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2024-05-08 06:32:19

Bernie Madoff

American financial criminal and financier
American financial criminal and financier

Bernie Madoff was the mastermind of the largest Ponzi scheme, worth $65 billion. He founded Bernard L. Madoff Investment Securities and was sentenced to 150 years in prison in 2009.

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1938-04-29
Birth of Bernard Madoff

Bernard Lawrence Madoff, also known as Bernie Madoff, was born on April 29, 1938 in Queens, New York, U.S.

1959-11-28
Bernard Madoff marries Ruth Alpern

Bernard Madoff married Ruth Alpern on November 28, 1959. Ruth was employed in the stock market in Manhattan before joining Madoff's firm and founding the Madoff Charitable Foundation.

1960
Bernard L. Madoff Investment Securities LLC Founded

In 1960, Bernie Madoff founded Bernard L. Madoff Investment Securities LLC with his high-school sweetheart, Ruth. The company would later become infamous for running a Ponzi scheme.

1962
Madoff Starts Managing Investments for Clients

By 1962, Bernie Madoff begins managing investments for clients through his father-in-law and one of his partners. The first investors are recruited from various locations such as Queens, Long Island, and the Catskills.

1963-08
SEC Action Against Madoff's Mother

In August 1963, the SEC took action against Sylvia R. Madoff's firm, Gibraltar Securities, for failing to file financial reports. Eventually, the charges were dropped in January 1964. Reports suggest that Bernie Madoff's mother may have been involved in securities trading.

1964
Early Start of Madoff's Fraud

Investigators believe that Bernie Madoff's fraudulent scheme began as early as 1964, much earlier than Madoff himself admitted. This indicates the long history of deceit and manipulation in Madoff's investment advisory business.

1968
Michael Bienes joins Alpern & Avellino

Michael Bienes, an accountant, joined Alpern & Avellino in 1968. He recalls Bernie Madoff taking a few accounts from Saul's people initially, but later deciding to pool small investors together with the help of Alpern to streamline the process.

1971
Introduction of Automation in the Over-the-Counter Marketplace

In 1971, Bernie Madoff and his brother recognized the potential of automation in the over-the-counter marketplace. They saw an opportunity to bring visibility and transparency by introducing automation, which later revolutionized the trading industry.

1975
Frank DiPascali's Involvement in Madoff's Fraud

Frank DiPascali, who had been working at Bernie Madoff's firm since 1975, revealed that the fraudulent activities had been happening for as long as he could remember, indicating the scheme's deep-rooted nature.

1982
Madoff Implements New Options Strategy

In 1982, Bernie Madoff began using a new options strategy for his investment business, involving being long on a portfolio of S&P securities and hedging with derivatives like futures and options. This strategy aimed to allow investors to benefit from an upward market move while limiting downside risk.

1983
Madoff Elected to NASD Advisory Council

In 1983, Bernie Madoff was elected to the NASD Advisory Council, serving for four years and participating in various NASD committees and task forces. He actively pursued a presence on the regulatory body, aiming to be involved in all aspects of the industry.

1989-07
Fairfield Greenwich Group invests in Madoff

In July 1989, partners Jeffrey Tucker and Walter Noel of Fairfield Greenwich Group invest $1.5 million with Madoff, followed by an additional $1 million in January 1990. This marks the beginning of their investment relationship with Madoff.

1990-11
Fairfield Sentry Limited Fund is established

In November 1990, Fairfield Greenwich Group starts the Fairfield Sentry Limited Fund with $4 million entirely managed by Madoff. This fund accelerates the investment activities with Madoff.

1992-11
SEC Shuts Down Avellino & Bienes

In November 1992, the SEC shuts down Avellino & Bienes following a tip from a Seattle investment adviser suspecting a Ponzi scheme. The firm had funneled $441 million to Bernie Madoff, who had more than 3,200 clients through them.

1997
Sheryl Weinstein discloses affair with Bernie Madoff

In 1997, Sheryl Weinstein, former CFO of Hadassah, revealed in a memoir that she had an affair with Bernie Madoff more than 20 years earlier. Hadassah had invested millions with Madoff.

1999
Harry Markopolos informs SEC about Madoff

In 1999, financial analyst Harry Markopolos informed the SEC that he believed it was impossible to achieve the gains Madoff claimed. Markopolos quickly concluded that Madoff's numbers did not add up and suspected fraud.

2000-05
Harry Markopolos Files SEC Complaint

In May 2000, Harry Markopolos officially filed his first SEC complaint against Bernie Madoff, signaling the beginning of the uncovering of the massive Ponzi scheme orchestrated by Madoff.

2001-05
Two Articles Raise Red Flags

In May 2001, investigative reporter Michael Ocrant publishes an article questioning Bernie Madoff's consistent returns and the legitimacy of his operations. The article raises red flags about Madoff's firm, Madoff Securities.

2004
SEC lawyer raises concerns about Madoff

In 2004, SEC lawyer Genevievette Walker-Lightfoot raised red flags about inconsistencies in Madoff's operations, but her superiors instructed her to halt the investigation and focus on the mutual fund industry instead.

2005-12
Letters Sent to SEC about Madoff

In December 2005, multiple letters were sent to the SEC regarding Bernie Madoff, raising concerns about his investment strategies and practices.

2006-01
SEC Launches Investigation into Madoff

In January 2006, the SEC initiated an investigation into Bernie Madoff after receiving a detailed memo from Harry Markopolos, revealing discrepancies in Madoff's operations.

2006-05
Madoff Interviewed by SEC

In May 2006, Bernie Madoff is interviewed by the SEC. Insiders reported that Madoff appeared nervous and irritable during the visit to his office. In his confession in March 2009, Madoff revealed that he had lied to the SEC during this interview.

2007
Madoff Recalls Early Days of Market Making

In 2007, Bernie Madoff reminisces about his early days as a market maker, where he matched buyers and sellers for smaller stocks that were not listed on major exchanges. He highlights the manual negotiation process that was prevalent in the absence of automation.

2008-12-09
Madoff Plans Early Bonus Payout

On December 9, 2008, Bernie Madoff informed his son Mark Madoff that he intended to pay out $173 million in bonuses two months ahead of schedule, claiming recent profits justified the move.

2008-12-10
Bernie Madoff Confesses to Wrongdoing

On December 10, 2008, Bernie Madoff confessed to his sons about his fraudulent Ponzi scheme, where he used new investors' capital to pay existing clients. The following day, his sons turned him over to the authorities, although Bernie maintained they were unaware of his actions.

2008-12-11
Arrest of Bernie Madoff

On December 11, 2008, Bernie Madoff was arrested for running an elaborate Ponzi scheme, admitting to losing billions of dollars of his investors' money.

2008-12-23
Thierry de la Villehuchet Commits Suicide

Thierry de la Villehuchet, a French aristocrat who was trying to recover billions of dollars invested with Madoff, commits suicide by slitting his wrists. His death is seen as an act of atonement for the losses suffered by investors.

2008-12-24
Madoff Suicide Attempt

Ruth Madoff claimed in a 2011 interview that she and her husband, Bernard Madoff, attempted suicide by taking 'a bunch of pills' in a suicide pact on Christmas Eve 2008 after his fraud was exposed.

2009-03-10
Bernie Madoff exits federal court

On March 10, 2009, Bernie Madoff exited federal court in New York City. He was a prominent figure in the financial world who later became infamous for running one of the largest Ponzi schemes in history.

2009-03-12
Bernie Madoff pleads guilty to 11 federal felonies

On March 12, 2009, Bernie Madoff pleaded guilty to 11 federal felonies, admitting to securities fraud, wire fraud, money laundering, and other charges. This marked a significant moment in the case, revealing the extent of his Ponzi scheme.

2009-05-12
PBS Frontline Aired The Madoff Affair

On May 12, 2009, PBS Frontline aired The Madoff Affair, a documentary about Bernie Madoff's fraudulent activities.

2009-06-17
Madoff criticizes SEC's handling of fraud detection

In an interview on June 17, 2009, Bernard Madoff criticized the SEC for failing to detect his Ponzi scheme earlier, attributing it to incompetence and lack of thorough investigation.

2009-06-26
Forfeiture of Madoff's Assets

On June 26, 2009, Judge Denny Chin ordered the forfeiture of $170 million in Bernie Madoff's assets as part of the legal proceedings.

2009-06-29
Sentencing of Bernard Madoff

On June 29, 2009, Bernard Madoff was sentenced to 150 years in prison, the maximum sentence allowed, for his role in defrauding thousands of investors in the Madoff investment scandal. This marked the end of a long legal battle.

2010-12-11
Bernard Madoff Is Dying, Seeks Early Release From Prison

Bernard Madoff, the mastermind behind the massive Ponzi scheme, is reported to be dying and seeks early release from prison through his lawyer.

2011-05-04
Trustee Picard reveals total amount owed to customers

In a statement on May 4, 2011, trustee Picard disclosed that the total amount owed to customers in the Madoff Ponzi scheme was $57 billion, with only $7.6 billion recovered at that time. This highlighted the massive financial impact on the victims.

2012
Need You Now Novel Publication

James Grippando's thriller 'Need You Now', published in 2012, is driven by the suicide of a Ponzi schemer akin to Bernie Madoff.

2013-12
Bernard Madoff's Health Issues

Bernard Madoff suffered a heart attack in December 2013 and was reported to have end-stage renal disease. He also claimed to have kidney cancer in January 2014, although this was unconfirmed.

2014-12-11
Andrew Madoff Dies at 48

Andrew Madoff, son of Bernard Madoff who exposed his father's fraudulent activities, passes away at the age of 48.

2016-02-03
Madoff Miniseries Premiere

The ABC miniseries 'Madoff' aired on February 3 and 4, 2016, with Richard Dreyfuss and Blythe Danner portraying Bernard and Ruth Madoff.

2017-02-10
Radiolab Podcast Episode 'Ponzi Super Nova'

The podcast episode 'Ponzi Super Nova' was released on February 10, 2017, featuring an interview with Bernie Madoff conducted over a prison phone.

2017-05-11
Podcast Episode 'When Madoff Calls' Released

An episode titled 'When Madoff Calls' from the podcast 'Ponzi Supernova' is released on Apple Podcasts, delving into the story of Bernie Madoff.

2017-05-20
The Wizard of Lies HBO Film Release

The HBO film 'The Wizard of Lies' premiered in May 2017, starring Robert De Niro as Bernie Madoff and Michelle Pfeiffer as Ruth Madoff.

2017-11-09
U.S. government announces payouts from Madoff Victim Fund

On November 9, 2017, the U.S. government revealed plans to distribute $772.5 million from the Madoff Victim Fund to over 24,000 victims of the Ponzi scheme. This initiative aimed to provide some restitution to those affected by Madoff's fraud.

2019-07-29
Madoff's Request to Donald Trump

Bernie Madoff asked Donald Trump for a reduced sentence or pardon, but received no comment from the White House or Donald Trump.

2020-02-05
Madoff's early release request

On February 5, 2020, Bernie Madoff's lawyers requested his early release from prison, citing his terminal kidney disease. This plea raised discussions about the justice system and compassion towards white-collar criminals.

2021-04-14
Bernie Madoff's Death

Bernie Madoff passed away at the age of 82 in Federal Medical Center, Butner, due to hypertension, atherosclerotic cardiovascular disease, and chronic kidney disease.

2022-02-17
Death of Madoff's Sister and Brother-in-Law

Madoff's sister, Sondra Weiner, and her husband, Marvin, were found dead with gun wounds in their Florida home. The incident was labeled as a potential murder-suicide by police.

2023-01
Madoff: The Monster of Wall Street Documentary Series Release

Netflix released the documentary series 'Madoff: The Monster of Wall Street' in January 2023, shedding light on Bernie Madoff's crimes.

End of the Timeline
Bernie Madoff

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Bernie Madoff

American financial criminal and financier
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