He was American fraudster and the mastermind behind the largest Ponzi scheme in history. Discover more about Bernie Madoff children in this article.
Who is Bernie Madoff?
Bernie Madoff was a notorious American fraudster and the mastermind behind the largest Ponzi scheme in history.
His full name was Bernard Lawrence Madoff. He was born on April 29, 1938, in New York City, New York, U.S.
He died on April 14, 2021, in Butner, North Carolina, U.S.
Bernie Madoff has been in the news because Netflix recently released a docuseries named “Madoff: The Monster of Wall Street,” based on his life, know his cause of death, and net worth.
He was 82 years old when he died.
His mother’s name is Sylvia Muntner, who was a homemaker, and his father’s name is Ralph Madoff, who was a plumber and stockbroker. He has two siblings, whose names are Sondra Weiner and Peter Madoff.
He did his schooling at Far Rockaway High School. Later, he attended the University of Alabama. However, after one year, he transferred to Hofstra University, where he graduated with a Bachelor of Arts in political science.
He also attended Brooklyn Law School but dropped out after one year.
In 1960, Bernie Madoff established a penny stock firm that later developed into Bernard L. Madoff Investment Securities. The company served as a third market trading provider, executing retail brokers’ over-the-counter orders without the assistance of exchange-specialized companies.
He participated actively in the National Association of Securities Dealers (NASD), a body that self-regulates the securities sector. He was a member of the board of governors and the chairman of the board of directors.
On December 10, 2008, Mark and Andrew Madoff reported to authorities that their father had admitted to them that his company’s asset management division was a large Ponzi scam. The Federal Bureau of Investigation’s agents detained Bernie Madoff the following day and filed one case of securities fraud against him.
He passed away from chronic renal disease on April 14, 2021, at the Federal Medical Center in Butner, North Carolina.
He had an estimated net worth of about $64.8 billion. In 2009 after his arrest, court filings determined that Madoff and his wife Ruth owned net assets worth between $823 million and $826 million with Bernie ending up with a net worth of $-17 billion.
Who are Bernie Madoff children: Meet Mark and Andrew Madoff
He married Ruth Alpern in 1959.
Ruth Madoff is married to Bernie Madoff, the businessman who admitted to running the biggest Ponzi scheme ever. In 2021, Bernie, Ruth’s husband, died at the age of 82.
They had two sons: Mark and Andrew. Later, both sons worked in the trade department with Charles Weiner, a paternal relative.
Two floors above the investment company, both boys worked for the legitimate branch of their father’s business.
Bernie exposed his fraud to Mark, Andrew, and Ruth in 2008, when the financial markets took a turn during the Great Recession.
Source:Ghgossip.com
Categories: Biography
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