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Occupation Stock broker, financial adviser at Bernard L. The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder ross hook forex charts 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.