Jump to content

Bernie Madoff: Difference between revisions

Page semi-protected
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
→‎Government access: new WP:RS info
m clarified that the SEC investigations had occurred prior to his "confession"
Line 32: Line 32:
Madoff founded the [[Wall Street]] firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.<ref name="WSJtimeline">{{cite news | title =The Madoff Case: A Timeline | work =The Wall Street Journal | date =March 6, 2009 | url =http://online.wsj.com/article/SB112966954231272304.html?mod=googlenews_wsj |accessdate =March 6, 2009 }}</ref><ref name="SorkinSays">{{cite news|publisher=New York Times| url=http://www.nytimes.com/2009/01/10/business/10madoff.html|author=Diana Henriques | title=New Description of Timing on Madoff’s Confession|date=[[2009-01-13]]|accessdate=2009-01-19}}</ref> The firm was one of the top [[market maker]] businesses on [[Wall Street]],<ref name="usa today">{{cite news | last =Lieberman |first =David |coauthors =Pallavi Gogoi, Theresa Howard, Kevin McCoy, Matt Krantz | title =Investors remain amazed over Madoff's sudden downfall | work =[[USA Today]] | date =December 15, 2008 | url =http://www.usatoday.com/money/markets/2008-12-14-ponzi-madoff-downfall_N.htm |accessdate =December 24, 2008}}</ref> which bypassed "specialist" firms, by directly executing orders [[Over-the-counter (finance)|over the counter]] from [[retail broker]]s.<ref name="mm">{{cite book|url=http://books.google.com/books?id=gHrzgo0ghfMC&pg=PA190&lpg=PA190&dq=madoff+securities+maureen+o%27hara&source=web&ots=pYJvd_jmOd&sig=l9ZhWlP_w_ImYe8j6onWPTclqCI&hl=en&sa=X&oi=book_result&resnum=7&ct=result|last=O'Hara|first=Maureen|title=Market Microstructure Theory|publisher=Blackwell|location=[[Oxford]]|year=1995|id=ISBN 1-55786-443-8|page=190|accessdate=December 16, 2008}}</ref>
Madoff founded the [[Wall Street]] firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.<ref name="WSJtimeline">{{cite news | title =The Madoff Case: A Timeline | work =The Wall Street Journal | date =March 6, 2009 | url =http://online.wsj.com/article/SB112966954231272304.html?mod=googlenews_wsj |accessdate =March 6, 2009 }}</ref><ref name="SorkinSays">{{cite news|publisher=New York Times| url=http://www.nytimes.com/2009/01/10/business/10madoff.html|author=Diana Henriques | title=New Description of Timing on Madoff’s Confession|date=[[2009-01-13]]|accessdate=2009-01-19}}</ref> The firm was one of the top [[market maker]] businesses on [[Wall Street]],<ref name="usa today">{{cite news | last =Lieberman |first =David |coauthors =Pallavi Gogoi, Theresa Howard, Kevin McCoy, Matt Krantz | title =Investors remain amazed over Madoff's sudden downfall | work =[[USA Today]] | date =December 15, 2008 | url =http://www.usatoday.com/money/markets/2008-12-14-ponzi-madoff-downfall_N.htm |accessdate =December 24, 2008}}</ref> which bypassed "specialist" firms, by directly executing orders [[Over-the-counter (finance)|over the counter]] from [[retail broker]]s.<ref name="mm">{{cite book|url=http://books.google.com/books?id=gHrzgo0ghfMC&pg=PA190&lpg=PA190&dq=madoff+securities+maureen+o%27hara&source=web&ots=pYJvd_jmOd&sig=l9ZhWlP_w_ImYe8j6onWPTclqCI&hl=en&sa=X&oi=book_result&resnum=7&ct=result|last=O'Hara|first=Maureen|title=Market Microstructure Theory|publisher=Blackwell|location=[[Oxford]]|year=1995|id=ISBN 1-55786-443-8|page=190|accessdate=December 16, 2008}}</ref>


He was said to have confessed to his sons first on December 10, 2008, that the [[asset management]] arm of his firm was a giant [[Ponzi scheme]]&mdash;as he put it, "one big lie." <ref name="BB1213">{{cite news|publisher=Bloomberg News|title=Madoff Confessed $50 Billion Fraud Before FBI Arrest|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atUk.QnXAvZY |author=David Voreacos and David Glovin | date=[[2008-12-13]]}}</ref> They then passed this information to authorities.<ref name="SECcomplaint">{{cite web| url=http://www.sec.gov/litigation/complaints/2008/comp-madoff121108.pdf|format=PDF|publisher=[[U.S. Securities and Exchange Commission]] |title=SEC: Complaint SEC against Madoff and BMIS LLC |date=December 11, 2008 | accessdate=December 29, 2008 }}</ref><ref name="Appelbaum"/> The following day, [[Federal Bureau of Investigation]] agents arrested Madoff and charged him with one count of [[securities fraud]]. The [[SEC]] conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.<ref name="usa today"/>
He was said to have confessed to his sons first on December 10, 2008, that the [[asset management]] arm of his firm was a giant [[Ponzi scheme]]&mdash;as he put it, "one big lie." <ref name="BB1213">{{cite news|publisher=Bloomberg News|title=Madoff Confessed $50 Billion Fraud Before FBI Arrest|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atUk.QnXAvZY |author=David Voreacos and David Glovin | date=[[2008-12-13]]}}</ref> They then passed this information to authorities.<ref name="SECcomplaint">{{cite web| url=http://www.sec.gov/litigation/complaints/2008/comp-madoff121108.pdf|format=PDF|publisher=[[U.S. Securities and Exchange Commission]] |title=SEC: Complaint SEC against Madoff and BMIS LLC |date=December 11, 2008 | accessdate=December 29, 2008 }}</ref><ref name="Appelbaum"/> The following day, [[Federal Bureau of Investigation]] agents arrested Madoff and charged him with one count of [[securities fraud]]. The [[SEC]] had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.<ref name="usa today"/>


==Personal life==
==Personal life==

Revision as of 23:05, 5 July 2009

Bernard L. Madoff
Bernard Madoff's mug shot
StatusFederal inmate #61727-054 at the Metropolitan Correctional Center, New York City, NY.[1][2]
NationalityAmerican
EducationHofstra University (1960)
Occupation(s)(former) stock broker, financial adviser, (former) chairman of NASDAQ
EmployerBernard L. Madoff Investment Securities
Known forPonzi scheme, Chairman of NASDAQ (prior)
SpouseRuth Alpern Madoff
ChildrenMark Madoff (ca. 1964), Andrew Madoff (ca. 1966)
Criminal chargeSecurities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
Penalty150 years imprisonment and $170 billion in restitution

Bernard Lawrence "Bernie" Madoff (Template:Pron-en; born April 29, 1938) is an American former financier and convicted felon. Madoff, who served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars and was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person.[3][4] Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion.[5] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[6][7] As there is no parole in the federal correctional system, it was tantamount to a life sentence.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.[8][9] The firm was one of the top market maker businesses on Wall Street,[10] which bypassed "specialist" firms, by directly executing orders over the counter from retail brokers.[11]

He was said to have confessed to his sons first on December 10, 2008, that the asset management arm of his firm was a giant Ponzi scheme—as he put it, "one big lie." [12] They then passed this information to authorities.[13][14] The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The SEC had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.[10]

Personal life

Madoff was born to a Jewish[15] family of Ralph and Sylvia Madoff in the New York City borough of Queens, on April 29, 1938. Ralph Madoff was a plumber before becoming a stockbroker.[16] Madoff graduated from Far Rockaway High School in 1956,[17] attended the University of Alabama for one year where he became a brother of the Tau Chapter of the Sigma Alpha Mu fraternity[18], then transferred to and graduated from Hofstra University (then Hofstra College) in 1960 with a degree in political science.[19] The following year, he attended Brooklyn Law School, but did not continue.

In 1959, Madoff married his high school sweetheart, Ruth Alpern, who worked in the firm from its inception, and began the Madoff Charitable Foundation.[20] Ruth graduated from Queens College and worked in the stock market in Manhattan.[21] Several family members worked for him. His younger brother, Peter, was Senior Managing Director and Chief Compliance Officer, and Peter's daughter, Shana, was the compliance attorney. Madoff’s sons, Mark and Andrew, worked in the trading section, along with Charles Weiner, Madoff’s nephew.[22][23]

Madoff lived in Roslyn, New York, in a ranch house through the 1970s and since 1981, has owned an ocean-front residence in Montauk.[24] His primary residence was on Manhattan's Upper East Side,[25] and he was listed as chairman of the building's co-op board.[26] He also owns a home in France and a mansion in Palm Beach, Florida, where he is a member of the Palm Beach Country Club.[27] Madoff owns a 55-foot (17 m) fishing boat named Bull,[26] which is docked in the French Riviera.[28]

According to a March 13, 2009 filing by Madoff, he and his wife were worth up to $126 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC.[29] Other major assets include securities ($45 million), cash ($17 million), half-interest in BLM Air Charter ($12 million), 2006 Leopard yacht in France ($7 million), jewelry ($2.6 million), Manhattan apartment ($7 million), Montauk home ($3 million), Palm Beach home ($11 million), Cap d' Antibe, France property ($1 million), and furniture, household goods, and art ($9.9 million).

Madoff was a prominent philanthropist,[14][22] who served on boards of nonprofit institutions—many of which entrusted his firm with their endowments.[14][22] The collapse and freeze of his personal assets and those of his firm have had notable repercussions on businesses, charities, and foundations around the world, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation which were forced to close as a consequence.[14][30] Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease.[31] He and his wife gave over $230,000 to political causes since 1991, with the bulk (88%) going to the Democratic Party,[32] and 12% to the Republican Party.

Madoff served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University, and as Treasurer of its Board of Trustees.[22] He resigned his position at Yeshiva University after his arrest.[30] Madoff also served on the Board of New York City Center, a member of New York City's Cultural Institutions Group (CIG).[33] He served on the executive council of the Wall Street division of the UJA Foundation of New York which declined to invest funds with him due to the conflict of interest.[34]

Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and also engaged in philanthropic giving through The Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife.[14] They donated money to hospitals and theaters.[22] The foundation has also contributed to many educational, cultural, and health charities, including those later forced to close due to Madoff's fraud.[35] Subsequent to Madoff's arrest, the assets of the Madoff Family Foundation have been frozen by a federal court.[14]

Since revelation of fraud

Madoff has two sons, Mark, 45, and Andrew, 42.[36] Questions have swirled over whether the sons knew about their father's fraud, with some critics contending that their post-arrest estrangement was actually a charade.[37] Andrew's wife, Deborah, reportedly filed for divorce the day of Madoff's arrest.[38] Mark took his money out of the investment arm to fund a divorce from his first wife in 2000, and both sons used outside investment firms to run their own private philanthropic foundations, but Andrew had millions invested with his father.[39] Mark remarried in 2003 in Nantucket and has homes in Manhattan and Nantucket.[21][40] In March 2003, Andrew was diagnosed with mantle cell lymphoma and eventually returned to work. He became chairman of the Lymphoma Research Foundation in January 2008, but resigned shortly after his father's arrest.[21]

Mark Madoff owes his parents $22 million, and Andrew Madoff owes $9.5 million. There were two loans in 2008 from Bernard Madoff to Andrew Madoff: $4.3 million on October 6, and $250,000 on September 21.[41][42] Both brothers own Manhattan apartments and homes in Greenwich, Connecticut.[21]

Madoff has claimed at his March guity plea that he was the sole person responsible for the fraud, and that his brother and sons were on the legitimate side of the business, which federal investigators have cast doubt on.[43] It is believed that Madoff, who had offered little cooperation with investigators, was attempting to protect his family.[44] [45] The court-appointed trustee, Irving Picard, has suggested that the American Express credit card statement and other records prove that the Madoff family used clients' money as their own personal bank account, taking or transferring funds to other Madoff entities at their whim. [46] Currently, no charges have been brought against his family members, however they remain under scrutiny and many face future civil suits from investors and regulators.

In settlement with federal prosecutors, Madoff's wife Ruth (née Alpern), 68, agreed to forfeit her claim to US$85-million US in assets, leaving her with $2.5-million in cash.[47] Madoff had initially requested prosecutors to allow his wife to keep about $70 million in assets held in her name, arguing that these were unconnected to his fraud. [48] Since the Ponzi scheme was unveiled, Ruth had been vilified in the tabloids, shunned by once-close social circles and resturants, and has difficulty finding a new place to live. Ruth has claimed that she had no knowledge of her husband's scheme, though those interviewed believed that she did know about the fraud, citing the couple's closeness, with Madoff not being allowed to travel alone for more than a day. Massachusetts regulators also accused her of withdrawing US$15-million from company-related accounts shortly before he confessed.[49] When Madoff was sentenced to 150 years in prison, she did not attend court but issued a statement saying "I am breaking my silence now because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie's crime, which is exactly the opposite of the truth." [50]

Early career

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.[8]

The firm started as a penny stock trader with $5,000 (about $35,000 factoring in the rate of inflation in 2008) that Madoff earned from working as a lifeguard and sprinkler installer.[39] His business grew with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.[51] Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate its quotes.[23] After a trial run, the technology that the firm helped develop became the NASDAQ.[52]

The firm functioned as a third-market provider, which bypassed exchange specialist firms, by directly executing orders over the counter from retail brokers.[11] At one point, Madoff Securities was the largest market maker at the NASDAQ and in 2008 was the sixth largest market maker on Wall Street[10][23] The firm also had an investment management and advisory division that was the focus of the fraud investigation.[53]

Madoff was "the first prominent practitioner"[54] of payment for order flow, in which a dealer pays a broker for the right to execute a customer's order. This has been called a "legal kickback."[55] Some academics have questioned the ethics of these payments.[56][57] Madoff has argued that these payments did not alter the price that the customer received.[58] He viewed the payments as a normal business practice: "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."[58]

Madoff was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industry organization and has served as the Chairman of the Board of Directors and on the Board of Governors of the NASD.[9]

Government access

The Madoff family gained unusual access to Washington's lawmakers and regulators through the industry's top trade group. The Madoff family has long-standing, high-level ties to the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization. Bernard Madoff sat on the Board of Directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA.

Madoff's brother Peter then served two terms as a member of SIFMA’s Board of Directors. He stepped down from the Board of Directors of the Securities Industry and Financial Markets Association (SIFMA) in December 2008, as news of the Ponzi scheme broke.[59] Peter's resignation came amid growing criticism of the Madoff firm’s links to Washington, and how those relationships may have contributed to the Madoff fraud.[60] Over the years 2000-08, the two Madoff brothers gave $56,000 to SIFMA,[60] and tens of thousands of dollars more to sponsor SIFMA industry meetings.[61] Bernard Madoff's niece Shana Madoff was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest.[62]

In 2004 Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations, informed her supervisor branch chief Mark Donohue that her review of Madoff found numerous inconsistencies and recommended further questioning. However, because of agency pressure to investigate the mutual fund industry, she had to conclude work on the probe. Donohue's boss, Eric Swanson, an assistant director of the department,[63] married Shana Madoff after the investigation concluded in 2005.[64] A spokesman for Swanson, who has left the SEC, said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff.[65]

Madoff and his wife gave about $240,000 to federal candidates, parties and committees since 1991 including $25,000 a year to the Democratic Senatorial Campaign Committee between 2005 and 2008. The Committee has returned $100,000 of the Madoffs' contributions to Irving Picard, the bankruptcy trustee for the victims' claims. Senator Charles E. Schumer returned almost $30,000 received from Madoff and his relatives to the trustee, and Senator Christopher J. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim.[66]

Investment scandal

Main article: Madoff investment scandal

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled.[10] According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn't afford to pay investors. Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff's sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.[14]

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.[67] The plea came in response to a criminal complaint filed two days earlier, which stated Madoff had defrauded his clients of almost $65 billion. Despite the scale of the fraud, Madoff insists that he was solely responsible for the Ponzi scheme.[5][68] Madoff did not reach a plea bargain with the government, opting instead to simply plead guilty to all charges. It has been reported that he did so because he refused to cooperate and name any accomplices.[69][70]

In his plea allocution, Madoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients' money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account. He was committed to satisfying his clients' expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He told the Court his intention had always been to resume legitimate trading activity, but it proved "difficult, and ultimately impossible" to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.[3][71]

Madoff had been under 24-hour monitoring and house arrest in his Upper East Side penthouse apartment since posting bail in December, 2008. However, after accepting Madoff's plea, Judge Denny Chin revoked his $10 million bail and remanded him to the Metropolitan Correctional Center. Chin claimed Madoff was a flight risk due to his age, wealth, and the prospect of spending the rest of his life in prison.[71] If the government's estimate of $65 billion is correct, Madoff faces a maximum of $170 billion in restitution.[67] Some involved in the case as well as other unrelated observers have opined that the actual loss to investors could be far less than reported.[citation needed] Prosecutors have filed two asset forfeiture pleadings which include lists of valuable real and personal property as well as financial interests and entities.[72]

Madoff's lawyer, Ira Sorkin filed an appeal, and prosecutors responded with a notice of opposition. [72] On March 20, 2009, an appellate court denied Madoff's request to be released from jail and returned to home confinement until his June 29, 2009 sentencing. On June 22, 2009, Sorkin hand-delivered a customary pre-sentencing letter to the judge requesting a lenient sentence of twelve years, due to tables cited from the Social Security Administration that his life span is predicted to be 13 years.[73][74]

On June 26, 2009, Chin ordered Madoff to forfeit $170 billion in assets—an amount equivalent to the money that was deposited in the Chase account. His wife, Ruth, relinquished all but $2.5 million of her assets. Prosecutors recommended Chin sentence Madoff to the maximum sentence of 150 years, that his crimes "call for severe punishment."[75][76][77] The prosecutors also stated that Irving Picard, the bankruptcy trustee, has indicated that "Mr. Madoff has not provided meaningful cooperation or assistance." The judge granted Madoff permission to wear his personal clothing at sentencing.[78]

The order allows the Securities and Exchange Commission (SEC) and Picard to continue to pursue Mrs. Madoff's funds in the future.[79] In February, 2009, Madoff reached an agreement with the SEC, banning him from the securities industry for life.[80] While awaiting sentencing, Madoff has met with the SEC's Inspector General, H. David Kotz, who is conducting an investigation into how regulators failed to detect the fraud despite numerous red flags.[81] Former SEC Chairman Harvey Pitt estimated the actual net fraud to be between $10 and $17 billion, as this calculation does not include the fictional returns Madoff credited to his customer accounts.[82]

Concerns about Madoff's business had surfaced as early as 1999, when financial analyst-whistleblower Harry Markopolos informed the SEC that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. Others contended it was inconceivable that the growing volume of Madoff accounts could be competently and legitimately serviced by his documented accounting/auditing firm, a three-person firm with only one active accountant. Since Madoff's arrest, the SEC has been criticized for its lack of due-diligence, despite having received complaints from Markopolos and others for almost a decade. [68][83]

Sentencing and prison life

On June 29, 2009, Chin sentenced Madoff to 150 years imprisonment as inmate number #61727-054 at the Metropolitan Correctional Center in New York City.[84][85] As parole has been abolished in the federal prison system since 1984, it was equivalent to a life sentence. Despite its length, at least three other white collar defendants have received longer sentences.[86]

At sentencing, Madoff apologized to his victims, saying, "I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren. This is something I will live in for the rest of my life. I'm sorry." He added, "I know that doesn't help you," after his victims recommended to the judge that he rot in jail. Chin had not received any mitigating letters from friends or family testifying to Madoff's good deeds. "The absence of such support is telling," he said.[87]

Chin also said that Madoff had not been forthcoming about his crimes. "I have a sense Mr. Madoff has not done all that he could do or told all that he knows," said Chin, calling the fraud "extraordinarily evil," "unprecedented" and "staggering," and that the sentence would deter others from committing similar frauds.[88] Chin also agreed with prosecutors' contention that the fraud began at some point in the 1980s, and also noted that Madoff's crimes were "off the charts" since federal sentencing guidelines for fraud only go up to $400 million in losses.[89]

See also

References

  1. ^ BOP Federal Bureau of Prisons "Inmate Locator - Locate Federal inmates". Retrieved 2009-06-30. 
  2. ^ "Bernie Madoff's New Digs: From Penthouse To Outhouse". CNBC. 2009-03-13. Retrieved 2009-03-13.
  3. ^ a b "Plea Allocution of Bernard Madoff (U.S. v. Bernard Madoff)". FindLaw. 2009-03-12. Retrieved 2009-03-12.
  4. ^ Brockman, Joshua (December 17, 2008). "Q&A: Madoff Case Puts Spotlight On SEC". National Public Radio. Retrieved May 26, 2009.
  5. ^ a b Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal. Dow Jones, Inc. Retrieved March 12, 2009. Cite error: The named reference "wsj031209" was defined multiple times with different content (see the help page).
  6. ^ "Bernard Madoff gets 150 years behind bars for fraud scheme". CBC News. June 29, 2009. Retrieved 2009-06-29.
  7. ^ Healy, Jack (June 29, 2009). "Madoff Sentenced to 150 Years for Ponzi Scheme". The New York Times. Retrieved 2009-06-29. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  8. ^ a b "The Madoff Case: A Timeline". The Wall Street Journal. March 6, 2009. Retrieved March 6, 2009. Cite error: The named reference "WSJtimeline" was defined multiple times with different content (see the help page).
  9. ^ a b Diana Henriques (2009-01-13). "New Description of Timing on Madoff's Confession". New York Times. Retrieved 2009-01-19. {{cite news}}: Check date values in: |date= (help) Cite error: The named reference "SorkinSays" was defined multiple times with different content (see the help page).
  10. ^ a b c d Lieberman, David (December 15, 2008). "Investors remain amazed over Madoff's sudden downfall". USA Today. Retrieved December 24, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  11. ^ a b O'Hara, Maureen (1995). Market Microstructure Theory. Oxford: Blackwell. p. 190. ISBN 1-55786-443-8. Retrieved December 16, 2008.
  12. ^ David Voreacos and David Glovin (2008-12-13). "Madoff Confessed $50 Billion Fraud Before FBI Arrest". Bloomberg News. {{cite news}}: Check date values in: |date= (help)
  13. ^ "SEC: Complaint SEC against Madoff and BMIS LLC" (PDF). U.S. Securities and Exchange Commission. December 11, 2008. Retrieved December 29, 2008.
  14. ^ a b c d e f g Appelbaum, Binyamin (December 13, 2008). "'All Just One Big Lie'". The Washington Post. Washington Post Company. p. D01. Retrieved December 12, 2008. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  15. ^ Lavan, Rosie (2008-12-15). "Who is Bernard Madoff?". The Times. Retrieved 2009-06-29.
  16. ^ Lauria, Joe (March 22, 2009). "Life inside the weird world of Bernard Madoff". Timesonline. Retrieved March 28, 2009.
  17. ^ John Carney. "The Education of Bernie Madoff: The High School Years". Clusterstock. Retrieved 2008-12-25.
  18. ^ Allen Salkin. "Bernie Madoff, Frat Brother". The New York Times. Retrieved 2009-05-12.
  19. ^ Salkin, Allen (2009-01-16). "Bernie Madoff, Frat Brother". New York Times. Retrieved 2009-01-20.
  20. ^ Lambiet (December 12, 2008). "Bernie Madoff's arrest sent tremors into Palm Beach". Palm Beach Daily. Retrieved December 12, 2008.
  21. ^ a b c d Seal, Mark (April, 2009). "Madoff's World". Vanity Fair. Retrieved March 22, 2009. {{cite news}}: Check date values in: |date= (help)
  22. ^ a b c d e "Standing Accused: A Pillar of Finance and Charity". The New York Times. December 13, 2008.
  23. ^ a b c de la Merced, Michael J. (2008-12-24). "Effort Under Way to Sell Madoff Unit". The New York Times. Retrieved 2008-12-24.
  24. ^ Maier, Kate (December 12, 2008). "Montauk Oceanfront Owner Cited in Ponzi Scheme". East Hampton Star. Retrieved December 23, 2008.
  25. ^ Jagger, Suzy (December 18, 2008). "Bernard Madoff: the 'most hated man in New York' seeks $3 m for bail". The Times. Retrieved December 23, 2008.
  26. ^ a b Frank, Robert (December 13, 2008). "Fund Fraud Hits Big Names; Madoff's Clients Included Mets Owner, GMAC Chairman, Country-Club Recruits". Wall Street Journal. Retrieved December 13, 2008. {{cite web}}: Unknown parameter |coauthor= ignored (|author= suggested) (help)
  27. ^ "Madoff's arrest in billion-dollar fraud case shocks Palm Beach investors" Palm Beach Post December 12, 2008.
  28. ^ Creswell, Julie (January 24, 2009). "The Talented Mr. Madoff". The New York Times. Retrieved January 25, 2009.
  29. ^ "Madoff to appeal bail, net worth revealed". Reuters. March 13, 2009. Retrieved March 13, 2009.
  30. ^ a b "Madoff Wall Street fraud threatens Jewish philanthropy". Retrieved December 13, 2008.
  31. ^ Friedman. "Charity Caught Up in Wall Street Ponzi Scandal". Fox News. Retrieved December 13, 2008.
  32. ^ Andrew Zajac and Janet Hook LA Times December 22, 2008
  33. ^ NYCC Board of directors New York City Center.
  34. ^ Moore. "Deal Journal Q&A: A Jewish Charity That Avoided Madoff". The Wall Street Journal. Retrieved December 24, 2008.
  35. ^ Sherwell. "Bernie Madoff: Profile of a Wall Street star". Telegraph. Retrieved December 14, 2008.
  36. ^ "Inquiry Finds No Signs Family Aided Madoff". The New York Times. December 16, 2008. Retrieved December 20, 2008.
  37. ^ Margolick, David (July 2009). "The Madoff Chronicles, Part III: Did the Sons Know". Vanity Fair. Retrieved 2009-06-25. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  38. ^ "I'M NOT MADOFF". The New York Post. February 2, 2009. Retrieved February 10, 2009.
  39. ^ a b "The Madoff files: Bernie's billions". The Independent. March 29, 2009. Retrieved January 29, 2009.
  40. ^ "Sons' Roles in Spotlight". The Wall Street Journal. March 29, 2009. Retrieved January 23, 2009.
  41. ^ "Madoff Prosecutors Seek to Take Businesses, Loans". Bloomberg. March 17, 2009. Retrieved March 29, 2009.
  42. ^ Depatment of Justice
  43. ^ [1]
  44. ^ [2]
  45. ^ [3]
  46. ^ [4]
  47. ^ [5]
  48. ^ [6]
  49. ^ [7]
  50. ^ [8]
  51. ^ Madoff's tactics date to 1960s, when father-in-law was recruiter | Business Features | Jerusalem Post
  52. ^ Weiner, Eric J. (2005). What Goes Up: The Uncensored History of Modern Wall Street as Told by the Bankers, Brokers, CEOs, and Scoundrels who Made it Happen. Little, Brown and Company. pp. 188–192. ISBN 0316929662.
  53. ^ "SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (2008-293)". SEC.gov. U.S. Securities and Exchange Commission. December 11, 2008. Retrieved December 11, 2008.
  54. ^ Wilhelm, William J. (2001). Information Markets: What Businesses Can Learn from Financial Innovation. Harvard Business Press. p. 153. ISBN 1578512786. Retrieved 2009-03-13. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  55. ^ Princeton University Undergraduate Task Force (2005). "THE REGULATION OF PUBLICLY TRADED SECURITIES" (PDF). U.S. Securities and Exchange Commission. p. 58. Retrieved December 17, 2008. {{cite web}}: Unknown parameter |month= ignored (help)
  56. ^ Ferrell, Allen (2001). "A Proposal for Solving the "Payment for Order Flow" Problem" (PDF). 74 S.Cal.L.Rev. 1027. Harvard. Retrieved December 12, 2008.
  57. ^ Battalio, Robert H. (January 15, 2007). "Does Payment for Order Flow to Your Broker Help or Hurt You?" (PDF). Notre Dame University. Retrieved December 12, 2008. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  58. ^ a b McMillan, Alex (May 29, 2000). ""Q&A: Madoff Talks Trading". CNN. Retrieved December 11, 2008.
  59. ^ Williamson, Elizabeth (2008-12-18). "Family Filled Posts at Industry Groups". Wall Street Journal. Retrieved 2009-03-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  60. ^ a b Lerer, Lisa (2008-12-18). "Peter Madoff resigns". Politico. Retrieved 2009-03-01.
  61. ^ Williamson, Elizabeth (2008-12-22). "Shana Madoff's Ties to Uncle Probed". Wall Street Journal. Retrieved 2009-03-01.
  62. ^ Madoff, Shana. "San Francisco Topical Breakfast". Compliance and Legal Division of the Securities Industry and Financial Markets Association. Retrieved 2009-03-01.
  63. ^ Zachary A. Goldfarb, Staffer at SEC Had Warned Of Madoff; Lawyer Raised Alarm, Then Was Pointed Elsewhere, Washington Post, July 2, 2009.
  64. ^ Labaton, Stephen (December 16, 2008). "Unlikely Player Pulled Into Madoff Swirl". New York Times.
  65. ^ Ross, Bryan and Rhee, Joseph (December 16, 2008publisher=ABC News). "SEC Official Married into Madoff Family". {{cite news}}: Check date values in: |date= (help)CS1 maint: multiple names: authors list (link)
  66. ^ Becker, Bernie (March 26, 2009). "Money From Madoff Is Rerouted". The Caucus. New York Times. Retrieved March 29, 2009.
  67. ^ a b USDOJ announcement of Madoff guilty plea
  68. ^ a b "Wall Street legend Bernard Madoff arrested over '$50 billion Ponzi scheme'". The Times. Times Newspapers Ltd. December 12, 2008. Retrieved December 13, 2008.
  69. ^ Glovin, David (March 10, 2009). "Madoff to Plead Guilty in Largest U.S. Ponzi Scheme". Bloomberg.com. Retrieved March 10, 2009. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  70. ^ "Bernard Madoff Will Plead Guilty to 11 Charges in Financial Fraud Case, Faces 150 Years in Prison". Fox News. March 10, 2009. Retrieved March 10, 2009.
  71. ^ a b Transcript of Madoff guilty plea hearing
  72. ^ a b Bail Pending Sentencing
  73. ^ http://www.scribd.com/doc/16699848/Madoff-Letter-Seeking-Leniency
  74. ^ http://dealbook.blogs.nytimes.com/2009/06/23/madoff-lawyers-seek-leniency-in-sentencing/
  75. ^ Prosecutors' sentencing recommendation
  76. ^ http://www.washingtonpost.com/wp-dyn/content/article/2009/06/26/AR2009062604652.html
  77. ^ Henriques, Dana. Prosecutors propose 150-year sentence for Madoff. New York Times, 2009-06-26.
  78. ^ http://online.wsj.com/article/SB124612092335264949.html
  79. ^ http://online.wsj.com/article/SB124612092335264949.html
  80. ^ Jones, Ashby (February 9, 2009). "Madoff Makes Peace with the SEC, Amount of Fine TBD". Law Blog, WSJ Blogs. The Wall Street Journal. Retrieved March 29, 2009.
  81. ^ http://dealbook.blogs.nytimes.com/2009/06/23/madoff-lawyers-seek-leniency-in-sentencing/?ref=business
  82. ^ Hays, Tom (March 6, 2009). "Extent of Madoff fraud now estimated at far below $50b". Haaretz. Associated Press. Retrieved March 7, 2009. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  83. ^ House Committee Financial Services, Investigations of Madoff Fraud Allegations, Part 1 C-Span
  84. ^ "Bernard Madoff gets 150 years behind bars for fraud scheme". CBC News. June 29, 2009. Retrieved 2009-06-29.
  85. ^ "Fraudster Madoff gets 150 years". BBC News. 2009-06-29. Retrieved 2009-06-29.
  86. ^ Budworth, David (2009-06-29). "The 10 longest white-collar prison sentences". The Times of London. Retrieved 2009-07-01. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  87. ^ http://www.nydailynews.com/money/2009/06/29/2009-06-29_madoff_gets_max.html
  88. ^ http://online.wsj.com/article/SB124604151653862301.html
  89. ^ http://www.washingtonpost.com/wp-dyn/content/article/2009/06/29/AR2009062902015.html

Template:Persondata {{subst:#if:Madoff, Bernard L.|}} [[Category:{{subst:#switch:{{subst:uc:1938}} 

|| UNKNOWN | MISSING = Year of birth missing {{subst:#switch:{{subst:uc:LIVING}}||LIVING=(living people)}}
| #default = 1938 births

}}]] {{subst:#switch:{{subst:uc:LIVING}} 

|| LIVING  = 
| MISSING  = 
| UNKNOWN  = 
| #default =

}}

Retrieved from "https://en.wikipedia.org/w/index.php?title=Bernie_Madoff&oldid=300491636"