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Madoff's firm had two basic units: a stock brokerage and an asset management business; the Ponzi scheme was centered in the asset management business. Madoff founded a penny stock brokerage in 1960, which eventually grew into Bernard L. Madoff Investment Securities. [6] He served as the company's chairman until his arrest on December 11, 2008.
The firm also gave money to two entities owned by Madoff family members, including $1.7 million in capital contributions to Madoff Energy Holdings LLC, owned by Andrew, Mark and Shana Madoff, who also worked at the firm. The Madoff firm also paid out $4.5 million to support Ruth Madoff's real-estate-related investments.
The court-appointed trustee Irving Picard estimated actual losses to investors at $18 billion, and much of that money has been returned. [ 2 ] The 162-page list of clients (without investment amount), filed in United States bankruptcy court in Manhattan , was made public on February 4, 2009.
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.
The mammoth sum comes as federal officials began distributing $372 million to 40,000 Madoff victims worldwide. Manhattan U.S. Attorney Damian Williams said the payments give those Madoff fleeced ...
Madoff pled guilty in 2009 to 11 felonies, and admitted he used his wealth management business to create a massive Ponzi scheme which enriched himself, his family and others. Madoff was sentenced ...
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people worldwide, the ...