BERNARD "BERNIE" MADOFF - Wikipedia Information


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BERNARD "BERNIE" MADOFF - Wikipedia Information
It appears that Bernie Madoff was one of J.P. Morgan Chase Bank's TOP/MAJOR Clients.
J.P. Morgan Chase Bank is a TOP/MAJOR Client of Baker Donelson Bearman Caldwell & Berkowitz
Provides information as to the REASONS why the FEDERAL BUREAU OF INVESTIGATION, JUDICIAL COMPLAINTS and CONGRESSIONAL COMPLAINTS Filed by Vogel Denise Newsome are being OBSTRUCTED from being PROSECUTED!
Garretson Resolution Group appears to be FRONTING Firm for United States President Barack Obama and Legal Counsel/Advisor (Baker Donelson Bearman Caldwell & Berkowitz) which has submitted a SLAPP Complaint to in efforts of PREVENTING the PUBLIC/WORLD from knowing of its and President Barack Obama's ROLE in CONSPIRACIES leveled against Vogel Denise Newsome in EXPOSING the TRUTH behind the 911 DOMESTIC TERRORIST ATTACKS, COLLAPSE OF THE WORLD ECONOMY, EMPLOYMENT violations and other crimes of United States Government Officials. Information that United States President Barack Obama, The Garretson Resolution Group, Baker Donelson Bearman Caldwell & Berkowitz, and United States Congress, etc. do NOT want the PUBLIC/WORLD to see. Information of PUBLIC Interest!

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BERNARD "BERNIE" MADOFF - Wikipedia Information

  1. 1. MadoffFrom Wikipedia, the free encyclopedia"Madoff" redirects here. For other people with the same surname, see Madoff (surname). Bernard Lawrence Madoff US Department of Justice photograph, 2009 Bernard Lawrence MadoffBorn April 29, 1938 (age 73) Queens, New York, US Securities fraud, investment advisor fraud, mail fraud, wire fraud, moneyCharge(s) laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan 150 years imprisonment and forfeiturePenalty of $17.179 billion Incarcerated at Butner Federal Correctional Institution;[1][2] FederalStatus Bureau of Prisons Register #61727- 054; scheduled date of release: 11-14- 2139 Former non-executive chairman of theOccupation NASDAQSpouse Ruth Madoff (1959–present) Ralph (deceased)Parents Sylvia (deceased) Mark (ca. 1964–2010)Children Andrew (b. 1966)
  2. 2. Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/;[3] born April 29, 1938) is a former Americanbusinessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of theNASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financialfraud in U.S. history.[4]In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth managementbusiness into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said hebegan the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the1970s,[5] and those charged with recovering the missing money believe the investment operation may never havebeen legitimate.[6] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[7]The court-appointed trustee estimated actual losses to investors of $18 billion. [6] On June 29, 2009, he wassentenced to 150 years in prison, the maximum allowed. [8][9]Jeffry Picower, rather than Madoff, appears to have been the largest beneficiary of Madoffs Ponzi scheme, and hisestate settled the claims against it for $7.2 billion. [10][11] J.P. Morgan Chase & Co. may have also benefitted fromthe scheme—through interest and fees charged—to the tune of $1 billion. Trustee Irving Picard has filed suitseeking the return of $1 billion and damages of $5.4 billion. Morgan denied complicity. [12] According to the samelawsuit, New York Mets owners Fred Wilpon and Saul Katz and associated individuals and firms, received $300million from the scheme. Wilpon and Katz "categorically reject" the charges. [13]Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairmanuntil his arrest on December 11, 2008.[14][15] The firm was one of the top market maker businesses on WallStreet,[16] which bypassed "specialist" firms by directly executing orders over the counter from retail brokers.[17]On December 10, 2008, Madoffs sons told authorities that their father had confessed to them that the assetmanagement unit of his firm was a massive Ponzi scheme, and quoted him as describing it as "one big lie."[18][19][20]The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S.Securities and Exchange Commission (SEC) had previously conducted investigations into Madoffs businesspractices, but did not uncover the massive fraud. [16]Contents[hide]  1 Early life  2 Career  3 Government access  4 Investment scandal o 4.1 Mechanics of the fraud o 4.2 Affinity fraud o 4.3 Size of loss to investors  5 Plea, sentencing, and prison life o 5.1 Incarceration  6 Personal life  7 Philanthropy and other activities  8 In the media  9 See also  10 References  11 External links
  3. 3. Early lifeMadoff was born on April 29, 1938 in Queens, New York City, New York. He is the son of Jewish parents Sylvia(née Muntner) (December 1911 – December 1974), a homemaker, and Ralph Madoff (June 1910 – July 1972), aplumber and stockbroker.[21][22][23][24] Madoffs grandparents were Jewish emigrants from Poland, Romania andAustria.[25] He is the second of three children; his siblings are Sondra (Weiner) and Peter. [26][27] Madoff graduatedfrom Far Rockaway High School in 1956.[28] He attended the University of Alabama for one year, where hebecame a brother of the Tau Chapter of the Sigma Alpha Mu fraternity,[29] then transferred to and graduated fromHofstra University in 1960 with a Bachelor of Arts in political science.[30][31] Madoff briefly attended BrooklynLaw School, but founded the Wall Street firm Bernard L. Madoff Investment Securities LLC and remainedworking for his own company.[32][33]CareerMadoff was chairman of Bernard L. Madoff Investment Securities LLC from its startup in 1960 until his arrest onDecember 11, 2008.[14]The firm started as a penny stock trader with $5,000 ($37,000 today) that Madoff earned from working as alifeguard and sprinkler installer.[34] He further secured a loan of $50,000 from his father-in-law which he also usedto set up Bernard L. Madoff Investment Securities LLC. His business grew with the assistance of his father-in-law,accountant Saul Alpern, who referred a circle of friends and their families. [35] Initially, the firm made markets(quoted bid and ask prices) via the National Quotation Bureaus Pink Sheets. In order to compete with firms thatwere members of the New York Stock Exchange trading on the stock exchanges floor, his firm began usinginnovative computer information technology to disseminate its quotes. [36] After a trial run, the technology that thefirm helped develop became the NASDAQ.[37]The firm functioned as a third-market provider, which bypassed exchange specialist firms, by directly executingorders over the counter from retail brokers.[17] At one point, Madoff Securities was the largest market maker at theNASDAQ and in 2008 was the sixth largest market maker on Wall Street. [36] The firm also had an investmentmanagement and advisory division, which it did not publicize, that was the focus of the fraud investigation. [38]Madoff was "the first prominent practitioner" [39] of payment for order flow, in which a dealer pays a broker for theright to execute a customers order. This has been called a "legal kickback."[40] Some academics have questionedthe ethics of these payments.[41][42] Madoff has argued that these payments did not alter the price that the customerreceived.[43] He viewed the payments as a normal business practice: "If your girlfriend goes to buy stockings at asupermarket, the racks that display those stockings are usually paid for by the company that manufactured thestockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."[43]Madoff was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industryorganization and has served as the Chairman of the Board of Directors and on the Board of Governors of theNASD.[44]Government accessSince 1991, Madoff and his wife have contributed about $240,000 to federal candidates, parties and committees,including $25,000 a year from 2005 through 2008 to the Democratic Senatorial Campaign Committee. TheCommittee has returned $100,000 of the Madoffs contributions to Irving Picard, the bankruptcy trustee whooversees all claims. Senator Charles E. Schumer returned almost $30,000 received from Madoff and his relatives tothe trustee, and Senator Christopher J. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoffvictim.[45]
  4. 4. The Madoff family gained access to Washingtons lawmakers and regulators through the industrys 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. [46] Bernard Madoff sat on the Board of Directors of theSecurities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA.[47]Madoffs brother Peter then served two terms as a member of SIFMAs Board of Directors. He stepped down fromthe Board of Directors of SIFMA in December 2008, as news of the Ponzi scheme broke. [46] From 2000 to 2008the two Madoff brothers gave $56,000 to SIFMA, and tens of thousands of dollars more to sponsor SIFMAindustry meetings.[48] Bernard Madoffs niece Shana Madoff was active on the Executive Committee of SIFMAsCompliance & Legal Division, but resigned her SIFMA position shortly after her uncles arrest. [49]In 2004 Genevievette Walker-Lightfoot, a lawyer in the SECs Office of Compliance Inspections andExaminations, informed her supervisor branch chief Mark Donohue that her review of Madoff found numerousinconsistencies and recommended further questioning. However, because of agency pressure to investigate themutual fund industry, she had to conclude work on the probe. Donohues boss, Eric Swanson, an assistant directorof the department,[50] married Shana Madoff, after the investigation concluded in 2005. [51] A spokesman forSwanson, who has left the SEC, said he "did not participate in any inquiry of Bernard Madoff Securities or itsaffiliates while involved in a relationship" with Shana Madoff. [52]While awaiting sentencing, Madoff met with the SECs Inspector General, H. David Kotz, who is conducting aninvestigation into how regulators failed to detect the fraud despite numerous red flags. [53] Madoff said he couldhave been caught in 2003, but bumbling investigators acted like "Lt. Colombo" and never asked the rightquestions."I was astonished. They never even looked at my stock records. If investigators had checked with the DepositoryTrust Company, a central securities depository, it wouldve been easy for them to see. If youre looking at a Ponzischeme, its the first thing you do." Madoff said in the June 17, 2009, interview that SEC Chairman Mary Schapirowas a "dear friend," and SEC Commissioner Elisse Walter was a "terrific lady" whom he knew "pretty well." [54]Since Madoffs arrest, the SEC has been criticized for its lack of financial expertise and lack of due diligence,despite having received complaints from Harry Markopolos and others for almost a decade. The SECs InspectorGeneral, H. David Kotz, found that since 1992, there were six botched investigations of Madoff by the SEC, eitherthrough incompetent staff work or neglecting allegations of financial experts and whistle-blowers. At least some ofthe SEC investigators doubted whether Madoff was even trading. [55][56][57]Investment scandalMain article: Madoff investment scandalConcerns about Madoffs business surfaced as early as 1999, when financial analyst Harry Markopolos informedthe U.S. Securities and Exchange Commission (SEC) that he believed it was legally and mathematicallyimpossible to achieve the gains Madoff claimed to deliver. According to Markopolos, he knew within five minutesthat Madoffs numbers didnt add up, and it took four hours of failed attempts to replicate them to conclude Madoffwas a fraud.[58] He was ignored by the Boston SEC in 2000 and 2001, as well as by Meaghan Cheung at the NewYork SEC in 2005 and 2007 when he presented further evidence. He has since published a book, No One WouldListen, about the frustrating efforts he and his team made over a ten-year period to alert the government, theindustry, and the press about the Madoff fraud.Although Madoffs wealth management business ultimately grew into a multi-billion-dollar operation, none of themajor derivatives firms traded with him because they didnt think his numbers were real. None of the major WallStreet firms invested with him either, and several high-ranking executives at those firms suspected he wasntlegitimate.[58]
  5. 5. Others also contended it was inconceivable that the growing volume of Madoff accounts could be competently andlegitimately serviced by his documented accounting/auditing firm, a three-person firm with only one activeaccountant.[59]The Federal Bureau of Investigation complaint says that during the first week of December 2008, Madoff confidedto a senior employee, identified by Bloomberg News as one of his sons, that he said he was struggling to meet $7billion in redemptions.[18] According to the sons, Madoff told Mark Madoff on December 9 that he planned to payout $173 million in bonuses two months early. [60] Madoff said that "he had recently made profits through businessoperations, and that now was a good time to distribute it."[18] Mark told Andrew Madoff, and the next morning theywent to their fathers apartment and asked him how he could pay bonuses to his staff if he was having troublepaying clients. With Ruth Madoff nearby, Madoff told them he was "finished," that he had "absolutely nothing"left, that his investment fund was "just one big lie" and "basically, a giant Ponzi scheme."[60] According to theirattorney, Madoffs sons then reported their father to federal authorities. [18] On December 11, 2008, he was arrestedand charged with securities fraud.[20]Madoff posted $10 million bail in December 2008 and remained under 24-hour monitoring and house arrest in hisUpper East Side penthouse apartment until March 12, 2009, when Judge Denny Chin revoked his bail andremanded him to the Metropolitan Correctional Center. Chin claimed Madoff was a flight risk, because of his age,wealth, and the prospect of spending the rest of his life in prison. [61] Prosecutors filed two asset forfeiture pleadingswhich include lists of valuable real and personal property as well as financial interests and entities.[62]Madoffs lawyer, Ira Sorkin, filed an appeal, and prosecutors responded with a notice of opposition. [62] On March20, 2009, an appellate court denied Madoffs request to be released from jail and returned to home confinementuntil his June 29, 2009, sentencing. On June 22, 2009, Sorkin hand-delivered a customary pre-sentencing letter tothe judge requesting a sentence of 12 years, because of tables cited from the Social Security Administration that hislife span is predicted to be 13 years.[53][63]On June 26, 2009, Chin ordered Madoff to forfeit $170 million in assets. Prosecutors asked Chin to sentenceMadoff to the maximum 150 years in prison. [64][65][66] Irving Picard indicated that "Mr. Madoff has not providedmeaningful cooperation or assistance."[67]In settlement with federal prosecutors, Madoffs wife Ruth agreed to forfeit her claim to US$85 million in assets,leaving her with $2.5 million in cash.[68] The order allowed the SEC and Court appointed trustee Irving Picard topursue Ruth Madoffs funds.[67] Massachusetts regulators also accused her of withdrawing $15 million fromcompany-related accounts shortly before he confessed. [69]In February 2009, Madoff reached an agreement with the SEC, banning him from the securities industry for life. [70]Picard has sued Madoffs sons, Mark and Andrew, his brother Peter, and Peters daughter, Shana, for negligenceand breach of fiduciary duty, for $198 million. The defendants had received over $80 million in compensationsince 2001 and "used the bank account at BLMIS like a personal piggy bank." The trustee believes they knewabout the fraud because of their personal investments in the scheme, the longevity of the fraud, and because oftheir work at the company including roles as corporate and compliance officers. Since 1995, Peter Madoff hadinvested only $32,146, but withdrew over $16 million. Mark and Andrew Madoff withdrew more than $35 millionfrom a small original investment. Picard asserts Mark Madoff conspired with his father to hide $25 million inunknown Swiss accounts.[71][72]Mechanics of the fraudAccording to the Securities and Exchange Commission indictment against Annette Bongiorno and Joann Crupi,two back office workers who worked for Madoff, they created false trading reports based on the returns thatMadoff ordered for each customer.[73] For example, once Madoff determined a customers return, one of the back
  6. 6. office workers would enter a false trade from a previous date and then enter a false closing trade in the amount ofthe required profit, according to the indictment. [74] Prosecutors allege that Bongiorno used a computer programspecially designed to backdate trades and manipulate account statements. They quote her as writing to a managerin the early 1990s "I need the ability to give any settlement date I want." [73] In some cases returns were allegedlydetermined before the account was even opened. [74]Madoff admitted during his March 2009 guilty plea that the essence of his scheme was to deposit client money intoa Chase account, rather than invest it and generate steady returns as clients had believed. When clients wanted theirmoney, "I used the money in the Chase Manhattan bank account that belonged to them or other clients to pay therequested funds," he told the court.[75]Affinity fraudAffected institutions include the Stony Brook Foundation, the James Harris Simons family foundation, KentuckyUniversity, the Womens Zionist Organization of America, the Elie Wiesel Foundation and Steven SpielbergsWunderkinder Foundation. Jewish federations and hospitals have lost millions of dollars, forcing someorganizations to close.[76] The Lappin Foundation, for instance, was temporarily forced to halt operations because ithad invested its entire $8 million endowment with Madoff.Size of loss to investorsDavid Sheehan, chief counsel to trustee Picard, stated on September 27, 2009, that about $36 billion was investedinto the scam, returning $18 billion to investors, with $18 billion missing. About half of Madoffs investors were"net winners," earning more than their investment. The withdrawal amounts in the final six years were subject to"clawback" (return of money) lawsuits. [6]In a May 4, 2011 statement, trustee Picard said that the total fictitious amounts owed to customers (with someadjustments) were $57 billion, of which $17.3 billion was actually invested by the customers. $7.6 billion has beenrecovered, but pending lawsuits, only $2.6 billion is available to repay victims.[77] If all the recovered funds arereturned to victims, their net loss would be just under $10 billion.The Internal Revenue Service ruled that investors capital loss in this and other fraudulent investment schemes willbe treated as a business loss, thereby allowing the victims to claim them as net operating losses to reduce taxliability.[78]The size of the fraud was often stated as $65 billion early in the investigation, [77] but former SEC Chairman HarveyPitt estimated the actual net fraud to be between $10 and $17 billion. [79] Erin Arvedlund, who publicly questionedMadoffs reported investment performance in 2001, stated that the actual amount of the fraud might never beknown, but was likely between $12 and $20 billion.[80] [81]Plea, sentencing, and prison lifeOn March 12, 2009, Madoff pled guilty to 11 federal felonies, including securities fraud, wire fraud, mail fraud,money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filingswith the SEC.[82] The plea was the response to a criminal complaint filed two days earlier, which stated that overthe past 20 years, Madoff had defrauded his clients of almost $65 billion in the largest Ponzi scheme in history.Madoff insisted he was solely responsible for the fraud. [7][55] Madoff did not plea bargain with the government.Rather, he pleaded guilty to all charges. It has been speculated that Madoff pleaded guilty because he refused tocooperate with the authorities in order to avoid naming any associates and conspirators who were involved withhim in the Ponzi scheme.[83][84]
  7. 7. On November 3, 2009, David Friehling, Madoffs accounting front man pleaded guilty to securities fraud,investment adviser fraud, making false filings to the Securities and Exchange Commission, and obstructing theIRS. Madoffs right hand man, Frank DiPascali pleaded guilty in August, 2009, and is awaiting bail. [85]In his plea allocution, Madoff stated he began his Ponzi scheme in 1991. He admitted he had never made anylegitimate investments with his clients money during this time. Instead, he said, he simply deposited the moneyinto his personal business account at Chase Manhattan Bank. When his customers asked for withdrawals, he paidthem out of the Chase account—a classic "robbing Peter to pay Paul" scenario. Chase and its successor, JPMorganChase, may have earned as much as $483 million from his bank account. [86][87] He was committed to satisfying hisclients expectations of high returns, despite an economic recession. He admitted to false trading activities maskedby foreign transfers and false SEC filings. He stated that he always intended to resume legitimate trading activity,but it proved "difficult, and ultimately impossible" to reconcile his client accounts. In the end, Madoff said, herealized that his scam would eventually be exposed. [61][88]On June 29, 2009, Chin sentenced Madoff to the maximum sentence of 150 years in federal prison. [8][89] Madoffslawyers originally asked the judge to impose a sentence of 7 years because of Madoffs old age.Madoff apologized to his victims, saying, "I have left a legacy of shame, as some of my victims have pointed out,to my family and my grandchildren. This is something I will live in for the rest of my life. Im sorry." He added, "Iknow that doesnt help you," after his victims recommended to the judge that he receive a life sentence. Chin hadnot received any mitigating letters from friends or family testifying to Madoffs good deeds. "The absence of suchsupport is telling," he said.[90]Chin also said that Madoff had not been forthcoming about his crimes. "I have a sense Mr. Madoff has not done allthat he could do or told all that he knows," said Chin, calling the fraud "extraordinarily evil," "unprecedented" and"staggering," and that the sentence would deter others from committing similar frauds. [91] Chin also agreed withprosecutors contention that the fraud began at some point in the 1980s. He also noted that Madoffs crimes were"off the charts" since federal sentencing guidelines for fraud only go up to $400 million in losses. [92]Ruth did not attend court but issued a statement, saying "I am breaking my silence now because my reluctance tospeak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernies crime, whichis exactly the opposite of the truth. I am embarrassed and ashamed. Like everyone else, I feel betrayed andconfused. The man who committed this horrible fraud is not the man whom I have known for all these years." [93]IncarcerationFCI Butner Medium, where Madoff is incarceratedMadoffs attorney asked the judge to recommend that the Federal Bureau of Prisons place Madoff in the FederalCorrectional Institution, Otisville, which is located 70 miles (110 km) from Manhattan. The judge, however, onlyrecommended that Madoff be sent to a facility in the Northeast United States.[94] Madoff was transferred to theFederal Correctional Institution Butner Medium near Butner, North Carolina, about 45 miles (72 km) northwest of
  8. 8. Raleigh; he is Bureau of Prisons Register #61727-054.[1][95] Jeff Gammage of the Philadelphia Inquirer said"Madoffs heavy sentence likely determined his fate."[94]Madoffs projected release date is November 14, 2139. [2][95] The release date, described as "academic" in Madoffscase, reflects a reduction for good behavior. [96] On October 13, 2009, it was reported that Madoff experienced hisfirst prison yard fight with another senior citizen inmate. [97] When he began his sentence, Madoffs stress levelswere so severe that he broke out in hives and other skin maladies soon after. [98]On December 18, 2009, Madoff was moved to Duke University Medical Center in Durham, North Carolina, andwas treated for several facial injuries. A former inmate later claimed that the injuries were received during analleged altercation with another inmate.[99] Other news reports described Madoffs injuries as more serious andincluding "facial fractures, broken ribs, and a collapsed lung". [98][100] The Federal Bureau of Prisons said Madoffsigned an affidavit on December 24, 2009, which indicated that he had not been assaulted and that he had beenadmitted to the hospital for hypertension.[101]In his letter to his daughter-in-law, Madoff claimed that he was being treated in prison like a "Mafia don". "Theycall me either Uncle Bernie or Mr. Madoff. I cant walk anywhere without someone shouting their greetings andencouragement, to keep my spirit up. Its really quite sweet, how concerned everyone is about my well being,including the staff...Its much safer here than walking the streets of New York."[102]Personal lifeOn November 28, 1959, Madoff married Ruth Alpern,[27][103] whom he had met while attending Far RockawayHigh School. The two eventually began dating. Ruth graduated high school in 1958 and earned her bachelorsdegree at Queens College,[104][105] she was employed at the stock market in Manhattan before[106] working inMadoffs firm, and she founded the Madoff Charitable Foundation.[107] Bernard and Ruth Madoff had two sons:Mark (March 11, 1964-December 11, 2010),[108] a 1986 graduate of the University of Michigan, and Andrew (bornApril 8, 1966),[109] a 1988 graduate of University of Pennsylvanias Wharton Business School.[110][111] Both laterworked in the trading section alongside paternal cousin Charles Weiner.[36][112] Several family members worked forMadoff. His younger brother, Peter,[113] an attorney, was Senior Managing Director and Chief Compliance Officer,and Peters daughter, Shana, also an attorney, was the compliance attorney. On the morning of December 11,2010—exactly two years after Bernards arrest—his son Mark was found dead in his New York City apartment.The city medical examiner ruled the cause of death as suicide by hanging.[114][115][116]Mark Madoff owed his parents $22 million, and Andrew Madoff owes $9.5 million. There were two loans in 2008from Bernard Madoff to Andrew Madoff: $4.3 million on October 6, and $250,000 on September 21. [117][118]Andrew owns a Manhattan apartment and a home in Greenwich, Connecticut, as did Mark[106] prior to hisdeath.[119] Following a divorce from his first wife in 2000, Mark withdrew money from an account. Both sons usedoutside investment firms to run their own private philanthropic foundations. [34][106][120] In March 2003, Andrew wasdiagnosed with mantle cell lymphoma and eventually returned to work. He became chairman of the LymphomaResearch Foundation in January 2008, but resigned shortly after his fathers arrest. [106]Peter and Andrew Madoff remain the targets of a tax fraud investigation by federal prosecutors, according to TheWall Street Journal. David Friehling, Bernard Madoffs tax accountant, who pleaded guilty in a related case, isreportedly assisting the investigation. According to a civil lawsuit filed in October 2009, trustee Irving Picardalleges that Peter Madoff deposited $32,146 into his Madoff accounts and withdrew over $16 million; Andrewdeposited almost $1 million into his accounts and withdrew $17 million; Mark deposited $745,482 and withdrew$18.1 million.[121]Madoff lived in Roslyn, New York, in a ranch house through the 1970s and after 1980 owned an ocean-frontresidence in Montauk.[122] His primary residence was on Manhattans Upper East Side,[123] and he was listed aschairman of the buildings co-op board.[124] He also owned a home in France and a mansion in Palm Beach,
  9. 9. Florida, where he was a member of the Palm Beach Country Club. [125] Madoff owned a 55-foot (17 m) sportfishingyacht named Bull.[124][126] All three homes were auctioned by the U.S. Marshals Service in September 2009.[127][128]Sheryl Weinstein, former chief financial officer of Hadassah, disclosed in a book written to recoup her investmentlosses that she and Madoff had an affair more than 20 years ago. As of 1997, when Weinstein left, Hadassah hadinvested a total of $40 million. By the end of 2008, Hadassah had withdrawn $140 million from an account valuedat $90 million. At the victim impact sentencing hearing, Weinstein testified, calling him a "beast". [129][130]According to a March 13, 2009, filing by Madoff, he and his wife were worth up to $126 million, plus an estimated$700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC. [131] Othermajor assets included securities ($45 million), cash ($17 million), half-interest in BLM Air Charter ($12 million), a2006 Leopard yacht ($7 million), jewelry ($2.6 million), Manhattan apartment ($7 million), Montauk home ($3million), Palm Beach home ($11 million), Cap d Antibes, France property ($1 million), and furniture, householdgoods, and art ($9.9 million).During a 2011 interview on CBS, Ruth Madoff stated that she and her husband had attempted suicide after hisfraud was exposed, both taking "a bunch of pills" in a suicide pact on Christmas Eve 2008.[132][4]In November 2011, former Madoff employee David Kugel pleaded guilty to charges that arose out of the ponzischeme. He admitted having helped Madoff create a phony paper traiul, the false account statements that weresupplied to clients.Philanthropy and other activitiesMadoff was a prominent philanthropist,[20][112] who served on boards of nonprofit institutions, many of whichentrusted his firm with their endowments.[20][112] The collapse and freeze of his personal assets and those of hisfirm affected businesses, charities, and foundations around the world, including the Chais Family Foundation,[133]the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation which were forcedto close.[20][134] Madoff donated approximately $6 million to lymphoma research after his son Andrew wasdiagnosed with the disease.[135] He and his wife gave over $230,000 to political causes since 1991, with the bulkgoing to the Democratic Party.[136]Madoff served as the Chairman of the Board of Directors of the Sy Syms School of Business at YeshivaUniversity, and as Treasurer of its Board of Trustees.[112] He resigned his position at Yeshiva University after hisarrest.[134] Madoff also served on the Board of New York City Center, a member of New York Citys CulturalInstitutions Group (CIG).[137] He served on the executive council of the Wall Street division of the UJA Foundationof New York which declined to invest funds with him because of the conflict of interest. [138]Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and made philanthropic gifts throughthe Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife.[20] Theydonated money to hospitals and theaters. [112] The foundation has also contributed to many educational, cultural,and health charities, including those later forced to close because of Madoffs fraud. [139] After Madoffs arrest, theassets of the Madoff Family Foundation were frozen by a federal court. [20]In the media  HBO is making a movie about Madoff in which actor Robert De Niro is set to star.[140]  A documentary, Chasing Madoff, describing Harry Markopolos efforts to unmask the fraud, was released in August 2011.See also
  10. 10.  Affinity fraud  FBI  Financial crisis of 2007–2010  K1 fund, a German ponzi-scheme  e d ff e me d  Ponzi scheme  e e ff d f m e d ff e me d  Michael Sabo  White-collar crimeReferences 1. ^ a b Chuchmach, Megan; Esposito, Richard; Katersky, Aaron (July 14, 2009). "Bernie Madoff Hit the Inmate Lottery with Butner Prison, Consultant Says". ABC News. Retrieved July 14, 2009. 2. ^ a b Kouwe, Zachery (July 14, 2009). "Madoff Arrives at Federal Prison in North Carolina". The New York Times. Associated Press. Retrieved July 14, 2009. 3. ^ "Voice of America pronunciation guide". Voice of America. Retrieved March 18, 2010. 4. ^ a b "Madoff Says He Is Happier in Prison Than Free". The New York Times. Reuters. October 27, 2011. Retrieved October 28, 2011. 5. ^ Kolker, Carlyn; Tiffany Kary and Saijel Kishan (December 23, 2008). "Madoff Victims May Have to Return Profits, Principal". Bloomberg News. Retrieved December 24, 2008. 6. ^ a b c Safer, Morley (September 27, 2009). "The Madoff Scam: Meet The Liquidator". 60 Minutes (CBS News): pp. 1–4. Retrieved September 28, 2009. 7. ^ a b Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal (Dow Jones, Inc). Retrieved March 12, 2009. 8. ^ a b "Bernard Madoff gets 150 years behind bars for fraud scheme". CBC News. June 29, 2009. Retrieved June 29, 2009. 9. ^ Healy, Jack (June 29, 2009). "Madoff Sentenced to 150 Years for Ponzi Scheme". The New York Times. Retrieved June 29, 2009. 10. ^ Bernstein, Jake (June 28, 2009). "Madoff may not have benefited most in scam Client Jeffry Picower allegedly withdrew $5.1 billion from accounts". Pro Publica. Retrieved December 18, 2010. 11. ^ Healy, Beth; Casey Ross (December 18, 2010). "Picower estate adds $7.2b to Madoff fund". Boston Globe. Retrieved December 18, 2010. 12. ^ Trustee: J.P. Morgan Abetted Madoff, Michael Rothfeld, The Wall Street Journal, February 4, 2011, Retrieved February 4, 2011. 13. ^ Madoff Trustee: Mets Owners Ignored Ponzi Warning Signs, Chad Bray, The Wall Street Journal, February 4, 2011, Retrieved February 4, 2011. 14. ^ a b "The Madoff Case: A Timeline". The Wall Street Journal. March 6, 2009. Retrieved March 6, 2009. 15. ^ Diana Henriques (January 13, 2009). "New Description of Timing on Madoffs Confession". The New York Times. Retrieved January 19, 2009. 16. ^ a b Lieberman, David; Pallavi Gogoi, Theresa Howard, Kevin McCoy, Matt Krantz (December 15, 2008). "Investors remain amazed over Madoffs sudden downfall". USA Today. Retrieved December 24, 2008. 17. ^ a b OHara, Maureen (1995). Market Microstructure Theory. Oxford: Blackwell. p. 190. ISBN 1-55786- 443-8. Retrieved December 16, 2008. 18. ^ a b c d Voreacos, David; Glovin, David (December 13, 2008). "Madoff Confessed $50 Billion Fraud Before FBI Arrest". Bloomberg News. 19. ^ "SEC: Complaint SEC against Madoff and BMIS LLC" (PDF). U.S. Securities and Exchange Commission. December 11, 2008. Retrieved December 29, 2008. 20. ^ a b c d e f g Appelbaum, Binyamin; David S. Hilzenrath and Amit R. Paley (December 13, 2008). "All Just One Big Lie". The Washington Post: p. D01. Retrieved December 12, 2008. 21. ^ Madoffs mother tangled with the feds 22. ^ Social Security Death Index
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