Bernard Madoff's Ponzi Scheme
Bernard Madoff’s Ponzi Scheme
Successful millionaire, Wall Street celebrity and esteemed philanthropist who ran the largest Ponzi scheme turned in by his own children. Some of the laws he broke include: securities fraud, wire fraud, money laundering and mail fraud among others. As a result of his scheme and disregard for the law many people were affected and lost their savings and retirement plans. The consequence to his actions: life in prison and all of his belongings auctioned off by the U.S. government.
Bernard Madoff was born on April 29, 1938 in Queens, New York and raised in the Jewish faith. He is the son of Ralph and Sylvia Madoff. After he graduated from Far Rockaway High School in 1956, he attended the University of Alabama and then transferred to and graduated from Hofstra College in 1960, with a degree in Political Science. He also attended Brooklyn Law School but did not continue. In 1959, he married his high school sweetheart, Ruth Alpern. Ruth graduated from Queens College and worked in the stock market in Manhattan. Later, she worked in her husband’s firm and founded the Madoff Charitable Foundation.
Madoff lived in a ranch in Roslyn, New York through the 1970’s and after 1980 he bought an oceanfront residence in Montauk, NY. His primary residence was an apartment on Manhattan’s Upper East Side. He also owned a home in France and a mansion in Palm Beach, Florida. In addition, he owned a fifty five foot sportfishing yacht.
Madoff was a prominent philanthropist who served on boards of nonprofit institutions, many of which trusted his firm with their funds. He also served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University and as Treasurer of its Board of Trustees. He was also on the Board of New York City Center, a member of New York City’s Cultural Institutions Group, and on the executive council of the Wall Street division of the UJA Foundation of New York, which did not invest funds with him
Successful millionaire, Wall Street celebrity and esteemed philanthropist who ran the largest Ponzi scheme turned in by his own children. Some of the laws he broke include: securities fraud, wire fraud, money laundering and mail fraud among others. As a result of his scheme and disregard for the law many people were affected and lost their savings and retirement plans. The consequence to his actions: life in prison and all of his belongings auctioned off by the U.S. government.
Bernard Madoff was born on April 29, 1938 in Queens, New York and raised in the Jewish faith. He is the son of Ralph and Sylvia Madoff. After he graduated from Far Rockaway High School in 1956, he attended the University of Alabama and then transferred to and graduated from Hofstra College in 1960, with a degree in Political Science. He also attended Brooklyn Law School but did not continue. In 1959, he married his high school sweetheart, Ruth Alpern. Ruth graduated from Queens College and worked in the stock market in Manhattan. Later, she worked in her husband’s firm and founded the Madoff Charitable Foundation.
Madoff lived in a ranch in Roslyn, New York through the 1970’s and after 1980 he bought an oceanfront residence in Montauk, NY. His primary residence was an apartment on Manhattan’s Upper East Side. He also owned a home in France and a mansion in Palm Beach, Florida. In addition, he owned a fifty five foot sportfishing yacht.
Madoff was a prominent philanthropist who served on boards of nonprofit institutions, many of which trusted his firm with their funds. He also served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University and as Treasurer of its Board of Trustees. He was also on the Board of New York City Center, a member of New York City’s Cultural Institutions Group, and on the executive council of the Wall Street division of the UJA Foundation of New York, which did not invest funds with him
References: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5345751.ece http://www.nytimes.com/2009/01/25/business/25bernie.html http://www.reuters.com/article/ousiv/idUSTRE55P6O520090629 http://en.wikipedia.org/wiki/Madoff_investment_scandal http://en.wikipedia.org/wiki/Bernard_Madoff