BERNIE Madoff was the mastermind behind one of the biggest fraud schemes in history.
But who is Bernie, and where is he now?
Who is Bernie Madoff?
Bernie Madoff, a well-known Wall Street investment advisor, became world-famous for operating possibly the largest Ponzi scheme in history.
He was found guilty to defrauding investors in the amount of over $50 billion.
He started his career in the early 1960s as a trader in penny stock.
He created his own business – Bernard L. MadoffInvestment Securities LLC.
This went on to be one of the largest penny stock brokerage and wealth management firms.
What is Bernie Madoff's net worth?
According to celebritynetworth.com, Bernie's net worth is -$17 billion as of 2021.
Some of Madoff’s investors included a charitable organization funded by Steven Spielberg, actor Kevin Bacon, the owners of the New York Mets, and others.
Large banks and pension fund including Santander, HSBC and Royal Bank of Scotland were scammed by Madoff.
How did Bernie Madoff's scheme work?
Named after Charles Ponzi, the Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
Most experts were baffled as to why Bernie committed the fraud as his business was so successful.
His scheme operated through the wealth management portion of his business.
Madoff attracted investors by promising them extraordinarily high returns on their investments.
However, when investors handed over the money, Madoff just deposited it into his personal bank account at Chase Manhattan Bank.
What happened to Bernie Madoff's money?
Bernie plead guilty to the charges of securities fraud and was sentenced to 150 years behind bars.
The courts are sorting through his financial records and have been since his arrest in 2008 and jailed in 2009.
They are deciding how to pay off investors with the money they can find.
Where is Bernie Madoff now?
He is serving time in a maximum security prison.
His two sons, Mark and Andrew, both worked in his firm but on a side of the business that was not directly connected to the Ponzi scheme Madoff was running.
Both, however, have been named in lawsuits and were under investigation, but they didn’t face any criminal charges with regard to the $50 billion Ponzi scheme.
Tragically, two years to the day that Madoff was arrested, Mark took his own life in his New York City apartment.
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