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
- ↑ Clusterstock.com, December 23, 2008
