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For the related scandal, see Madoff investment scandal

Bernard L. Madoff
Bernard Madoff's mug shot
Status	Inmate #61727-054 at the Metropolitan Correctional Center, New York City, NY.
Nationality	American
Education	Hofstra University (1960)
Occupation(s)	Stock broker, financial adviser (retired), former chairman of NASDAQ
Employer	Bernard L. Madoff Investment Securities
Known for	Ponzi scheme, Chairman of NASDAQ (prior)
Spouse	Ruth Alpern Madoff
Children	Mark Madoff (ca. 1964), Andrew Madoff (ca. 1966)
Criminal charge	Securities 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
Penalty	Sentencing scheduled for June 16, 2009; maximum sentence of 150 years in prison and $170 billion in restitution

Bernard Lawrence "Bernie" Madoff (Template:IPA-en) (born April 29, 1938, in New York City) is a former American businessman and former chairman of the NASDAQ stock exchange, who confessed to, and was convicted of, operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person.

Personal life

Born to Jewish parents, Ralph and Sylvia Madoff, he grew up in the Laurelton neighborhood of the New York City borough of Queens. He graduated from Far Rockaway High School in 1956, 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. 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. It has been reported that Mrs. Madoff had reconciled the firm's bank accounts. They have two sons, Mark, 45 and Andrew, 42. Andrew, was diagnosed with lymphoma. Deborah Madoff, Andrew's wife, reportedly filed for divorce the day before the scheme was publicly disclosed. 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.

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

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

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. 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).

Madoff was a philanthropist who served on boards of nonprofit institutions, many of which entrusted his firm with their endowments. 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.

Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed.

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. He resigned his position at Yeshiva University after his arrest. Madoff also served on the Board of New York City Center, a member of New York City's Cultural Institutions Group (CIG). 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.

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. They donated money to hospitals and theaters. The foundation has also contributed to many educational, cultural, and health charities, including those later forced to close due to Madoff's fraud. After Madoff's arrest, the assets of the Madoff Family Foundation have been frozen by a federal court.

Madoff was a donor to the Democratic Party and the Republican Party.

Early career

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 started as a penny stock trader with $5,000 (about $35,000 in 2008 dollars) that Madoff earned from working as a lifeguard and sprinkler installer. His business grew with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families. 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. After a trial run, the technology that the firm helped develop became the NASDAQ.

The firm functioned as a third-market provider, which bypassed exchange specialist firms, by directly executing orders over the counter from retail brokers.At one point, Madoff Securities was the largest market maker at the NASDAQ and in 2008 was the sixth largest market maker on Wall Street The firm also had an investment management and advisory division that was the focus of the fraud investigation.

Madoff was "the first prominent practitioner" who paid a broker to execute a customer's order through his brokerage, called a "legal kickback." Academics have questioned the ethics of these payments. Madoff has argued that these payments did not alter the price that the customer received. He viewed the payments as a normal business practice: "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."

Madoff was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industry organization and has served as the Chairman of the Board of Directors and on the Board of Governors of the NASD.

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. 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. Over the years 2000-08, the two Madoff brothers gave $56,000 to SIFMA, and tens of thousands of dollars more to sponsor SIFMA industry meetings.

In addition, Bernard Madoff's niece Shana Madoff was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest. She married an SEC compliance official, Eric Swanson, after an SEC investigation concluded in 2005. A spokesman for Swanson, 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.

Madoff investment scandal

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. 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.

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

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. 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 outlined 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. 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. 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.

His pleading allocution, which Madoff read in a "speechlike" statement, summarized 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.

According to the original federal complaint, Madoff claimed his firm had "liabilities of approximately US$50 billion." 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. 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." They then passed this information to authorities. 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. Madoff's accountant, David G. Friehling, has been arrested in the case, and law enforcement continues to investigate if others were involved. The SEC conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.

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.

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 declared that because of Madoff's age, wealth, and sentencing prospects, he is considered a flight risk.

Madoff's lawyers filed an appeal, and prosecutors responded with a notice of opposition. On March 20,2009, an appellate court denied Madoff's request to be released from jail and returned to "penthouse" home confinement until his June sentencing. Prosecutors have filed two asset forfeiture pleadings which include lists of valuable real and personal property as well as financial interests and entitities.

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.

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.

References

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External links

• Criminal complaint, transcripts of hearings and other documents from the United States Department of Justice
• Bernard L. Madoff Investment Securities This page is now the website for the SIPC receiver of Bernard L. Madoff Investment Securities. (Archive of the pre-receivership website)
• "The Owner's Name is on the Door". Archived from the original on 2008-12-14.
• SEC civil complaint
• SEC press release and update for investors
• Jewish charities hit by Madoff scandal BBC
• Continuously updated table of Madoff's clients from The New York Times
• Madoff Scandal ongoing coverage from the Financial Times
• Madoff Plea Avoids Cooperation Terms - Its Implications with a table of Key Documents: United States v. Madoff from the Federal Evidence Blog

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