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Bernard Madoff, mastermind of giant ponzi scheme dies
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Bernie Madoff, Wall Street financier and Ponzi scheme organizer, has died at age 82 bwinck@businessinsider.com (Ben Winck,Kelly McLaughlin) © Stephen Chernin/Getty Images Financier Bernard Madoff arrives at Manhattan Federal court on March 12, 2009 in New York City. Madoff is scheduled to enter a guilty plea on 11 felony counts which under federal law can result in a sentence of about 150 years. Stephen Chernin/Getty Images
Bernie Madoff, the Wall Street financier-turned-Ponzi scheme kingpin, has died of natural causes, aged 82, the Associated Press reported Wednesday.
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He is survived by his wife, Ruth Madoff.
Born in New York City in 1938, Madoff founded a stock brokerage in 1960 that eventually became Bernard L. Madoff Investment Securities. The firm specialized in over-the-counter penny stocks, using pink sheet quotes to make markets for traders. Madoff s brokerage then moved on to computerized trades, employing an information technolog
1980s
Bernard Madoff, a renowned Wall Street trader, initiates a scheme to defraud his investment clients. He eventually accepts billions of dollars from individual investors, charitable organisations, pension funds, hedge funds, and others. He claims that his sophisticated trading and hedging strategy will produce investment gains in all market conditions, though securities regulators later say he never traded any shares for client accounts.
May 2000
Massachusetts financial analyst Harry Markopolos tries to alert financial regulators to Madoff s fraud, saying his alleged trading strategy could never yield such continuously positive returns. The US securities and exchange commission ignores his warning several more times over the next few years.
Infamous Ponzi Schemer Bernie Madoff Dies In Prison At 82
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How Bernie Madoff Took His Family Down
His financial fraud destroyed thousands of lives, including those of his wife and sons. A look inside the steep rise and tragic fall of the Madoff family. Apr 14, 2021
Bernie Madoff has died in prison, according to the Associated Press. He was 82 years old. In light of the news, we re republishing our 2017 story about his financial fraud and how it destroyed thousands of lives, including those of his wife and sons.
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