Topic

Bernard Bernie Madoff

Bernard Bernie Madoff Events

1938 Apr 29 Bernard Madoff is Born
Madoff was born to Ralph and Sylvia (née Muntner) Madoff in the New York City borough of Queens, on April 29, 1938. Ralph Madoff was a plumber before becoming a stockbroker. Madoff gradua...
1960 Bernard Madoff Launches Bernard L. Madoff Securities
After graduating from Hofstra College -- and one year after marrying his high school sweetheart Ruth Alpern -- Madoff starts his business with $5,000 saved from odd jobs, including lifegu...
1962 Bernard Madoff Begins Work as Investment Advisor
Michael Bienes, an accountant who joined Alpern & Avellino in 1968, remembers Madoff "took a few straight accounts from Saul's people in the beginning. And then he said to his father-in-l...
1963 Aug SEC Investigates Gibraltar Securities, Registered Under the Name of Sylvia R. Madoff, Mother of Bernard Madoff
SEC Action Against Madoff's Mother Gibraltar Securities, registered under the name of Sylvia R. Madoff, is one of dozens of firms investigated by the SEC for failing to file financial ...
1971 Bernard Madoff Begins Implementing Automated Stock Trading with the Advent of Computers
Over these decades Madoff's trading business skyrockets. Through a controversial but legal practice known as "pay for order flow," he is able to profit on the large spread -- 12.5 cents -...
1982 Madoff Begins Speculation on Broad-Based Portfolio of S&P Securities Hedged with Derivatives
According to a 1992 interview that he gave the Wall Street Journal, Madoff says he began using a new options strategy for his investment business back in 1982: "The basic strategy was t...
1983 Madoff Elected to NASD Advisory Council
[Madoff] serves on the council for four years; he also sits on numerous NASD committees and task forces, chairing several. Several sources later tell Trader's Magazine that Madoff acti...
1989 Jul Noel and Tucker of Fairfield Greenwich Group Invest $1.5 million with Madoff to Begin 20-Year Relationship
Madoff is introduced to Jeffrey Tucker and Walter Noel, partners in Fairfield Greenwich Group, an investment firm located in Greenwich, Conn. In July 1989, Noel and Tucker give Madoff $1....
1991 NASD Releases Report Finding No Legal Basis for Restricting Madoff's "Pay for Order Flow" Business Model
[Madoff developed] a solid, but sometimes controversial, reputation as a market maker. During the [90's], his market-making operation was handling trades equaling 9 percent of all trading...
1992 Ezra Merkin Creates Ascot Partners LP and Ascot Fund Limited, Which are Managed Almost Exclusively by Bernard Madoff
Around this time Madoff connects with Ezra Merkin, a well-known Wall Street money manager and philanthropist. In 1990, Merkin gives Madoff "a significant portion of the assets" of two of ...
1992 Nov SEC Shuts Down Bernard Madoff Client Recruiters Avellino & Bienes
A tip from a Seattle investment adviser suspicious of Avellino & Bienes' promise of steady returns of up to 18 percent leads to an SEC investigation into whether the two men are running a...
1998 Financial Analyst Henry Markopolous Determines that Bernard Madoff's Returns are Impossible
Boston-based Frank Casey, former vice president of marketing for Rampart Investment Management, first hears about Madoff and his split-strike conversion strategy from French aristocrat an...
2001 Major Investor, Fairfield Greenwich, Visits Bernard Madoff's Offices to Verify Holdings
After the Barron's article appears, Madoff meets Fairfield Greenwich partner Jeffrey Tucker at his offices in Manhattan's Lipstick Building. Tucker wants to verify Fairfield's holdings --...
2001 May Two Articles Published Raising Red Flags about Bernard Madoff's Profits
Frank Casey meets Michael Ocrant, an investigative reporter who covers hedge funds, at a conference and suggests he look into "the biggest hedge fund in the world" -- Madoff Securities. O...
2005 Nov Harry Markolpolos Submits 21-Page Memo to SEC Concluding that Bernard Madoff Hedge Fund is a Fraud
Despite no action from the SEC since he first began writing them memos in 2000, this one (PDF) details more than two-dozen red flags about Madoff and is titled, "The World's Biggest Hedge...
2005 Dec Bernard Madoff Secret Phone Conversation with Fairfield Greenwich Officers on How to Deal with SEC Questions
After learning SEC investigators are about to contact Fairfield Greenwich's due diligence officer, a phone conversation (PDF) takes place between Madoff, FG General Counsel Mark McKeefrey...
2006 Jan SEC Launches Investigation of Bernard Madoff Following Markopolos' 21-Page Memo
In May 2006, Madoff is interviewed by the SEC. Insiders have told FRONTLINE that when SEC lawyers visited Madoff's office, he was visibly nervous and irritable. In his March 2009 confessi...
2008 Jan Bernard Madoff Claims $17 Bn in Assets with SEC
In a Form ADV filed with the SEC, Madoff claims that his investment advisory business has 23 clients and more than $17 billion under management. The firm claims 51-250 employees but only ...
2008 Dec Bernard Madoff Struggles to Meet Investor Redemptions
Sometime the first week of December, Madoff tells one of his sons that he's facing $7 billion in redemptions and is having a hard time meeting those obligations. According to Fortune, ...
2008 Dec 10 Bernard Madoff Confesses to Sons that He Has Been Running a Ponzi Scheme
He tells Andrew and Mark, who were senior employees at his trading operation, that he would like to pay out several million dollars in company bonuses in December -- several months before...
2008 Dec 11 Bernard Madoff is Arrested
Bernard L. Madoff's life of country clubs and luxury homes ended when federal agents arrested him at his Manhattan penthouse apartment exactly one year ago. But he is adjusting to his new...
2008 Dec 23 Thierry de la Villehuchet, Key Link to Madoff's European Investors, Commits Suicide
Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found ...
2009 Feb 4 Bankruptcy Court Publishes an Official List of Madoff "Customers"
Former SEC Chairman Harvey Pitt estimated the actual net fraud to be between $10 and $17 billion, as this calculation does not include the fictional returns Madoff credited to his custome...
2009 Feb 4 Harry Markopolos Testifies Before Congress Regarding Madoff Fraud
On February 4, 2009, he testified before the United States Congress' House Financial Services Committee’s capital markets panel and on March 1, appeared on CBS's 60 Minutes. “Nothing was ...
2009 Mar Bernard Madoff Pleads Guilty to Fraud
"The essence of my scheme was that I represented to clients and prospective clients who wished to open investment advisory and investment trading accounts with me that I would invest their..." —Bernard Madoff
2009 Jun 29
12:03PM
 Disgraced Financier Bernard Madoff Sentenced to 150 Years in Prison
A federal judge sentenced Bernard L. Madoff to 150 years in prison on Monday for operating a huge Ponzi scheme that devastated thousands of people, calling his crimes “extraordinarily evi...
2009 Jul 14 Bernard Madoff arrives at North Carolina prison to serve his 150 year sentence
Arch swindler Bernard Madoff, who was sentenced to 150 years in prison, was transferred to a federal prison in Butner, North Carolina on Tuesday, local media reported. This federa...
2009 Jul 29 Ruth Madoff is Sued for Almost $45 Million
Irving H. Picard, the trustee who is trying to recover money for investors defrauded by Bernard L. Madoff, sued Mrs. Madoff on Wednesday for $44.8 million. Mr. Picard claimed Mrs. Madoff ...
2009 Aug 24 Prison Officials Deny Bernard Madoff Has Cancer
Does convicted Ponzi schemer Bernard L. Madoff have cancer, as two newspapers are reporting, or not, as the U.S. Bureau of Prisons is stating? Under the headline "Bernie's Cancer Cell...
2009 Oct 25 Jeffry M. Picower, Accused of Profiting Significantly from Bernie Madoff Fraud, Found Dead
A hysterical Barbara Picower called 911 after seeing her husband, billionaire and close friend of Bernard Madoff, Jeffry Picower, at the bottom of her swimming pool. The Palm Beach Police...
2009 Nov 3 Former Bernard Madoff Accountant Pleads Guilty to Fraud
The longtime accountant of convicted swindler Bernard Madoff pleaded guilty Tuesday to multiple fraud charges in connection to Madoff's notorious, decades-long Ponzi scheme. David G. F...
2009 Dec 15 Lawyer for Bernard Madoff Ex-Finance Chief Frank DiPascali Seeks Bail in Exchange for Cooperation Leading to Three Arrests
DiPascali, who pleaded guilty in August to 10 criminal charges and has been denied bail, asked a Manhattan federal court judge through his lawyer to release him from jail into house arres...
2009 Dec 18 Bernard Madoff Moved to Prison Medical Center
Convicted swindler Bernard Madoff was moved last week to the medical center within a federal prison for undisclosed reasons, a spokeswoman for the Federal Bureau of Prisons said on Wednes...
2010 Dec 11 Bernard Madoff's Son Mark Commits Suicide
The Saturday morning suicide of Mark Madoff, found hanging by a dog leash from a pipe in the ceiling of his New York apartment, was a shocking culmination of two weeks of frantic filings ...