Mother: Sylvia (Muntner) Madoff
Marriage: Ruth (Alpern) Madoff (November 1959-present)
Children: Andrew, Mark
Education: Hofstra University, B.A. Political Science, 1960
Started his firm with $5,000 he saved from working as a lifeguard.
Madoff served as NASDAQ’s chairman in 1990, 1991, and 1993.
Had many high-profile victims,
including director Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick, and New York Mets owner Fred Wilpon.
In 2008, Madoff controlled billions in investments. In 2013, he earned $40 per month doing prison labor.
1960 – Bernard L. Madoff Investment Securities is founded.
December 10, 2008 – Bernard Madoff allegedly confesses to employees of his company that the asset management portion of his firm is actually a large Ponzi scheme. Madoff says the business had lost about $50 billion and that he plans to turn himself in to authorities in a week.
December 11, 2008 –
Madoff is arrested on one count of securities fraud for allegedly operating a multibillion-dollar Ponzi scheme
from his investment advisory business. He is released on $10 million bail.
December 12, 2008 – A federal court in Manhattan issues a temporary order freezing Madoff’s assets and appointing a receiver over him and his firm.
December 17, 2008 – Madoff is placed on house arrest. Several bids by prosecutors to jail Madoff are denied by the court.
February 9, 2009 – The SEC and Madoff reach a partial settlement agreement. Under the terms of the deal, Madoff will keep a previously reached agreement to freeze his assets and not to violate any other securities laws. This is separate from the criminal charge Madoff faces.
March 12, 2009 – Madoff pleads guilty to eleven felony charges including: money laundering, perjury, false filings with the SEC and fraud. There is no deal with the government associated with the guilty plea.
— U.S. District Court Judge Denny Chin orders Madoff to Metropolitan Correctional Center following his confession.
March 20, 2009 – An appeals court rules that Madoff will remain in jail until sentencing.
April 1, 2009 – Federal marshals seize Madoff’s yacht, a smaller boat, and one of his homes in Florida as court-ordered seizures of the financier’s assets begin.
July 14, 2009 – Madoff arrives at Butner Federal Correction Complex in North Carolina to begin serving his sentence.
October 2, 2009 – A $199 million lawsuit is filed against Madoff’s sons, his brother Peter Madoff and his niece Shana Madoff, who all worked at Madoff’s firm.
December 11, 2010 – Mark Madoff, 46, commits suicide
in his Manhattan apartment.
February 15, 2011 –
In an interview from prison, Madoff tells a New York Times
reporter that some banks and hedge funds “had to know.”
June 4, 2011 – Final auction of personal property belonging to Madoff nets $500,000. To date, the total recovery from the Madoffs has been approximately $24 million in property sales and $80 million in cash assets.
September 20, 2012 – Trustee Irving Picard announces that victims of Madoff’s Ponzi scheme will receive another $2.5 billion in reimbursement of their stolen funds. This brings the total amount returned to investors to $3.6 billion. Approximately half of the victims have been repaid.
January 22, 1014 – CNBC reports receiving an email from Madoff in which he says he had a heart attack in December of 2013 and that he has stage 4 kidney disease.
March 25, 2014 – Trustee Irving Picard announces plans to pay out an additional $349 million to Madoff’s victims. Approximately $9.8 billion has been recovered so far.
September 3, 2014 – Son Andrew, Madoff’s last surviving child, dies of cancer at age 48.
February 1, 2016 – Trustees announce that more than $11.079 billion of the $17.5 billion in principle investment has been recovered to date.