Bernie Madoff

Bernard Lawrence Madoff was born on April 29, 1938, in Queens, New York. His parents, Ralph and Sylvia Madoff, were immigrants struggling financially during the Great Depression.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

Bernie Madoff admits to his sons at his apartment that his investment advisory business is a fraud, with estimated losses of approximately $50 billion. He plans to surrender to authorities and make payments to selected individuals before doing so.

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.

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.

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.

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.

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

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.

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

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.

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

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

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

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

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.

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

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.

Bernie Madoff, prisoner No. 61727-054, passed away at the Butner Federal Correctional Institution in North Carolina on April 14, 2021.

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.

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