Bernard lawrence madoff (/ ˈ m eɪ d ɒ f / born april 29, 1938) is an american former stockbroker, investment advisor, financier, and admitted fraudsterhe is the former non-executive chairman of the nasdaq stock market, and the confessed operator of the largest ponzi scheme in world history, and the largest financial fraud in us history. Bernard madoff, a quiet force on wall street for decades, was arrested and charged on thursday with allegedly running a $50 billion ponzi scheme in what may rank among the biggest fraud cases ever.
Five years after ponzi scheme mastermind bernard madoff's arrest, his claim that he alone was responsible for the more than $173 billion fraud is being demolished in the trial of five former employees accused of helping him. News about bernard l madoff commentary and archival information about bernard l madoff from the new york times.
Watch video look deeper into the life and dealings of bernard madoff, the man behind the largest ponzi scheme in history, at biographycom.
He was caught in december 2008 and charged with 11 counts of fraud, money laundering, perjury, and theft madoff used a so-called ponzi scheme. The department of justice today announced that on april 12, the madoff victim fund (mvf) began its second distribution of $504 million in funds forfeited to the us government in connection with the bernard l madoff investment securities llc (blmis) fraud scheme, bringing the total distributed to over $12 billion.
The bernard madoff the older of bernard l madoff the lawsuits filed by the trustee seeking money for bernard l madoff’s fraud victims may be a. The madoff investment scandal was a major case of stock and securities fraud discovered in late 2008 in december of that year, bernard madoff, the former nasdaq chairman and founder of the wall street firm bernard l madoff investment securities llc, admitted that the wealth management arm of his business was an elaborate ponzi.
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How can the answer be improved. Bernard l madoff was sent to jail to await mark and andrew — have denied any knowledge of the fraud but mrs madoff is seeking to retain.