Bernard Madoff

RECENT NEWS
The Economist  Feb 26  Comment 
WHEN bankruptcy trustees were appointed over a hectic weekend late in 2008, there seemed no end to the losses caused by the collapse of Bernie Madoff’s Ponzi scheme. Cash in the bank was no more than $150m. But the losses have been less, and the...
Benzinga  Dec 11  Comment 
Each day, Benzinga will take a look back at a notable market-related moment that happened on this date. What Happened? On this day 9 years ago, Bernard Lawrence “Bernie” Madoff was arrested on charges of fraud after orchestrating the...
Forbes  Dec 11  Comment 
A New York law firm has filed a lawsuit against the U.S. Department of Justice, claiming it has illegally changed the terms and conditions of its $4 billion fund designed to compensate victims of Ponzi scheme perpetrator Bernie Madoff.
Channel News Asia  Nov 29  Comment 
A new lawsuit accuses a lawyer representing hundreds of victims defrauded by Bernard Madoff of cheating her own clients through overbilling, discouraging settlements and having conflicts of interest.
MarketWatch  Nov 13  Comment 
There are more than a dozen new legal cases involving Ponzi schemes every month.
Mondo Visione  Nov 10  Comment 
The Department of Justice today announced that on Nov. 9, the Madoff Victim Fund (MVF)  began its initial distribution of $772.5 million in funds forfeited to the U.S. Government in connection with the  Bernard L. Madoff Investment Securities...
CNNMoney.com  Nov 9  Comment 
Bernie Madoff's victims are getting more of their money back.
Reuters  Nov 9  Comment 
The U.S. government said it has begun distributing $772.5 million from a $4.05 billion fund to compensate victims of Bernard Madoff's Ponzi scheme, ending a nearly nine-year wait for thousands of people to start recouping their losses.
Forbes  Nov 3  Comment 
What business are you really in? Jeff Madoff and I explore this fascinating topic that companies often lose sight of.
New York Times  Oct 19  Comment 
“Don’t think that you’re staring at some girl who has it all,” Stephanie Mack tells personal-shopping clients. “Let me tell you what happened to me.”




 
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Bernard L. Madoff is the founder and chairman of Bernard L. Madoff Investment Securities, a market making and asset management firm. He had previously served as the chairman of Nasdaq stock market and was also the chairman of the Securities Industry Association’s trading committee.

On December 11, 2008 he was arrested on charges of fraud. Madoff confessed that his asset management business was a ponzi scheme and that he had lied about the returns he generated. Instead of relying on returns to pay back investors, he used money from new investors to pay old investors. Prior to his arrest, Madoff had a reputation of earning steady returns on investments for over two decades. The scheme fell apart when investors increased their redemptions due to the 2008 financial crisis. Madoff is estimated to have lost between $17 billion and $50 billion of investor's money.

The website of Bernard L. Madoff Securities states that he attended the law school at Hofstra University. However, the Hofstra Law school did not exist in the 1960s -- the period during which he claims to have attended it.[1]

References

  1. Clusterstock.com, December 23, 2008
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