Bernie Madoff: The Biggest Fraudster In The History Dies In Prison

Aizbah KhanWeb Editor

15th Apr, 2021. 01:03 am
Bernie Madoff: The Biggest Fraudster In The History Dies In Prison

Bernie Madoff, a U.S. citizen who was sentenced to 150 years in prison for the biggest fraud in history, has died in prison.

According to the Bureau of Prisons, Bernie Madoff died on April 14 at the age of 82.

According to the reports, Bernie Madoff had kidney failure and he was suffering from other diseases.

He was jailed in a federal jail in Butner, North Carolina, North Carolina, in June 2009 after being sentenced to 150 years in prison for fraud worth 64 64.8 billion (Pakistani rupees 99 trillion).

Among the thousands affected by Bernie Madoff’s fraud are charities, pension funds and hedge funds.

Those he betrayed included actors Kevin Bacon, Kyra Sedgwick and John Malkovich, as well as a charity affiliated with Baseball Hall of Fame’s Sandy Koufax and director Steven Spielberg.

The owners of the New York Mets, who were longtime clients of Bernie Madoff, fought for years for a good baseball team due to fraudulent losses.

Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009: “We thought of him as a god, we trusted everything in his hands.

However, some people lost everything, many of the victims from the Jewish community where Bernard Madoff was known as a philanthropist.

His crimes were revealed to authorities in 2008 by his two sons who were not part of the scheme.

The fraud also exposed flaws in the US Securities and Exchange Commission (SEC), which ignored or failed to detect the fraud.

According to ABC News, Bernie Madoff told his lawyers in an interview during his incarceration that “I met with the SEC several times and I thought they reached out to me.”

Bernard Medoff was one of the most influential money-makers in NASDAQ and once became its non-executive chairman.

His brokerage firm was located in the Midtown Manhattan Tower, known as Lipstick Building.

His employees said they considered themselves part of Bernard Madoff’s family and were unaware of the ongoing fraud on the second floor. Only a few people they trusted knew about the fraud.

Bernard Madoff said he started the fraud in 1990, but prosecutors and several victims said it started earlier.

Investors were lured into rapid, double-digit annual returns that others could not afford.

The fraud prompted Bernard Madoff and his wife to acquire a number of comforts, including a Manhattan penthouse, a French villa, expensive cars and a combined fortune of  $825 million.

However, no one close to him was present in the courtroom when he was sentenced by U.S. District Judge Danny Chen, and his family, friends or supporters praised his good deeds in order to have his sentence commuted.

Bernie Madoff also addressed the victims in the courtroom, saying, “I’m sorry, I know this won’t help you.”

When and how did Bernard Madoff commit fraud?

Bernard Lawrence Madoff was born in New York on April 29, 1938, and was raised in the home of European immigrants who ran a brokerage firm outside their home.

He graduated from Hofstra University in 1960 and moved to Brooklyn Law School shortly thereafter.

Bernard Madoff told New York Magazine in 2011 that he had started Bernard L. Medaf Investment Securities the same year using $500 of his savings and had borrowed office space from his father-in-law.

He started selling small, penny stocks in the market and in the early 1970’s he became one of the 5 original broker-dealers of the NASDAQ Trading System.

Bernard Madoff supported greater market competition even as the New York Stock Exchange dominated trade and advanced electronic trading.

He was very clean, his offices were decorated with black and grey things, there was a little paperwork on the desks of the employees and he also matched the wedding colours with his watches.

They did a great job in the 1980s and 1990s and their profits were high. However, as market standards changed, their profits declined, but Bernard’s brokerage operations financed their fraud.

Clients were told they would make money through a ‘split-strike conversion strategy’ in which they would buy more stocks on the Standard & Poor’s 100 Index and reduce risks by buying and selling on the index.

Bernard Madoff was successful and the customers looked happy, but nothing was real.

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