Wiki Biography of Bernard Madoff
Bernard Lawrence Madoff, of Polish, Austrian, and Romanian descent, was born on April 29, 1938, in Queens, New York City, USA. He is most known for being the former chairman of the NASDAQ stock exchange and a former businessman and banker. However, as the operator of a Ponzi scheme worth an estimated $65 billion, he is known for committing the greatest fraud in US history. He was active from the 1960s until his arrest in the late 2000s.
Have you ever wondered what Bernard Madoff’s net worth is? Madoff’s ultimate net worth is now estimated to be negative $17 billion as of early 2016, according to credible sources, as a result of his fraudulent operations over a 40-year period.
Bernard Madoff’s net worth is a whopping $17 billion
Bernard Madoff was the son of Ralph Madoff, a stockbroker and plumber, and Sylvia Madoff, a homemaker, and grew up in a Jewish family with two brothers. He graduated from Far Rockaway High School and went on to the University of Alabama, where he joined the Sigma Alpha Mu Fraternity in 1956. He transferred to Hofstra University after a year and received a BA in Political Science in 1960. He also attended Brooklyn Law School for a short time.
Bernard founded his own company, Bernard L. Madoff Investment Securities LLC, the same year he began Brooklyn Law School, marking the start of his professional career. With an initial investment of $5,000 obtained from Bernard’s former profession as a lifeguard, the company acted as a penny stock trader from the start. His company quickly grew, thanks to his father-in-$50,000 law’s investment and the fact that he told some of his acquaintances about it, all of whom contributed financially to the company.
Bernard’s net worth expanded over time, and he eventually became one of Wall Street’s top market traders, making it the primary source of his wealth.
It all went apart, however, when Bernard’s sons told authorities of his Ponzi scam, which began in the early 1990s. Bernard was caught on December 11th, 2008, and sentenced to 150 years in jail after a trial. According to sources, the total sum missing from clients’ accounts was expected to be as high as $65 billion. Bernard did, however, serve as the non-executive chairman of the NASDAQ stock exchange before his scam was discovered.
In terms of Bernard Madoff’s personal life, he married Ruth Alpern in 1959 and the pair had two boys, both of whom have since died as a result of the fraud. Bernard was a well-known philanthropist who formed “The Madoff Family Foundation” with his wife and collaborated with other organizations – all with client money, of course. Bernard is serving his sentence at the Federal Correctional Complex in Butner, where he was diagnosed with end-stage renal illness after suffering a heart attack in 2013. (ESRD). He lived on Manhattan’s Upper East Side, in Roslyn, New York, and in Palm Beach, Florida.
|Date Of Birth
|April 29, 1938
|Place Of Birth
|Queens, New York City, New York, USA,
|Stockbroker, investment advisor,
|Far Rockaway High School, Hofstra University, Brooklyn Law School,
|Ruth Madoff (1959-),
|Andrew Madoff, Mark Madoff,
|Ralph Madoff, Sylvia Madoff
|Sondra Wiener, Peter Madoff