Jump to navigation Jump to search “Madoff” redirects here. Forex trading documentary bbc the life York City, New York, U.
American former stockbroker, investment advisor, financier, and admitted fraudster. 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. On December 10, 2008, Madoff’s sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as “one big lie”.
On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff was born on April 29, 1938, in Queens, New York, to Jewish parents Ralph Madoff, a plumber and stockbroker, and Sylvia Muntner. Madoff was chairman of Bernard L. Madoff Investment Securities LLC from its startup in 1960 until his arrest on December 11, 2008. Madoff earned from working as a lifeguard and sprinkler installer. 50,000 from his father-in-law which he also used to set up Bernard L.