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(Read here about the sitenotice) Bernard Lawrence 'Bernie' Madoff (born
april) is a former chairman of Bernard L.
Madoff Investment Securities LLC and the founder and former executive chairman of the NASDAQ stock market.
He pleaded guilty to all eleven criminal charges, admitted to having cheated thousands of investors of billions of dollars, and was judged to have operated a pyramid scheme, which is the largest of its kind in history.
Federal prosecutors estimated the loss of clients, which includes the manufactured loss, to amount to nearly sixty-five billion. The twenty-nine June, he was sentenced to years in prison, the maximum penalty. Bernard madoff's brother Peter Madoff is sentenced to ten years in prison.
Since there is no parole in the federal prison system, it is tantamount to life in prison.
Madoff founded the firm in, and it was one of the largest and among the market leaders on Wall Street. Madoff was also a leading figure within the jewish charities, and the fraud has significantly affected a larger number of jewish charitable organizations.
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one of which, the Lappin Foundation, has had to close. Madoff was born into a jewish family. He is married to Ruth Madoff and own houses in Roslyn, New York and Montauk, Long Island, in addition to an apartment on Manhattan's Upper East Side to a value of more than five mill. dollars He also has houses in Palm Beach and in France and is a member of the Palm Beach Country Club. He owns a -foot fishing boat, which bears the name 'Bull'. With a savings of dollars from feriejobs as bl. a lifeguard and installer of havevandingsanlæg, he founded in the s, his venture capital firm, which ten years later had been a large number of customers, which he made on different golf courses (Country Clubs) all over the country. Madoff sat on the board of the National Association of Securities Dealers (NASD), a self-regulatory organization for U.S.
securities dealers.
His company was one of the five most active firms in the development of the NASDAQ, and he served as that the exchange's chairman of the board from. Madoff's firm was known for the 'pay for order flow', in other words paying a broker to let a customer's order go through Madoff.
Madoff promised investors in his investment firm L.
Madoff Investment Securities return of up to twelve percent on a year - returns that also faithfully have entered into the investors bank accounts in recent years. The returns originated, however, not from a lucky investeringshånd, but consisted primarily of funds from new entrants investors. On the way kept Madoff investeringskarusellen in time by constantly expanding with new investors. Jaffe is the son-in-law of Carl Shapiro, the founder and former president of equipment company Kay Windsor Inc. and an early investor and close friend of Madoff. Jaffe, a benefactor from Palm Beach, Florida, attracted many investors from the Palm Beach Country Club. 'The New York Post reports that Madoff,"used the so-called 'Jewish circuit' of wealthy jews whom he met on the golf courses on Long Island and in Palm Beach, and through his position in the board of directors of several prominent jewish institutions, he was entrusted with entire family fortunes'. According to CNBC, was Madoff able to sell to european investors at ski competitions, which were organized by the various stock exchanges. The investment bank J.
Morgan Chase in January entered into a settlement agreement with the federal and local authorities to provide a compensation of two billion.
USD, as the bank is believed to have withheld information opposite the Madoff investors.
Madoff sits as chairman of the board of Sy Syms School of Business at Yeshiva University, as well as treasurer of its donor committee.
He resigned his position at Yeshiva University after his arrest. Madoff also serves on the board of the New York City Center, the historical theatre and is a member of the New York City's prestigious Cultural Institutions Group (CIG). He also performed charity work for the Gift of Life Bone Marrow Foundation, and managed a private fund at the age of nineteen million dollars, who donated money to hospitals and theaters.
