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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.
Madoff pleaded guilty to 11 criminal counts after his fraud was uncovered in December 2008. He was serving a 150-year prison term when he died at age 82 in April 2021.
Frank DiPascali Jr. (October 28, 1956 – May 7, 2015) was an American fraudster and financier who was a key lieutenant of Bernie Madoff for three decades. [1] [2] He referred to himself as the company's "director of options trading" and as "chief financial officer".
David G. Friehling (born November 27, 1959 [1]) is an American accountant who was arrested and charged in March 2009 for his role in the Madoff investment scandal. [2] He subsequently pleaded guilty to rubber-stamping Bernard Madoff's filings with regulators rather than fully reviewing them.
The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and are set to bring the total amount it has handed out to 40,930 claimants to $4.3bn.
Madoff, 72, pleaded guilty last year to fraud and is serving a 150-year prison sentence for using money from new investors to pay off old ones in a global scheme that started in the early 1990s ...
He had worked as one-time company director of operations and as an accountant for Madoff since the 1960s. He was arrested on February 25, 2010, [3] and charged with having created false and fraudulent books and records, conspiracy, securities fraud, and tax-related charges. He was also sued by the SEC for falsifying records.
So far in the Madoff scandal only one person other than Madoff has been charged. His accountant, David Friehling, was accused of securities fraud and investment-adviser fraud and four counts of ...