009-01-13). "New Description of Timing on Madoff's Confession". New York Times. Retrieved 2009-01-19. {{cite news}}: Check date values in: |date= (help)
  59. ^ a b Lieberman, David (December 15, 2008). "Investors remain amazed over Madoff's sudden downfall". USA Today. Retrieved December 24, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  60. ^ a b O'Hara, Maureen (1995). Market Microstructure Theory. Oxford: Blackwell. p. 190. ISBN 1-55786-443-8. Retrieved December 16, 2008.
  61. ^ a b "SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (2008-293)". SEC.gov. U.S. Securities and Exchange Commission. December 11, 2008. Retrieved December 11, 2008.
  62. ^ a b "SEC: Complaint SEC against Madoff and BMIS LLC" (PDF). U.S. Securities and Exchange Commission. December 11, 2008. Retrieved December 29, 2008.
  63. ^ "Rich investors 'wiped out' by Wall Street fraud". The Independent. December 14, 2008. Retrieved December 17, 2008.
  64. ^ [2] Reuters: US Prosecutors updated the size of Madoff's scheme from $50 billion to $64 billion.
  65. ^ David Voreacos and David Glovin (2008-12-13). "Madoff Confessed $50 Billion Fraud Before FBI Arrest". Bloomberg News. {{cite news}}: Check date values in: |date= (help)
  66. ^ Binyamin Appelbaum, David S. Hilzenrath and Amit R. Paley (2008-12-13). "It was all one big lie". Washington Post. p. D01. Retrieved 2009-01-18. {{cite news}}: Check date values in: |date= (help)
  67. ^ Larson. "U.S. Judge Freezes Madoff Assets, Appoints Receiver, SEC Says". Bloomberg.com. Bloomberg News.
  68. ^ Caruso, David (December 18, 2008). "Madoff Investigators Look for Partners". AOL. Associated Press. Retrieved December 23, 2008.[dead link‍]
  69. ^ Henriques. "For Investors, Trust Lost, and Money Too". The New York Times. Retrieved December 13, 2008.
  70. ^ "Two More Charities Announce Closing Due to Madoff"[dead link‍] AP via Yahoo! News.
  71. ^ http://www.usatoday.com/money/markets/2008-12-14-ponzi-madoff-downfall_N.htm
  72. ^ http://www.washingtonpost.com/wp-dyn/content/article/2008/12/12/AR2008121203970.html
  73. ^ a b USDOJ announcement of Madoff guilty plea
  74. ^ "Wall Street legend Bernard Madoff arrested over '$50 billion Ponzi scheme'". Times Online. Times Newspapers Ltd. December 12, 2008. Retrieved December 13, 2008.
  75. ^ a b Transcript of Madoff guilty plea hearing
  76. ^ http://dealbook.blogs.nytimes.com/2009/03/13/lawyers-appeal-decision-to-jail-madoff/
  77. ^ http://www.usdoj.gov/usao/nys/madoff/madoffbailpendingsentencing.pdf
  78. ^ http://www.usdoj.gov/usao/nys/madoff/madoffbailpendingsentencing.pdf
  79. ^ Hays, Tom (March 6, 2009). "Extent of Madoff fraud now estimated at far below $50b". Haaretz. Associated Press. Retrieved March 7, 2009. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  80. ^ http://blogs.wsj.com/law/2009/02/09/madoff-makes-peace-with-the-sec-amount-of-fine-tbd/
  81. ^ House Committee Finantial Services, Investigations of Madoff Fraud Allegations, Part 1 http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1&showVid=true


Template:Persondata

{{subst:#if:Madoff, Bernard L.|}} [[Category:{{subst:#switch:{{subst:uc:1938}} 

|| UNKNOWN | MISSING = Year of birth missing {{subst:#switch:{{subst:uc:LIVING}}||LIVING=(living people)}}
| #default = 1938 births

}}]] {{subst:#switch:{{subst:uc:LIVING}} 

|| LIVING  = 
| MISSING  = 
| UNKNOWN  = 
| #default =

}}

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Bernie_Madoff&oldid=278365021"