Occupation Stock broker, financial adviser at Bernard L. The Madoff investment scandal was club d investissement forex exchange major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff founded the Wall Street firm Bernard L.
Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history. Investigators have determined others were involved in the scheme.
Questions about his firm had been raised as early as 1999. Madoff’s personal and business asset freeze created a chain reaction throughout the world’s business and philanthropic community, forcing many organizations to at least temporarily close, including the Robert I. 5,000, earned from working as a lifeguard and sprinkler installer. His fledgling business began to grow with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.
He has built a highly profitable securities firm, Bernard L. Madoff Investment Securities, which siphons a huge volume of stock trades away from the Big Board. Several family members worked for him. His younger brother, Peter, was Senior Managing Director and Chief Compliance Officer, and Peter’s daughter, Shana Madoff, was the compliance attorney. Federal investigators believe the fraud in the investment management division and advisory division may have begun in the 1970s. However, Madoff himself stated his fraudulent activities began in the 1990s.