Bernie Madoff Explained

Birth Name:Bernard Lawrence Madoff
Birth Date:29 April 1938
Birth Place:New York City, New York, U.S.
Death Place:Butner, North Carolina, U.S.
Employer:Bernard L. Madoff Investment Securities[1] (founder)
Known For:Being the chairman of Nasdaq and the Madoff investment scandal
Conviction:March 12, 2009 (pleaded guilty)
Conviction Status:Deceased
Charge:Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
Conviction Penalty:150 years imprisonment, forfeiture of US$17.179 billion, lifetime ban from securities industry
Apprehended:December 11, 2008

Bernard Lawrence Madoff (;[2] April 29, 1938April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion.[3] [4] He was at one time chairman of the Nasdaq stock exchange.[5] 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.[7] [8] That year, the firm was the 6th-largest market maker in S&P 500 stocks.[9] While the stock brokerage part of the business had a public profile, Madoff tried to keep his asset management business low profile and exclusive.

At the firm, he employed his brother Peter Madoff as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as the firm's rules and compliance officer and attorney, and his now-deceased sons Mark Madoff and Andrew Madoff. Peter was sentenced to 10 years in prison in 2012,[10] and Mark hanged himself in 2010, exactly two years after his father's arrest.[11] [12] [13] [14] Andrew died of lymphoma on September 3, 2014.[15]

On December 10, 2008, Madoff's sons Mark and Andrew told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as saying that it was "one big lie".[16] [17] The following day, agents from the Federal Bureau of Investigation arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted multiple investigations into his business practices but had not uncovered the massive fraud.[9] On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme.

The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said that he began the Ponzi scheme in the early 1990s, but an ex-trader admitted in court to faking records for Madoff since the early 1970s.[18] [19] [20] Those charged with recovering the missing money believe that the investment operation may never have been legitimate.[21] The amount missing from client accounts was almost $65 billion, including fabricated gains.[22]

The Securities Investor Protection Corporation (SIPC) trustee estimated actual direct losses to investors of $18 billion, of which $14.418 billion has been recovered and returned, while the search for additional funds continues. On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum sentence allowed.[23] [24] [25] [26] On April 14, 2021, he died at the Federal Medical Center, Butner, in North Carolina, from chronic kidney disease.[27] [28] [29]

Early life

Madoff was born on April 29, 1938, in Queens, New York City, to Sylvia (Muntner) and Ralph Madoff, who was a plumber and stockbroker.[30] [31] [32] [33] His family was Jewish.[34] Madoff's grandparents were emigrants from Poland, Romania, and Austria.[35] He was the second of three children; his siblings are Sondra Weiner and Peter Madoff.[36] [37] Madoff graduated from Far Rockaway High School in 1956.[38]

Madoff attended the University of Alabama for one year, where he became a brother of the Tau Chapter of the Sigma Alpha Mu fraternity, then transferred to and graduated from Hofstra University in 1960 with a Bachelor of Arts in political science.[39] [40] Madoff briefly attended Brooklyn Law School, but left after his first year to start Bernard L. Madoff Investment Securities LLC and work for himself.[41] [40] [28]

Career

In 1960, Madoff founded Bernard L. Madoff Investment Securities LLC as a broker-dealer for penny stock with $5,000 that he earned from working as a lifeguard and irrigation sprinkler installer, and a loan of $50,000 from his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.[42] Carl J. Shapiro was one such early customer, investing $100,000.[29]

Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate its quotes.[43] After a trial run, the technology that the firm helped to develop became the National Association of Securities Dealers Automated Quotations Stock Market (Nasdaq).[44] After 41 years as a sole proprietorship, the Madoff firm incorporated in 2001 as a limited liability company with Madoff as the sole shareholder.[45]

The firm functioned as a third market trading provider, bypassing exchange specialist firms by directly executing orders over the counter from retail brokers.[46] At one point, Madoff Securities was the largest market maker at the Nasdaq, and in 2008 was the sixth-largest market maker in S&P 500 stocks.[43] The firm also had an investment management and advisory division, which it did not publicize, that was the focus of the fraud investigation.[47]

Madoff was "the first prominent practitioner"[48] of payment for order flow, in which a dealer pays a broker for the right to execute a customer's order. This has been called a "legal kickback".[49] Some academics have questioned the ethics of these payments.[50] [51] Madoff argued that these payments did not alter the price that the customer received. He viewed the payments as a normal business practice:

Madoff was active with the National Association of Securities Dealers (NASD), a self-regulatory securities-industry organization. He served as chairman of its board of directors, and was a member of its board of governors.[52]

Personal life

Madoff met Ruth Alpern while attending Far Rockaway High School. The two eventually began dating. Ruth graduated from high school in 1958, and earned her bachelor's degree at Queens College.[53] [54] On November 28, 1959, Madoff married Alpern.[37] [55] She was employed at the stock market in Manhattan before[56] working in Madoff's firm, and she founded the Madoff Charitable Foundation.[57] Bernard and Ruth Madoff had two sons: Mark (1964–2010),[58] a 1986 graduate of the University of Michigan, and Andrew (1966–2014),[59] [60] a 1988 graduate of University of Pennsylvania's Wharton Business School.[61] [62] Both sons later worked in the trading section alongside paternal cousin Charles Weiner.[43]

Several family members worked for Madoff. His younger brother, Peter,[63] an attorney, was senior managing director and chief compliance officer, and Peter's daughter, Shana Madoff, also an attorney, was the firm's compliance attorney.

Over the years, Madoff's sons had borrowed money from their parents, to purchase homes and other property. Mark Madoff owed his parents $22 million, and Andrew Madoff owed them $9.5 million. There were two loans in 2008 from Bernard Madoff to Andrew: $4.3 million on October 6, and $250,000 on September 21.[64] Andrew owned a Manhattan apartment and a home in Greenwich, Connecticut, as did his brother Mark,[56] prior to his death.[12] Both sons used outside investment firms to run their own private philanthropic foundations.[65] [56] [66] In March 2003, Andrew Madoff was diagnosed with mantle cell lymphoma and eventually returned to work. He was named chairman of the Lymphoma Research Foundation in January 2008, but resigned shortly after his father's arrest.[56]

Peter Madoff (and Andrew Madoff, before his death) remained the targets of a tax fraud investigation by federal prosecutors, according to The Wall Street Journal. David Friehling, Bernard Madoff's tax accountant, who pleaded guilty in a related case, was reportedly assisting in the investigation. According to a civil lawsuit filed in October 2009, trustee Irving Picard alleges that Peter Madoff deposited $32,146 into his Madoff accounts and withdrew over $16 million; Andrew deposited almost $1 million into his accounts and withdrew $17 million; Mark deposited $745,482 and withdrew $18.1 million.[67]

Bernard lived in Roslyn, New York, in a ranch house through the 1970s. In 1980, he purchased an ocean-front residence in Montauk, New York, for $250,000.[68] His primary residence was on Manhattan's Upper East Side,[69] and he was listed as chairman of the building's co-op board.[70] He also owned a home in France and an 8,700-square-foot house in Palm Beach, Florida, where he was a member of the Palm Beach Country Club, where he searched for targets of his fraud.[71] [72] [73] Madoff owned a 55adj=onNaNadj=on sportfishing yacht named Bull.[70] [41] All three of his homes were auctioned by the U.S. Marshals Service in September 2009.[74] [75]

Sheryl Weinstein, former chief financial officer of Hadassah, disclosed in a memoir that she and Madoff had had an affair more than 20 years earlier. As of 1997, when Weinstein left, Hadassah had invested a total of $40 million with Bernie Madoff. By the end of 2008, Hadassah had withdrawn more than $130 million from its Madoff accounts and contends its accounts were valued at $90 million at the time of Madoff's arrest. At the victim impact sentencing hearing, Weinstein testified, calling him a "beast".[76] [77] According to a March 13, 2009, filing by Madoff, he and his wife were worth up to $126 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC.[78]

On the morning of December 11, 2010 – exactly two years after Bernard's arrest – his son Mark was found dead in his New York City apartment. The city medical examiner ruled the cause of death as suicide by hanging.[12] [13] [14] [11]

During a 2011 interview on CBS, Ruth Madoff claimed she and her husband had attempted suicide after his fraud was exposed, both taking "a bunch of pills" in a suicide pact on Christmas Eve 2008.[4] [79] In November 2011, former Madoff employee David Kugel pleaded guilty to charges that arose out of the scheme. He admitted having helped Madoff create a phony paper trail, the false account statements that were supplied to clients.[80]

Madoff had a heart attack in December 2013, and reportedly had end-stage renal disease (ESRD).[81] According to CBS New York[82] and other news sources, Madoff claimed in an email to CNBC in January 2014 that he had kidney cancer, but this was unconfirmed. In a court filing from his lawyer in February 2020, it was revealed Madoff had chronic kidney failure. On February 17, 2022, Madoff's sister, Sondra Weiner, and her husband, Marvin, were both found dead with gun wounds in their Boynton Beach, Florida home. The deaths of Sondra, 87, and Marvin, 90, were labeled by police as a potential murder-suicide.[83]

Government access

From 1991 to 2008, Bernie and Ruth Madoff contributed about $240,000 to federal candidates, parties, and committees, including $25,000 a year from 2005 through 2008 to the Democratic Senatorial Campaign Committee. The committee returned $100,000 of the Madoffs' contributions to Irving Picard, the bankruptcy trustee who oversees all claims, and Senator Chuck Schumer returned almost $30,000 received from Madoff and his relatives to the trustee. Senator Chris Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim.[84] [85]

Members of the Madoff family have served as leaders of the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization.[86] Bernard Madoff served on the board of directors of the Securities Industry Association, a precursor of SIFMA, and was chairman of its trading committee.[87] He was a founding board member of the Depository Trust & Clearing Corporation (DTCC) subsidiary in London, the International Securities Clearing Corporation.[88] [89]

Madoff's brother Peter served two terms as a member of SIFMA's board of directors. He and Andrew received awards from SIFMA in 2008 for "extraordinary leadership and service".[90] [91] He resigned from the board of directors of SIFMA in December 2008, as news of the Ponzi scheme broke.[86] From 2000 to 2008, the Madoff brothers donated $56,000 directly to SIFMA, and paid additional money as sponsors of industry meetings.[92] Bernard Madoff's niece Shana Madoff was a member of the executive committee of SIFMA's Compliance & Legal Division, but resigned shortly after the arrest.[93]

Madoff's name first came up in a fraud investigation in 1992, when two people complained to the SEC about investments they made with Avellino & Bienes, the successor to his father-in-law's accounting practice. For years, Alpern and two of his colleagues, Frank Avellino and Michael Bienes, had raised money for Madoff, a practice that continued after Avellino and Bienes took over the firm in the 1970s. Avellino returned the money to investors and the SEC closed the case.[94]

In 2004, Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations (OCIE), informed her supervisor branch chief Mark Donohue that her review of Madoff found numerous inconsistencies, and recommended further questioning. However, she was told by Donohue and his boss Eric Swanson to stop work on the Madoff investigation, send them her work results, and instead investigate the mutual fund industry. Swanson, assistant director of the SEC's OCIE,[95] had met Shana Madoff in 2003 while investigating her uncle Bernie Madoff and his firm. The investigation was concluded in 2005. In 2006, Swanson left the SEC and became engaged to Shana Madoff, and in 2007 the two married.[96] [97] A spokesman for Swanson said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff.[98]

While awaiting sentencing, Madoff met with the SEC's inspector general, H. David Kotz, who conducted an investigation into how regulators had failed to detect the fraud despite numerous red flags. Madoff said he could have been caught in 2003, but that bumbling investigators had acted like "Lt. Columbo" and never asked the right questions:

Madoff said in the June 17, 2009, interview that SEC Chairman Mary Schapiro was a "dear friend", and SEC Commissioner Elisse Walter was a "terrific lady" whom he knew "pretty well".[99] After Madoff's arrest, the SEC was criticized for its lack of financial expertise and lack of due diligence, despite having received complaints from Harry Markopolos[100] and others for almost a decade. The SEC's inspector general, Kotz, found that since 1992, there had been six investigations of Madoff by the SEC, which were botched either through incompetent staff work or by neglecting allegations of financial experts and whistle-blowers. At least some of the SEC investigators doubted whether Madoff was even trading.[101] [102] [103]

Due to concerns of improper conduct by Inspector General Kotz in the Madoff investigation, Inspector General David C. Williams of the United States Postal Service was brought in to conduct an independent outside review.[104] The Williams Report questioned Kotz's work on the Madoff investigation, because Kotz was a "very good friend" of Markopolos.[105] [106] Investigators were not able to determine when Kotz and Markopolos became friends. A violation of the ethics rule would have taken place if the friendship were concurrent with Kotz's investigation of Madoff.[105] [107]

Investment scandal

See main article: Madoff investment scandal.

In 1999, financial analyst Harry Markopolos had informed the SEC that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. According to Markopolos, it took him four minutes to conclude that Madoff's numbers did not add up, and another minute to suspect they were fraudulent. After four hours of failed attempts to replicate Madoff's numbers, Markopolos believed he had mathematically proven Madoff was a fraud.[108] He was ignored by the SEC's Boston office in 2000 and 2001, as well as by Meaghan Cheung at the SEC's New York office in 2005 and 2007 when he presented further evidence. He has since co-authored a book with Gaytri D. Kachroo, the leader of his legal team, titled No One Would Listen. The book details the frustrating efforts he and his legal team made over a ten-year period to alert the government, the industry, and the press about Madoff's fraud.[109]

Although Madoff's wealth management business ultimately grew into a multibillion-dollar operation, none of the major derivatives firms traded with him because they did not believe his numbers were real. None of the major Wall Street firms invested with him, and several high-ranking executives at those firms suspected his operations and claims were not legitimate.[108] Others contended it was inconceivable that the growing volume of Madoff's accounts could be competently and legitimately serviced by his documented accounting/auditing firm, a three-person firm with only one active accountant.[110] The Central Bank of Ireland failed to spot Madoff's gigantic fraud when he started using Irish funds and had to supply large amounts of information, which would have been enough to enable Irish regulators to uncover the fraud much earlier than late 2008 when he was finally arrested in New York.[111] [112] [113]

The Federal Bureau of Investigation report and federal prosecutors' complaint says that during the first week of December 2008, Madoff confided to a senior employee, identified by Bloomberg News as one of his sons, that he said he was struggling to meet $7 billion in redemptions.[16] For years, Madoff had simply deposited investors' money in his business account at JPMorgan Chase and withdrew money from that account when they requested redemptions. He had scraped together just enough money to make a redemption payment on November 19. However, despite cash infusions from several longtime investors, by the week after Thanksgiving it was apparent that there was not enough money to even begin to meet the remaining requests. His Chase account had over $5.5 billion in mid-2008, but by late November was down to $234 million, not even a fraction of the outstanding redemptions. With banks having all stopped lending, Madoff knew he could not even begin to borrow the money he needed. On December 3, he told longtime assistant Frank DiPascali, who had overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother Peter about the fraud.[114] [21]

According to the sons, Madoff told Mark Madoff on the following day, December 9, that he planned to pay out $173 million in bonuses two months early.[115] Madoff said that "he had recently made profits through business operations, and that now was a good time to distribute it."[16] Mark told Andrew Madoff, and the next morning they went to their father's office and asked him how he could pay bonuses to his staff if he was having trouble paying clients. They then traveled to Madoff's apartment, where with Ruth Madoff nearby, Madoff told them he was "finished", that he had "absolutely nothing" left, and that his investment fund was "just one big lie" and "basically, a giant Ponzi scheme."[115] [21]

According to their attorney, Madoff's sons then reported their father to federal authorities.[16] Madoff had intended to wind up his operations over the remainder of the week before having his sons turn him in; he directed DiPascali to use the remaining money in his business account to cash out the accounts of several family members and favored friends.[114] However, as soon as they left their father's apartment, Mark and Andrew immediately contacted a lawyer, who in turn got them in touch with federal prosecutors and the SEC.[21] On December 11, 2008, Madoff was arrested and charged with securities fraud.

Madoff posted $10 million bail in December 2008 and remained under 24-hour monitoring and house arrest in his Upper East Side penthouse apartment until his guilty plea on March 12, 2009. On that date, Judge Denny Chin revoked his bail and remanded him to the Metropolitan Correctional Center pending sentencing. Chin ruled that Madoff was a flight risk because of his age, his wealth, and the prospect of spending the rest of his life in prison. Prosecutors filed two asset forfeiture pleadings which include lists of valuable real and personal property as well as financial interests and entities owned or controlled by Madoff.

Madoff's lawyer, Ira Sorkin, filed an appeal, which prosecutors opposed.[116] On March 20, 2009, an appellate court denied Madoff's request to be released from jail and returned to home confinement until his sentencing on June 29, 2009. On June 22, 2009, Sorkin hand-delivered a customary pre-sentencing letter to the judge requesting a sentence of 12 years, because of tables from the Social Security Administration that his life span was predicted to be 13 years.[117] [118]

On June 26, 2009, Chin ordered forfeiture of $170 million in Madoff's assets. Prosecutors asked Chin to sentence Madoff to 150 years in prison.[119] [120] [121] Bankruptcy Trustee Irving Picard indicated that "Mr. Madoff has not provided meaningful cooperation or assistance."[122] In settlement with federal prosecutors, Madoff's wife Ruth agreed to forfeit her claim to $85 million in assets, leaving her with $2.5 million in cash.[123] The order allowed the SEC and Court appointed trustee Irving Picard to pursue Ruth Madoff's funds.[122] Massachusetts regulators also accused her of withdrawing $15 million from company-related accounts shortly before he confessed.[124]

In February 2009, Madoff reached an agreement with the SEC.[125] It was later revealed that as part of the agreement, Madoff accepted a lifetime ban from the securities industry.[126] Picard sued Madoff's sons, Mark and Andrew, his brother Peter, and Peter's daughter, Shana, for negligence and breach of fiduciary duty, for $198 million. The defendants had received over $80 million in compensation since 2001.[127] [128]

Mechanics of the fraud

According to an SEC indictment, office workers Annette Bongiorno and Joann Crupi created false trading reports based on the returns that Madoff ordered for each customer.[129] For example, when Madoff determined a customer's return, one of the back office workers would enter a false trade report with a previous date and then enter a false closing trade in the amount required to produce the required profit, according to the indictment. Prosecutors allege that Bongiorno used a computer program specially designed to backdate trades and manipulate account statements.[130] They quote her as writing to a manager in the early 1990s, "I need the ability to give any settlement date I want."[129] In some cases, returns were allegedly determined before the account was even opened.[130]

On a daily basis, DiPascali and his team on the 17th floor of the Lipstick Building, where the scam was based (Madoff's brokerage was based on the 19th floor, while the main entrance and conference room were on the 18th floor), watched the closing price of the S&P 100. They then picked the best-performing stocks and used them to create bogus "baskets" of stocks as the basis for false trading records, which Madoff claimed were generated from his supposed "split-strike conversion" strategy, in which he bought blue-chip stocks and took options contracts on them. They frequently made their "trades" at a stock's monthly high or low, resulting in the high "returns" that they touted to customers. On occasion, they slipped up and dated trades as taking place on weekends and federal holidays, though this was never caught.[21]

Over the years, Madoff admonished his investors to keep quiet about their relationship with him. This was because he was well aware of the finite limits that existed for a legitimate split-strike conversion. He knew that if the amount he "managed" became known, investors would question whether he could trade on the scale he claimed without the market reacting to his activity, or whether there were enough options to hedge his stock purchases.[114]

As early as 2001, Harry Markopolos discovered that in order for Madoff's strategy to be possible, he would have had to buy more options on the Chicago Board Options Exchange than actually existed.[109] Additionally, at least one hedge-fund manager, Suzanne Murphy, revealed that she balked at investing with Madoff because she did not believe there was enough volume to support his purported trading activity.[21]

Madoff admitted during his March 2009 guilty plea that the essence of his scheme was to deposit client money into a bank account, rather than invest it and generate steady returns as clients had believed. When clients wanted their money, "I used the money in the Chase Manhattan bank account that belonged to them or other clients to pay the requested funds," he told the court.[131] [132]

Madoff maintained that he began his fraud in the early 1990s, though prosecutors believed it was underway as early as the 1980s. DiPascali, for instance, told prosecutors that he knew at some point in the late 1980s or early 1990s that the investment advisory business was a sham.[114] An investigator charged with reconstructing Madoff's scheme believes that the fraud was well under way as early as 1964. Reportedly, Madoff told an acquaintance soon after his arrest that the fraud began "almost immediately" after his firm opened its doors. Bongiorno, who spent over 40 years with Madoff–longer than anyone except Ruth and Peter–told investigators that she was doing "the same things she was doing in 2008" when she first joined the firm.[21]

Affinity fraud

Madoff targeted wealthy American Jewish communities, using his in-group status to obtain investments from Jewish individuals and institutions. Affected Jewish charitable organizations considered victims of this affinity fraud include Hadassah, the Women's Zionist Organization of America, the Elie Wiesel Foundation and Steven Spielberg's Wunderkinder Foundation. Jewish federations and hospitals lost millions of dollars, forcing some organizations to close. The Lappin Foundation, for instance, was forced to close temporarily because it had invested its funds with Madoff.[133]

Size of loss to investors

David Sheehan, chief counsel to trustee Picard, stated on September 27, 2009, that about $36 billion was invested into the scam, returning $18 billion to investors, with $18 billion missing. About half of Madoff's investors were "net winners", earning more than their investment. The withdrawal amounts in the final six years were subject to "clawback" (return of money) lawsuits.[134]

In a May 4, 2011, statement, trustee Picard said that the total amount owed to customers (with some adjustments) was $57 billion, of which $17.3 billion was actually invested by customers. $7.6 billion has been recovered, but pending lawsuits, only $2.6 billion was available to repay victims.[135] [136] The Internal Revenue Service ruled that investors' capital losses in this and other fraudulent investment schemes would be treated as business losses, thereby allowing the victims to claim a tax deduction for such losses.[137] [138]

The size of the fraud was stated as $65 billion early in the investigation. Former SEC Chairman Harvey Pitt estimated the actual net fraud to be between $10 and $17 billion.[139] One difference between the estimates results from different methods of calculation. One method calculates losses as the total amount that victims thought they were owed, but will never receive. The smaller estimates are arrived at by subtracting the total cash received from the scheme from the total cash paid into the scheme, after excluding from the calculation persons accused of collaborating with the scheme, persons who invested through "feeder funds", and anyone who received more cash from the scheme than they paid in. Erin Arvedlund, who publicly questioned Madoff's reported investment performance in 2001, stated that the actual amount of the fraud might never be known, but was likely between $12 and $20 billion.[140] [141] [142]

Jeffry Picower, rather than Madoff, appears to have been the largest beneficiary of Madoff's Ponzi scheme, and his estate settled the claims against it for $7.2 billion.[143] [144] Entities and individuals affiliated with Fred Wilpon and Saul Katz received $300 million in respect of investments in the scheme. Wilpon and Katz "categorically reject[ed]" the charge that they "ignored warning signs" about Madoff's fraud.[145] On November 9, 2017, the U.S. government announced that it would begin paying out $772.5 million from the Madoff Victim Fund to more than 24,000 victims of the Ponzi scheme.[146] The Madoff Recovery Initiative reported $14.418 billion in total recoveries and settlement agreements.[147]

Plea, sentencing, and prison life

On March 12, 2009, Madoff pleaded guilty to 11 federal felonies, including securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC. The plea was the response to a criminal complaint filed two days earlier, which stated that over the past 20 years, Madoff had defrauded his clients of almost $65 billion in the largest Ponzi scheme in history. Madoff insisted he was solely responsible for the fraud.[101] [148] He pleaded guilty to all charges without a plea bargain; it has been speculated that he did this instead of cooperating with the authorities in order to avoid naming any associates and co-conspirators in the scheme.[149] [150]

In November 2009, David G. Friehling, Madoff's accounting front man and auditor, pleaded guilty to securities fraud, investment adviser fraud, making false filings to the SEC, and obstructing the Internal Revenue Service. He admitted to merely rubber-stamping Madoff's filings rather than auditing them.[151] Friehling extensively cooperated with federal prosecutors and testified at the trials of five former Madoff employees, all of whom were convicted and sentenced to between 2 and a half and 10 years in prison. Although he could have been sentenced to more than 100 years in prison, because of his cooperation, Friehling was sentenced in May 2015 to one year of home detention and one year of supervised release.[152] His involvement made the Madoff scheme by far the largest accounting fraud in history, dwarfing the $11 billion accounting fraud masterminded by Bernard Ebbers in the WorldCom scandal. Madoff's right-hand man and financial chief, Frank DiPascali, pleaded guilty to 10 federal charges in 2009 and (like Friehling) testified for the government at the trial of five former colleagues, all of whom were convicted. DiPascali faced a sentence of up to 125 years, but he died of lung cancer in May 2015, before he could be sentenced.[153] [154]

In his plea allocution, Madoff stated he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients' money during this time. Instead, he said, he simply deposited the money into his personal business account at Chase Manhattan Bank. When his customers asked for withdrawals, he paid them out of the Chase account—a classic "robbing Peter to pay Paul" scenario. Chase and its successor, JPMorgan Chase, may have earned as much as $483 million from his bank account.[155] [156] He was committed to satisfying his clients' expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He stated that he always intended to resume legitimate trading activity, but it proved "difficult, and ultimately impossible" to reconcile his client accounts. In the end, he said, he realized that his scam would eventually be exposed.[157] [158]

On June 29, 2009, Judge Chin sentenced him to the maximum sentence of 150 years in federal prison.[23] [159] His lawyers initially asked the judge to impose a sentence of 7 years, and later requested that the sentence be 12 years, because of Madoff's advanced age of 71 and his limited life expectancy.[160] Madoff apologized to his victims, saying

Judge Chin had not received any mitigating factor letters from friends or family testifying to Madoff's good deeds. "The absence of such support was telling," he said.[161] Judge Chin also said that Madoff had not been forthcoming about his crimes. "I have a sense Mr. Madoff has not done all that he could do or told all that he knows," said Chin, calling the fraud "extraordinarily evil", "unprecedented", and "staggering", and that the sentence would deter others from committing similar frauds.[162] Judge Chin also agreed with prosecutors' contention that the fraud began at some point in the 1980s. He also noted that Madoff's crimes were "off the charts", since federal sentencing guidelines for fraud only go up to $400 million in losses.[163]

Ruth did not attend court but issued a statement, saying: "I am breaking my silence now because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie's crime, which was exactly the opposite of the truth. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud was not the man whom I have known for all these years."[164] [165]

Incarceration

Madoff's attorney asked the judge to recommend that the Federal Bureau of Prisons place Madoff in the Federal Correctional Institution, Otisville, which was located 70miles from Manhattan. The judge, however, only recommended that Madoff be sent to a facility in the Northeast United States. He was transferred to the Federal Correctional Institution Butner Medium near Butner, North Carolina, about 45miles northwest of Raleigh; he was Bureau of Prisons Register #61727-054.[166] [167] Jeff Gammage of The Philadelphia Inquirer said, in regards to his prison assignment, "Madoff's heavy sentence likely determined his fate."[168]

Madoff's projected release date was January 31, 2137.[167] [169] The release date, described as "academic" in Madoff's case because he would have to live to the age of 198, reflects a reduction for good behavior.[170] On October 13, 2009, it was reported that Madoff experienced his first prison yard fight with another inmate, also a senior citizen.[171] When he began his sentence, Madoff's stress levels were so severe that he broke out in hives and other skin maladies soon after.[172]

On December 18, 2009, Madoff was moved to Duke University Medical Center in Durham, North Carolina, and was treated for several facial injuries. A former inmate later claimed that the injuries were received during an alleged altercation with another inmate.[173] Other news reports described Madoff's injuries as more serious and including "facial fractures, broken ribs, and a collapsed lung".[172] [174] The Federal Bureau of Prisons said Madoff signed an affidavit on December 24, 2009, which indicated that he had not been assaulted and that he had been admitted to the hospital for hypertension.[175] In his letter to his daughter-in-law, Madoff said that he was being treated in prison like a "Mafia don".

After an inmate slapped Madoff because he had changed the channel on the TV, it was reported that Madoff befriended Carmine Persico, boss of the Colombo crime family since 1973, one of New York's five American Mafia families.[176] It was believed Persico had intimidated the inmate who slapped Madoff in the face.[177] On July 29, 2019, Madoff asked Donald Trump for a reduced sentence or pardon, to which the White House and Donald Trump made no comment.[178] In February 2020, his lawyer filed for compassionate release from prison on the claim that he had chronic kidney failure, a terminal illness leaving him less than 18 months to live, and that the COVID-19 pandemic further threatened his life.[179] He was hospitalized for this condition in December 2019.[180] [181] The request was denied due to the severity of Madoff's crimes.[182] [183] [184] [185]

Death

Madoff died of hypertension, atherosclerotic cardiovascular disease, and chronic kidney disease at the age of 82 in Federal Medical Center, Butner, a federal prison for inmates with special health needs near Butner, North Carolina, on April 14, 2021.[186] [187] [188] He was cremated in Durham, North Carolina.[189]

Philanthropy and other activities

Madoff was a prominent philanthropist,[190] [191] who served on boards of nonprofit institutions, many of which entrusted his firm with their endowments.[190] [191] The collapse and freeze of his personal assets and those of his firm affected businesses, charities, and foundations around the world, including the Chais Family Foundation,[192] the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation which were forced to close.[190] [193] Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease.[194] He and his wife gave over $230,000 to political causes since 1991, with the bulk going to the Democratic Party.[195]

Madoff served as the chairman of the board of directors of the Sy Syms School of Business at Yeshiva University, and as treasurer of its board of trustees.[191] He resigned his position at Yeshiva University after his arrest. Madoff also served on the board of New York City Center, a member of New York City's Cultural Institutions Group (CIG).[196] He served on the executive council of the Wall Street division of the UJA Foundation of New York which declined to invest funds with him because of the conflict of interest.[197]

Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and made philanthropic gifts through the Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife.[190] They also donated money to hospitals and theaters.[191] The foundation also contributed to many educational, cultural, and health charities, including those later forced to close because of Madoff's fraud.[198] After Madoff's arrest, the assets of the Madoff Family Foundation were frozen by a federal court.[190]

In the media

See also

Further reading

External links

Notes and References

  1. Web site: Bernard L. Madoff Investment Securities, LLC (BMIS) . madoffinvestmentsecurities.com . 26 February 2007 . 3 April 2023.
  2. Web site: Voice of America pronunciation guide . . live . https://web.archive.org/web/20110718225319/http://names.voa.gov/SearchAction.cfm?searchtype=2&Name2=madoff . July 18, 2011.
  3. News: US Prosecutors updated the size of Madoff's scheme from $50 billion to $64 billion . Martha . Graybow . . March 11, 2009 . July 7, 2009 . https://web.archive.org/web/20090707181519/http://www.reuters.com/article/topNews/idUSTRE52A5JK20090311?pageNumber=2&virtualBrandChannel=0&sp=true . live.
  4. News: . Wife Says She and Madoff Tried Suicide . . October 26, 2011 . July 8, 2018 . https://web.archive.org/web/20180708133556/https://www.nytimes.com/2011/10/27/business/wife-says-she-and-madoff-tried-suicide.html . live.
  5. News: Ex-Nasdaq chair arrested for securities fraud . December 12, 2008 . . October 19, 2013 . https://web.archive.org/web/20131019210931/http://money.cnn.com/2008/12/11/markets/madoff_fraud/ . live.
  6. News: Langer . Emily . Bernard Madoff, mastermind of vast Wall Street Ponzi scheme, dies at 82 . . April 14, 2021 . 0190-8286 . April 14, 2021 . https://web.archive.org/web/20210414140907/https://www.washingtonpost.com/local/obituaries/bernie-madoff-dead/2021/04/14/f8e33fa8-c5da-11df-94e1-c5afa35a9e59_story.html . live.
  7. News: The Madoff Case: A Timeline . March 6, 2009 . . subscription . February 22, 2015 . https://web.archive.org/web/20150222004854/http://www.wsj.com/articles/SB112966954231272304 . live.
  8. News: New Description of Timing on Madoff's Confession . Diana . Henriques . Diana B. Henriques . January 13, 2009 . . April 10, 2009 . https://web.archive.org/web/20090410140145/http://www.nytimes.com/2009/01/10/business/10madoff.html . live.
  9. News: David . Lieberman . Pallavi . Gogoi . Theresa . Howard . Kevin . McCoy . Matt . Krantz . Investors remain amazed over Madoff's sudden downfall . . December 15, 2008. . . December 18, 2008 . https://web.archive.org/web/20081218052937/http://www.usatoday.com/money/markets/2008-12-14-ponzi-madoff-downfall_N.htm . live.
  10. News: Peter Madoff Sentenced to 10 Years for Role in Ponzi Scheme . . December 20, 2012 . May 10, 2013 . https://web.archive.org/web/20130510062035/http://www.nbcnews.com/business/peter-madoff-sentenced-10-years-role-ponzi-scheme-1C7660243 . live.
  11. News: Irene . Cornell . Officials: Bernie Madoff's Son Mark Madoff Found Dead Of Apparent Suicide In Soho Apartment . . December 11, 2010 . July 2, 2018 . https://web.archive.org/web/20180702035741/https://newyork.cbslocal.com/2010/12/11/officials-one-of-madoffs-sons-found-dead/ . live.
  12. News: Madoff son found dead of apparent suicide . Susan . Candiotti . . December 11, 2010 . December 12, 2010. https://web.archive.org/web/20101212173317/http://www.cnn.com/2010/US/12/11/new.york.madoff.son.suicide/index.html. live.
  13. News: Madoff's Son Is Found Dead in Apparent Suicide . Sean . Gardiner . Michael . Rothfeld . Steve . Eder . Chad . Bray . . December 12, 2010 . subscription.
  14. News: Madoff son's suicide follows battle with trustee . Larry . Neumeister . Tom . Hays . . . December 13, 2010 . September 23, 2020 . https://web.archive.org/web/20200923231740/http://www.nbcnews.com/id/40617952 . live.
  15. News: Bernie Madoff's Surviving Son Andrew Dies of Lymphoma . . October 31, 2011 . https://web.archive.org/web/20200809210832/https://www.nbcnews.com/business/business-news/bernie-madoffs-surviving-son-andrew-dies-lymphoma-n194736 . August 9, 2020 . live.
  16. News: David . Voreacos . David . Glovin . Madoff Confessed $50 Billion Fraud Before FBI Arrest . . . December 13, 2008.
  17. Web site: SEC: Complaint SEC against Madoff and BMIS LLC . . December 11, 2008 . December 17, 2008 . https://web.archive.org/web/20081217042343/http://www.sec.gov/litigation/complaints/2008/comp-madoff121108.pdf . live.
  18. News: Ex-Madoff trader admits faking records since '70s . Grant . McCool . . November 21, 2011.
  19. News: Bernard Madoff fraud 'began 20 years earlier than admitted' . Dominic . Rushe . . November 18, 2011.
  20. News: Prosecutors: Madoff fraud started in 1970s . Charles . Riley . . October 1, 2012.
  21. Book: Ross, Brian . The Madoff Chronicles . Brian Ross (journalist) . . 2015 . 9781401310295 .
  22. News: McCool . Grant. Graybow . Martha . March 13, 2009 . Madoff pleads guilty, was jailed for $65 billion fraud . . https://web.archive.org/web/20131001015942/http://www.reuters.com/article/2009/03/13/us-madoff-idUSTRE52A5JK20090313 . October 1, 2013 . live.
  23. News: Bernard Madoff gets 150 years behind bars for fraud scheme . June 29, 2009 . . https://web.archive.org/web/20090702140614/http://www.cbc.ca/money/story/2009/06/29/madoff-ponzi-fraud-sentence564.html . July 2, 2009 . live.
  24. News: Madoff Sentenced to 150 Years for Ponzi Scheme . Diana B. . Henriques . Diana B. Henriques . . June 29, 2009 . limited . May 1, 2011 . https://web.archive.org/web/20110501120849/http://www.nytimes.com/2009/06/30/business/30madoff.html . live.
  25. News: Madoff sentenced to 150 years . Aaron . Smith . . June 29, 2009.
  26. News: Madoff Sentenced To Maximum 150 Years In Prison . Scott . Neuman . . June 29, 2009.
  27. News: AP source: Ponzi schemer Bernie Madoff dies in prison . April 14, 2021 . . April 14, 2021 . https://web.archive.org/web/20210414133851/https://apnews.com/article/bernie-madoff-dead-9d9bd8065708384e0bf0c840bd1ae711 . live.
  28. News: Disgraced financier, Ponzi scheme architect Bernie Madoff dies in prison . . . April 14, 2021.
  29. News: Bernie Madoff Dead at 82; Disgraced Investor Ran Biggest Ponzi Scheme in History . Michael . Rothfeld . Justin . Baer . . April 14, 2021 . subscription.
  30. News: Varchaver . Nicholas . Madoff's mother tangled with the feds . . January 16, 2009 . October 16, 2012 . https://web.archive.org/web/20121016184016/http://money.cnn.com/2009/01/16/magazines/fortune/madoff_mother.fortune/index.htm . live.
  31. News: Bernie Madoff, mastermind of the nation's biggest investment fraud, dies at 82 . Marty . Steinberg . Scott . Cohn . . April 14, 2021.
  32. News: Lauria . Joe . Life inside the weird world of Bernard Madoff . . March 22, 2009 . August 8, 2011 . https://web.archive.org/web/20110808195144/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5949961.ece . live.
  33. News: Bernard Madoff Fast Facts . . April 14, 2021.
  34. News: Ponzi schemer Bernie Madoff dies in prison at 82 . . April 14, 2021 . April 14, 2021 . https://web.archive.org/web/20210414133851/https://apnews.com/article/bernie-madoff-dead-9d9bd8065708384e0bf0c840bd1ae711 . live.
  35. News: How Bernie Mandoff pulled off his massive swindle . James . Bandler . Nicholas . Varchaver . . April 24, 2009 . July 3, 2009 . https://web.archive.org/web/20090703224211/http://money.cnn.com/2009/04/24/news/newsmakers/madoff.fortune/ . live.
  36. News: A look at the Madoffs two years after Bernie's scandal unfolded . . December 12, 2010.
  37. Book: Oppenheimer, Jerry . Madoff with the Money . 2009 . . 978-0-470-50498-7 . 280. "Ruth, who grew up in Laurelton, Queens, with Bernie became his steady at Far Rockaway High School. She had attributes that intrigued Bernie: She had a 'shiksa' look, but was Jewish; she was social and outgoing; she had a shrewd accountant father, and she was a whiz at one particular subject – math – all the right stuff for a future Master of the Universe in the gilded canyons of Wall Street. Married in 1959, Bernie would later cheat on her like he cheated his clients."
  38. News: The Education of Bernie Madoff: The High School Years . . December 22, 2008 . Carney . John . live . https://archive.today/20120711083057/http://clusterstock.alleyinsider.com/2008/12/the-education-of-bernie-madoff-far-rockaway-high-school . July 11, 2012.
  39. News: Bernie Madoff, Frat Brother . . January 18, 2009 . Salkin . Allen . limited . August 30, 2011 . https://web.archive.org/web/20110830130058/http://www.nytimes.com/2009/01/18/fashion/18madoff.html . live.
  40. News: 10 Things You Didn't Know About Bernard Madoff . Henry J. . Reske . . March 12, 2009 . August 10, 2011 . https://web.archive.org/web/20110810005050/http://www.usnews.com/news/national/articles/2009/03/12/10-things-you-didnt-know-about-madoff . live.
  41. News: The Talented Mr. Madoff . . January 24, 2009 . Julie . Creswell . Landon Jr. . Thomas . April 30, 2011 . https://web.archive.org/web/20110430014258/http://www.nytimes.com/2009/01/25/business/25bernie.html . live.
  42. News: Madoff's tactics date to 1960s, when father-in-law was recruiter . February 1, 2009 . . live . https://web.archive.org/web/20110615040356/http://fr.jpost.com/servlet/Satellite?cid=1233304648603&pagename=JPost%2FJPArticle%2FShowFull . June 15, 2011.
  43. News: de la Merced . Michael J. . Effort Under Way to Sell Madoff Unit . . December 24, 2008 . limited . March 4, 2016 . https://web.archive.org/web/20160304083722/http://www.nytimes.com/2008/12/25/business/25madoff.html . live.
  44. Book: Weiner, Eric J. . What Goes Up: The Uncensored History of Modern Wall Street as Told by the Bankers, Brokers, CEOs, and Scoundrels who Made it Happen . . 978-0-316-92966-0 . 2007 . 188–192 . December 28, 2016 . https://web.archive.org/web/20161228183052/https://books.google.com/books?id=dIT4cjRNpygC&q=Madoff . live.
  45. Web site: Madoff Securities International Ltd v Raven & Ors (2013) EWHC 3147 (Comm) (18 October 2013) . British and Irish Legal Information Institute (BAILII) . October 18, 2013 . March 11, 2021 . https://web.archive.org/web/20210311053615/http://www.bailii.org/ew/cases/EWHC/Comm/2013/3147.html . live.
  46. News: Another Stab Third Market: Madoff's Brave New Trading World . Traders Magazine . August 31, 1999.
  47. SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (2008–293) . . December 11, 2008 . December 14, 2008 . https://web.archive.org/web/20081214092824/http://www.sec.gov/news/press/2008/2008-293.htm . live.
  48. Book: Wilhelm . William J. . Downing . Joseph D. . Information Markets: What Businesses Can Learn from Financial Innovation . . 153 . registration . 1-57851-278-6. 2001.
  49. Web site: Princeton University Undergraduate Task Force . The Regulation of Publicly Traded Securities . U.S. Securities and Exchange Commission . 58 . January 2005 . January 14, 2009. https://web.archive.org/web/20090114200424/http://www.sec.gov/rules/proposed/s71004/s71004-587.pdf . live.
  50. Web site: Ferrell . Allen . A Proposal for Solving the 'Payment for Order Flow' Problem 74 S.Cal.L.Rev. 1027 . . 2001 . November 26, 2013 . https://web.archive.org/web/20131126043003/http://www.law.harvard.edu/faculty/fferrell/pdfs/payment_for_orderflow.pdf . live.
  51. Web site: Battalio . Robert H. . Loughran . Tim . Does Payment for Order Flow to Your Broker Help or Hurt You? . . January 15, 2007 . November 8, 2017 . https://web.archive.org/web/20171108071833/https://www3.nd.edu/~tloughra/Orderflow.pdf . live.
  52. News: New Description of Timing on Madoff's Confession . Diana B. . Henriques . Diana B. Henriques . . January 13, 2009 . limited .
  53. Web site: Bernie Madoff’s bride grew up in a Laurelton home. qchron.com. July 9, 2020. July 9, 2020.
  54. News: The Trials of Ruth Madoff. People. February 21, 2011. April 14, 2011. March 18, 2016. https://web.archive.org/web/20160318105104/http://www.people.com/people/archive/article/0,,20467587,00.html. live.
  55. News: November 14, 2009. Have pity on Ruth Madoff. CNN. April 16, 2011. https://web.archive.org/web/20091224220838/http://moremoney.blogs.money.cnn.com/2009/11/14/have-pity-on-ruth-madoff/. December 24, 2009.
  56. News: Seal . Mark . Madoff's World . . April 2009 . live . https://web.archive.org/web/20090321200231/http://www.vanityfair.com/politics/features/2009/04/madoff200904 . March 21, 2009.
  57. News: Bernie Madoff's arrest sent tremors into Palm Beach. Palm Beach Daily. December 12, 2008. December 12, 2008. Lambiet. dead. https://web.archive.org/web/20081215011924/http://www.palmbeachdailynews.com/news/content/news/2008/12/12/ponzi1212.html. December 15, 2008.
  58. A Charmed Life, a Tragic Death. People. January 10, 2011. April 15, 2011. Today would have been Mark's 47th birthday! I will never forget the kind and fun loving person he was. This will always be a difficult day of the year for me.. April 18, 2011. https://web.archive.org/web/20110418004709/http://www.people.com/people/archive/article/0,,20456064,00.html. live.
  59. News: Andrew Madoff Son of Convicted Fraudster Dies at 48. The New York Times. September 3, 2014 . February 4, 2016. April 16, 2016. https://web.archive.org/web/20160416193635/http://www.nytimes.com/2014/09/04/business/andrew-madoff-son-of-convicted-financier-dies-at-48.html. live. Henriques . Diana B. .
  60. The Tale of the Madoff Sons. New York Magazine. June 3, 2009. April 15, 2011. September 9, 2011. https://web.archive.org/web/20110909110746/http://nymag.com/daily/intel/2009/06/madoff_sons.html. live.
  61. News: Mark Madoff in 'The Madoff Chronicles'. MSNBC. December 12, 2010. April 15, 2011. June 15, 2011. https://web.archive.org/web/20110615065514/http://abcnews.go.com/Blotter/mark-madoff-madoff-chronicles/story?id=12374049. live.
  62. News: The Trials of Ruth Madoff. People. February 21, 2011. April 15, 2011. March 18, 2016. https://web.archive.org/web/20160318105104/http://www.people.com/people/archive/article/0,,20467587,00.html. live.
  63. Web site: Bernie Madoff's sons and brother investigated. Thefirstpost.co.uk. February 12, 2010. March 11, 2013. June 9, 2011. https://web.archive.org/web/20110609204312/http://www.thefirstpost.co.uk/59650,business,bernie-madoffrsquos-sons-and-brother-under-investigation. live.
  64. Web site: Government's Affirmation in Opposition To Madoff's Motion for a stay and reinstatement of bail pending sentencing . . May 30, 2009. https://web.archive.org/web/20090530222559/http://www.usdoj.gov/usao/nys/madoff/madoffbailpendingsentencing.pdf . live.
  65. News: The Madoff files: Bernie's billions . . March 29, 2009 . . January 30, 2009 . https://web.archive.org/web/20090130120909/http://www.independent.co.uk/news/business/analysis-and-features/the-madoff-files-the-man-behind-the-most-audacious-fraud-in-history-1518939.html . live.
  66. News: Sons' Roles in Spotlight . . Aaron . Lucchetti . Tom . Lauricella . March 29, 2009 . subscription . January 26, 2016 . https://web.archive.org/web/20160126064918/http://www.wsj.com/articles/SB123275697375711899 . live.
  67. News: Prosecutors Set Sights on Madoff Kin . Efrati . Amir . . February 11, 2010 . subscription . January 26, 2016 . https://web.archive.org/web/20160126064918/http://www.wsj.com/articles/SB10001424052748704337004575059753363224076 . live.
  68. News: See inside the Hamptons home once owned by Bernie Madoff . Sarah . Paynter . . April 14, 2021.
  69. News: Bernard Madoff: the 'most hated man in New York' seeks $3m for bail . Jagger . Suzy . . December 18, 2008 . London. August 8, 2011 . https://web.archive.org/web/20110808195151/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5362075.ece . live.
  70. News: Fund Fraud Hits Big Names; Madoff's Clients Included Mets Owner, GMAC Chairman, Country-Club Recruits . Frank . Robert . Lattman . Peter . Searcey . Dionne . Lucucchetti . Aaron . . December 13, 2008 . subscription . February 16, 2015 . https://web.archive.org/web/20150216013104/http://www.wsj.com/articles/SB122914169719104017 . live.
  71. News: How Madoff Fleeced the Palm Beach Elite . Daniel . Gross . . January 2, 2009 . limited.
  72. News: Madoff scandal stuns Palm Beach Jewish community . Jim . Loney . . December 19, 2008.
  73. News: Buyer of Madoff lakefront house resells it for $9M . Darrell . Hofheinz . . October 20, 2015 . April 25, 2021 . April 25, 2021 . https://web.archive.org/web/20210425193455/https://www.palmbeachdailynews.com/business/real-estate/buyer-madoff-lakefront-house-resells-for/PFJgOt8wCGaslXyUnzYT2I/ . dead .
  74. News: Proposals sought from brokers for sale of Madoff homes . Destefano . Anthony . . August 14, 2009 . September 18, 2009. https://web.archive.org/web/20090918222035/http://www.newsday.com/business/proposals-sought-from-brokers-for-sale-of-madoff-homes-1.1369991 . live.
  75. News: Bernard Madoff's personal property to be auctioned . . October 20, 2009 . . October 23, 2010 . https://web.archive.org/web/20101023070952/http://www.deccanherald.com/content/106320/bernard-madoffs-personal-property-auctioned.html. live.
  76. News: Henriques. Diana. Strom. Stephanie. Woman Tells of Affair With Madoff in New Book. The New York Times. August 13, 2009. August 20, 2009. November 2, 2011. https://web.archive.org/web/20111102210514/http://www.nytimes.com/2009/08/14/business/14madoff.html. live.
  77. Web site: ABC News. . March 18, 2010. December 16, 2009. https://web.archive.org/web/20091216095550/http://abcnews.go.com/Blotter/Madoff/story?id=8319695&page=1. live.
  78. News: Madoff to appeal bail, net worth revealed. Reuters. March 13, 2009. March 13, 2009. Grant. McCool. March 20, 2009. https://web.archive.org/web/20090320041855/http://www.reuters.com/article/managementIssues/idUSN1343149520090313. live.
  79. News: Fraudster Bernard Madoff and wife 'attempted suicide. October 26, 2011. October 27, 2011. BBC News. October 27, 2011. https://web.archive.org/web/20111027051755/http://www.bbc.co.uk/news/world-us-canada-15471683. live.
  80. News: Former Madoff trader David Kugel pleads guilty to fraud. The Washington Post. David S.. Hilzenrath. November 22, 2011. August 24, 2017. March 23, 2018. https://web.archive.org/web/20180323235334/https://www.washingtonpost.com/business/economy/former-madoff-trader-david-kugel-pleads-guilty-to-fraud/2011/11/21/gIQATSFLjN_story.html. live.
  81. News: Bernie Madoff health crises. Huffington Post. January 22, 2014. January 27, 2014. January 27, 2014. https://web.archive.org/web/20140127001306/http://www.huffingtonpost.com/2014/01/22/madoff-suffered-heart-attack_n_4645561.html. live.
  82. Web site: Report: Madoff Battling Cancer, Recovering From Heart Attack. January 22, 2014. April 17, 2014. April 18, 2014. https://web.archive.org/web/20140418184029/http://newyork.cbslocal.com/2014/01/22/report-madoff-battling-cancer-recovering-from-heart-attack/. live.
  83. News: Bernie Madoff's sister and her husband found dead in apparent murder-suicide, Florida police say. The Washington Post. February 21, 2022. February 21, 2022. Annabelle. Timsit.
  84. News: Becker . Bernie . Money From Madoff was Rerouted . . March 26, 2009 . March 28, 2009 . https://web.archive.org/web/20090328163008/http://thecaucus.blogs.nytimes.com/2009/03/26/money-from-madoff-is-rerouted/ . live.
  85. News: DSCC donates Madoff money to his victims' fund . Michael . O'Brien . . March 28, 2009.
  86. News: Williamson . Elizabeth. Scannell . Kara . Family Filled Posts at Industry Groups. . December 18, 2008 . subscription . March 3, 2015. https://web.archive.org/web/20150303063407/http://www.wsj.com/articles/SB122956128953016563. live.
  87. Book: Ross, Brian. The Madoff Chronicles: Inside the Secret World of Bernie and Ruth . . 2009 . 9781401394929. December 28, 2016 . https://web.archive.org/web/20161228233445/https://books.google.com/books?id=y3Kmzeu7CoEC&pg=PT103 . live.
  88. Book: Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World . Strober . Deborah Hart . Strober . Gerald. Strober. Gerald S.. . 2009 . 9781597776400 . December 28, 2016 . https://web.archive.org/web/20161228235711/https://books.google.com/books?id=RtI1-5VyGDAC&pg=PA188 . live.
  89. Book: Coping With Institutional Order Flow. Schwartz . Robert A.. Byrne . John Aidan . Colaninno. Antoinette . 9781402075117 . December 29, 2016 . . 2005. https://web.archive.org/web/20161229004104/https://books.google.com/books?id=AWnLQTv4OlgC&pg=PA187 . live.
  90. Book: Rockefeller, J.D. . The Bernie Madoff Ponzi Scheme . 2016.
  91. News: Andrew Madoff Dead: 5 Fast Facts You Need to Know . . September 3, 2014.
  92. News: Williamson . Elizabeth . Shana Madoff's Ties to Uncle Probed . . December 22, 2008 . subscription . March 29, 2015 . https://web.archive.org/web/20150329232701/http://www.wsj.com/articles/SB122991035662025577 . live.
  93. News: Madoff Case Raises Compliance Questions . Suzanne . Barlyn . . December 23, 2008 . subscription.
  94. News: Berenson . Alex . '92 Ponzi Case Missed Signals About Madoff . January 16, 2009 . . limited . August 31, 2017 . https://web.archive.org/web/20170831175854/http://www.nytimes.com/2009/01/17/business/17ponzi.html . live.
  95. News: Staffer at SEC Had Warned Of Madoff; Lawyer Raised Alarm, Then Was Pointed Elsewhere . . July 2, 2009 . Goldfarb . Zachary A. . July 10, 2017 . https://web.archive.org/web/20170710175454/http://www.washingtonpost.com/wp-dyn/content/article/2009/07/01/AR2009070104223.html . live.
  96. Book: David Kotz, H. . Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme... . 9781437921861 . H. David Kotz . 2009 . Diane . December 29, 2016 . https://web.archive.org/web/20161229003122/https://books.google.com/books?id=uDWuilMrwkcC&pg=PA376 . live.
  97. News: Unlikely Player Pulled Into Madoff Swirl . Labaton . Stephen . . December 16, 2008 . limited . June 2, 2017 . https://web.archive.org/web/20170602030825/http://www.nytimes.com/2008/12/19/business/19swanson.html . live.
  98. News: SEC Official Married into Madoff Family . Ross . Bryan . Rhee . Joseph . . December 16, 2008 . July 26, 2020 . https://web.archive.org/web/20200726204753/https://abcnews.go.com/Blotter/WallStreet/story?id=6471863 . live.
  99. News: Bernie Madoff baffled by SEC blunders; compares agency's bumbling actions to Lt. Colombo . Alison . Gendar. New York Daily News. October 31, 2009 . November 3, 2009 . https://web.archive.org/web/20091103063910/http://www.nydailynews.com/news/ny_crime/2009/10/31/2009-10-31_bernie_baffled_by_sec_blunders.html . live.
  100. 60 Minutes Archive: The man who figured out Madoff's Ponzi scheme . https://ghostarchive.org/varchive/youtube/20211215/3wUJesUik5A . December 15, 2021 . live. . . April 14, 2021.
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  102. Web site: Report of Investigation Executive Summary. March 16, 2010. April 10, 2010. https://web.archive.org/web/20100410094528/http://www.sec.gov/spotlight/secpostmadoffreforms/oig-509-exec-summary.pdf . live.
  103. Web site: Investigations of Madoff Fraud Allegations, Part 1 . . . May 14, 2011 . https://web.archive.org/web/20110514222940/http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1&showVid=true . February 4, 2009.
  104. News: SEC Said to Back Hire of U.S. Capitol Police Inspector General . Schmidt. Robert . Gallu . Joshua . . January 25, 2013 . subscription . November 19, 2015 . https://web.archive.org/web/20151119043632/http://www.bloomberg.com/news/articles/2013-01-25/sec-said-to-back-hire-of-u-s-capitol-police-inspector-general . live.
  105. News: Schmidt . Robert . Gallu . Joshua . . October 26, 2012 . subscription . Former SEC Watchdog Kotz Violated Ethics Rules, Review Finds . May 2, 2013 . https://web.archive.org/web/20130502095153/http://www.businessweek.com/news/2012-10-06/former-sec-watchdog-kotz-violated-ethics-rules-review-finds . live.
  106. News: David Kotz, Ex-SEC Inspector General, May Have Had Conflicts Of Interest . October 5, 2012 . . . May 11, 2013 . https://web.archive.org/web/20130511211831/http://www.huffingtonpost.com/2012/10/05/david-kotz-conflict-of-interest_n_1944205.html . live.
  107. News: David Weber Lawsuit: Ex-SEC Investigator Accused Of Wanting To Carry A Gun At Work, Suing For $20 Million . Lynch . Sarah N. . November 15, 2012 . . . November 20, 2012 . https://web.archive.org/web/20121120004707/http://www.huffingtonpost.com/2012/11/15/davir-weber-lawsuit_n_2140452.html . live.
  108. News: The Man Who Figured Out Madoff's Scheme. CBS News. February 27, 2009. February 7, 2011. February 10, 2011. https://web.archive.org/web/20110210002852/http://www.cbsnews.com/stories/2009/02/27/60minutes/main4833667.shtml. live.
  109. Book: Markopolos, Harry. Harry Markopolos. No One Would Listen: A True Financial Thriller. Wiley. 2010. 978-0-470-55373-2. No One Would Listen: A True Financial Thriller.
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  112. Web site: Today in the press. https://archive.today/20130912114153/http://www.taiwansun.com/index.php/sid/216785679/scat/0bd2f02fd6f7825b. dead. September 12, 2013. Taiwan Sun. September 26, 2014.
  113. Book: Leidig, Michael. Pyramid Games: Bernie Madoff and his Willing Disciples. 287–311. Medusa Publishing. 9780957619142.
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  116. Web site: Bail Pending Sentencing. March 18, 2010. May 30, 2009. https://web.archive.org/web/20090530222559/http://www.usdoj.gov/usao/nys/madoff/madoffbailpendingsentencing.pdf. live.
  117. News: Madoff Lawyers Seek Leniency in Sentencing. Kouwe. Zachery. Edmonston. Peter. June 23, 2009. The New York Times. September 12, 2009. June 29, 2009. https://web.archive.org/web/20090629081124/http://dealbook.blogs.nytimes.com/2009/06/23/madoff-lawyers-seek-leniency-in-sentencing/. live.
  118. Web site: Madoff Letter Seeking Leniency. Scribd.com. February 18, 2010. March 18, 2010. June 27, 2009. https://web.archive.org/web/20090627024648/http://www.scribd.com/doc/16699848/Madoff-Letter-Seeking-Leniency. live.
  119. Web site: Government's Sentencing Memorandum 06/26/2009. March 18, 2010. August 31, 2009. https://web.archive.org/web/20090831092311/http://www.usdoj.gov/usao/nys/madoff/20090626sentencingmemorandumfiled.pdf. live.
  120. News: Madoff to Forfeit $170 Billion In Assets Ahead of Sentencing. The Washington Post. June 27, 2009. March 18, 2010. April 29, 2012. https://web.archive.org/web/20120429081538/http://www.washingtonpost.com/wp-dyn/content/article/2009/06/26/AR2009062604652.html. live.
  121. News: Prosecutors propose 150-year sentence for Madoff. Henriques. Diana B.. The New York Times. June 26, 2009. February 24, 2017. May 4, 2017. https://web.archive.org/web/20170504020114/http://www.nytimes.com/2009/06/27/business/27madoff.html. live.
  122. News: Madoff's Wife Cedes Asset Claim. Efrati. Amir. Frank. Robert. June 28, 2009. The Wall Street Journal. September 12, 2009. March 10, 2015. https://web.archive.org/web/20150310004154/http://www.wsj.com/articles/SB124612092335264949. live.
  123. News: Ruth Faces Living Off a Scant $2.5 Million. Arends. Brent. June 29, 2009. The Wall Street Journal. September 12, 2009. January 3, 2015. https://web.archive.org/web/20150103160221/http://www.wsj.com/articles/SB124623418258366507. live.
  124. Web site: Madoff's wife crying all the way to the bank. June 30, 2009. Digital Journal. September 12, 2009. September 3, 2009. https://web.archive.org/web/20090903110433/http://digitaljournal.com/article/275051. live.
  125. News: Jones. Ashby. Madoff Makes Peace with the SEC, Amount of Fine TBD. The Wall Street Journal. February 9, 2009. March 29, 2009. March 16, 2009. https://web.archive.org/web/20090316034524/http://blogs.wsj.com/law/2009/02/09/madoff-makes-peace-with-the-sec-amount-of-fine-tbd/. live.
  126. News: SEC: Madoff Banned From Working Again. CBS News. June 16, 2009. February 14, 2018. February 15, 2018. https://web.archive.org/web/20180215211111/https://www.cbsnews.com/news/sec-madoff-banned-from-working-again/. live.
  127. News: Safer. Morley. The Madoff Scam: Meet The Liquidator. 60 Minutes. 2. CBS News. September 27, 2009. September 28, 2009. September 29, 2009. https://web.archive.org/web/20090929062818/http://www.cbsnews.com/stories/2009/09/25/60minutes/main5339719_page2.shtml. live.
  128. News: Trustee: Madoff firm was family's piggy bank. Associated Press. May 13, 2009. NBC News. September 12, 2009. December 22, 2013. https://web.archive.org/web/20131222144731/http://www.nbcnews.com/id/30727626/. live.
  129. News: 2 Madoff employees charged with helping former boss' scam . Hays . Tom . November 18, 2010 . . . November 28, 2014 . https://web.archive.org/web/20141128014016/http://usatoday30.usatoday.com/money/industries/brokerage/2010-11-18-madoff-employees-arrested_N.htm . live.
  130. Web site: SEC Complaint: Annette Bongiorno . . November 17, 2010.
  131. News: Madoff trustee sues JPMorgan for $6.4 billion . Jonathan . Stempel . . December 2, 2010 . May 14, 2012 . https://web.archive.org/web/20120514084037/http://www.reuters.com/article/2010/12/02/us-madoff-jpmorgan-idUSTRE6B153220101202 . live.
  132. News: Text Of Bernard Madoff's Court Statement . . March 12, 2009.
  133. Web site: Madoff's Victims . . March 6, 2009 . July 3, 2009 . https://web.archive.org/web/20090703153125/http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html . live.
  134. News: Safer . Morley . The Madoff Scam: Meet The Liquidator . . 1–4 . . September 27, 2009 . September 30, 2009 . https://web.archive.org/web/20090930222510/http://www.cbsnews.com/stories/2009/09/24/60minutes/main5339719.shtml . live.
  135. News: Madoff Trustee Readies First Payout for Investors . . . May 4, 2011 . subscription.
  136. News: Madoff victims could soon start getting funds . Ben . Rooney . . May 4, 2011.
  137. News: I.R.S. Plans a Deduction for Madoff Victims . Lynnley . Browning . . March 17, 2009 . limited .
  138. News: Tax Write-Off for Madoff Victims . Kimberly . Lankford . . March 25, 2009.
  139. News: Hays. Tom. Neumeister. Larry. Shamir. Shlomo. Extent of Madoff fraud now estimated at far below $50b. Associated Press. Haaretz. March 6, 2009. March 7, 2009. March 10, 2009. https://web.archive.org/web/20090310192808/http://www.haaretz.com/hasen/spages/1069457.html. live.
  140. News: Arvedlund. Erin E.. Don't Ask, Don't Tell – Bernie Madoff was so secretive, he even asks investors to keep mum. Barron's. May 7, 2001. August 12, 2009. August 14, 2009. https://web.archive.org/web/20090814054019/http://online.barrons.com/article/SB989019667829349012.html. live.
  141. Book: Arvedlund, Erin. Too Good to Be True: The Rise and Fall of Bernie Madoff. Penguin Group. 2009. 978-1-59184-287-3.
  142. Book: Arvedlund, Erin. Madoff, The Man who stole $65 Billion. Penguin Group. 2009. 978-0-141-04546-7.
  143. Web site: Madoff may not have benefited most in scam Client Jeffry Picower allegedly withdrew $5.1 billion from accounts. Pro Publica. Bernstein. Jake. June 28, 2009. December 18, 2010. September 23, 2020. https://web.archive.org/web/20200923230027/http://www.nbcnews.com/id/31510209. dead.
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  145. News: Madoff Trustee: Mets Owners Ignored Ponzi Warning Signs. Bray. Chad. The Wall Street Journal. February 4, 2011. February 4, 2011. January 21, 2015. https://web.archive.org/web/20150121154805/http://www.wsj.com/articles/SB10001424052748704709304576124104225741650. live.
  146. News: Madoff victims set to receive $772 million payout . . Disis . Jill . November 10, 2017 . https://web.archive.org/web/20171110050727/http://money.cnn.com/2017/11/09/news/bernie-madoff-government-payments/index.html . live.
  147. Web site: The Madoff Recovery Initiative . Madoff (SIPA) Trustee . January 1, 2021 . https://web.archive.org/web/20210101022706/https://www.madofftrustee.com/ . live.
  148. News: Bray. Chad. Madoff Pleads Guilty to Massive Fraud. The Wall Street Journal. March 12, 2009. March 12, 2009. January 9, 2015. https://web.archive.org/web/20150109051811/http://www.wsj.com/articles/SB123685693449906551. live.
  149. News: Glovin. David. Larson. Erik. Voreacos. David. Madoff to Plead Guilty in Largest US Ponzi Scheme. Bloomberg.com. March 10, 2009. March 10, 2009.
  150. News: Bernard Madoff Will Plead Guilty to 11 Charges in Financial Fraud Case, Faces 150 Years in Prison. Fox News. March 10, 2009. March 10, 2009. https://web.archive.org/web/20090311163732/http://www.foxnews.com/story/0,2933,508304,00.html. March 11, 2009. dead.
  151. Web site: Dienst. Jonathan. Madoff Accountant Set to Make a Deal. NBC New York. October 30, 2009. March 16, 2010.
  152. News: Madoff Accountant Avoids Prison Term. Goldstein. Matthew. The New York Times. May 29, 2015. February 4, 2016. November 26, 2016. https://web.archive.org/web/20161126104940/http://www.nytimes.com/2015/05/29/business/dealbook/madoff-accountant-avoids-prison-term.html. live.
  153. News: Madoff Deputy Who Aided U.S., Dies at 58. Larson. Erik. DiPascali. Frank. Bloomberg Business. May 10, 2015. March 5, 2017. March 12, 2016. https://web.archive.org/web/20160312051009/http://www.bloomberg.com/news/articles/2015-05-10/madoff-deputy-dipascali-dies-before-sentencing-for-fraud-role. live.
  154. News: Former Madoff Aide Frank DiPascali Dies at Age 58 of Lung Cancer. Yang. Stephanie. The Wall Street Journal. May 11, 2015. March 5, 2017. June 4, 2016. https://web.archive.org/web/20160604045956/http://www.wsj.com/articles/former-madoff-aide-frank-dipascali-dies-at-age-58-of-lung-cancer-1431361169. live.
  155. News: Ishmael. Stacy-Marie. How much money did JPMorgan make on Madoff?. Financial Times. August 26, 2009. August 28, 2009. September 29, 2009. https://web.archive.org/web/20090929124949/http://ftalphaville.ft.com/blog/2009/08/26/68656/how-much-money-did-jpmorgan-make-on-madoff. live.
  156. Davis. Lou. Wilson. Linus. Estimating JP Morgan Chase's Profits from the Madoff Deposits. Social Science Research Network. January 28, 2010. 1460706.
  157. Web site: Transcript of Madoff guilty plea hearing. March 18, 2010. July 8, 2009. https://web.archive.org/web/20090708204121/http://www.usdoj.gov/usao/nys/madoff/madoffhearing031209.pdf. live.
  158. News: Plea Allocution of Bernard Madoff (US v. Bernard Madoff). March 12, 2009. FindLaw. March 12, 2009. July 2, 2009. https://web.archive.org/web/20090702114139/http://news.findlaw.com/hdocs/docs/madoff/bernard-guilty-plea31209statement.html. live.
  159. News: Fraudster Madoff gets 150 years. June 29, 2009. BBC News. June 29, 2009. June 30, 2009. https://web.archive.org/web/20090630011816/http://news.bbc.co.uk/2/hi/business/8124838.stm. live.
  160. Web site: USA v Beranrd L. Madoff. Justice.gov. February 4, 2016. August 1, 2014. https://web.archive.org/web/20140801105920/http://www.justice.gov/usao/nys/madoff/20090629sentencingtranscriptcorrected.pdf. live.
  161. News: Bye, Bye Bernie: Ponzi king Madoff sentenced to 150 years. Zambito. Thomas. Martinez. Jose. Siemaszko. Corky. June 29, 2009. New York Daily News. September 12, 2009. August 22, 2009. https://web.archive.org/web/20090822070806/http://www.nydailynews.com/money/2009/06/29/2009-06-29_madoff_gets_max.html. live.
  162. News: 'Evil' Madoff Gets 150 Years in Epic Fraud . Zuckerman. Gregory. Jones. Ashby. Copeland. Robert. Bray. Chad. June 30, 2009. The Wall Street Journal. September 12, 2009. February 22, 2015. https://web.archive.org/web/20150222002440/http://www.wsj.com/articles/SB124604151653862301. live.
  163. News: Madoff Sentenced to 150 Years Calling Ponzi Scheme 'Evil,' Judge Orders Maximum Term. Murakami Tse. Tomoeh. June 30, 2009. The Washington Post. September 24, 2009. June 28, 2011. https://web.archive.org/web/20110628203330/http://www.washingtonpost.com/wp-dyn/content/article/2009/06/29/AR2009062902015.html. live.
  164. Web site: Statement of Ruth Madoff . ABC News.
  165. News: Ruth: 'I Feel Betrayed and Confused' . . June 30, 2009.
  166. Web site: Bernie Madoff 'Hit the Inmate Lottery' with Butner Prison, Consultant Says. Chuchmach. Megan. Esposito. Richard. Katersky. Aaron. July 14, 2009. July 14, 2009. ABC News. July 16, 2009. https://web.archive.org/web/20090716155006/http://abcnews.go.com/Blotter/Madoff/story?id=8080354&page=1. live.
  167. Web site: Bernard Madoff profile. Federal Bureau of Prisons. January 5, 2010. June 4, 2011. https://web.archive.org/web/20110604160710/http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Bernard&Middle=&LastName=Madoff&Race=U&Sex=U&Age=&x=35&y=10. live.
  168. News: Fumo's future in agency's hands . Gammage . Jeff . . August 4, 2009.
  169. News: Madoff Arrives at Federal Prison in North Carolina. Associated Press. July 14, 2009. July 14, 2009. The New York Times. Zachery. Kouwe. July 29, 2013. https://web.archive.org/web/20130729110430/http://www.nytimes.com/2009/07/15/business/15madoff.html. live.
  170. News: Madoff moved to prison in Atlanta -US prison record. Reuters. July 14, 2009. July 14, 2009. September 24, 2020. https://web.archive.org/web/20200924100611/https://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1424896820090714. live.
  171. News: Calder. Rich. Bernie's bruising battle – over stocks!. New York Post. October 13, 2009. March 16, 2010. March 10, 2010. https://web.archive.org/web/20100310211416/http://www.nypost.com/p/news/local/bernie_in_sock_market_jKGahzMFDbv30s8wfIxvhO. live.
  172. News: Madoff's hidden booty. New York Post. Dan. Mangan. June 21, 2010. dead. https://web.archive.org/web/20100623012404/http://www.nypost.com/p/news/local/madoff_HD9ShMJK26jjNYTFSO7LpJ/0. June 23, 2010.
  173. News: Madoff Beaten in Prison: Ponzi Schemer Was Assaulted by Another Inmate in December; Officials Deny Incident'. March 10, 2010. April 3, 2010. The Wall Street Journal. Dionne. Searcey. Amir. Efrati. January 2, 2015. https://web.archive.org/web/20150102052633/http://www.wsj.com/articles/SB10001424052748704743404575128031143424928. live.
  174. Web site: Bernie Madoff Brutally Beaten In Prison. YouTube. December 24, 2009. March 11, 2013. July 29, 2013. https://web.archive.org/web/20130729075848/http://www.youtube.com/watch?v=0oJOaTgsY64. live.
  175. News: Prison Disputes Madoff Beating Story. Sandholm. Drew. ABC News. March 18, 2010. August 10, 2010. May 28, 2010. https://web.archive.org/web/20100528230410/http://blogs.abcnews.com/theworldnewser/2010/03/marisas-musings-health-care-mitchell-to-mideast-american-terrorists.html. live.
  176. News: Bernie Madoff in prison: happily unrepentant. Andrew. Clark. December 18, 2017. The Guardian. London, England. June 7, 2010. May 20, 2017. https://web.archive.org/web/20170520152047/https://www.theguardian.com/business/andrew-clark-on-america/2010/jun/07/bernard-madoff. live.
  177. News: Bernard Madoff enjoys eating pizza with the Mafia in prison. December 18, 2017. The Telegraph. London, England. October 21, 2009. October 27, 2018. https://web.archive.org/web/20181027101505/https://www.telegraph.co.uk/finance/financetopics/bernard-madoff/6400760/Bernard-Madoff-enjoys-eating-pizza-with-the-Mafia-in-prison.html. live.
  178. Web site: Bernie Madoff asking Trump to reduce his prison sentence for massive Ponzi scheme . . July 24, 2019 . September 24, 2020 . October 20, 2020 . https://web.archive.org/web/20201020080623/https://www.cnbc.com/2019/07/24/bernard-madoff-asks-trump-to-reduce-prison-sentence-for-ponzi-scheme.html . live .
  179. News: Ponzi schemer Bernie Madoff dies in prison at 82 . Balsamo . Michael . Hays . Tom . April 14, 2021 . Associated Press. April 14, 2021 . https://web.archive.org/web/20210414133851/https://apnews.com/article/bernie-madoff-dead-9d9bd8065708384e0bf0c840bd1ae711 . live.
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  181. News: Bernie Madoff Says He's Dying and Seeks Early Prison Release . David . Yaffe-Bellany . . February 5, 2020.
  182. News: Ponzi scheme king Bernie Madoff denied compassionate prison release by federal judge . Mangan . Dan . Jim . Forkin . . June 4, 2020 . September 17, 2020 . https://web.archive.org/web/20200917025815/https://www.cnbc.com/2020/06/04/bernie-madoff-denied-prison-release-in-fraud-case.html . live.
  183. News: Bernie Madoff Denied Compassionate Release From Prison . Bob . Van Voris . . June 4, 2020 . limited.
  184. News: Bernard Madoff fails to win compassionate release from prison . Jonathan . Stempel . Reuters. June 4, 2020.
  185. News: Judge Denies Bernie Madoff's Request for Early Release . Jack . Nicas . . June 4, 2020 . limited .
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  187. News: Bernie Madoff, Architect of Largest Ponzi Scheme in History, Dead at 82 . . Diana B. . Henriques . April 14, 2021 . Diana B. Henriques . April 15, 2021 . https://web.archive.org/web/20210415073306/https://www.nytimes.com/2021/04/14/business/bernie-madoff-dead.html . live.
  188. News: Bernie Madoff cause of death revealed: hypertension, atherosclerosis, kidney failure . Fox Business . Morgan . Phillips . Megan . Henney . April 30, 2021 . May 1, 2021.
  189. News: Bernie Madoff: Hypertension and kidney disease... causes of death . TMZ . April 30, 2021 . May 1, 2021.
  190. News: All Just One Big Lie . . December 13, 2008 . Binyamin Appelbaum . Appelbaum . Binyamin. Hilzenrath. David S. . Paley . Amit R. . October 14, 2010 . https://web.archive.org/web/20101014212329/http://www.washingtonpost.com/wp-dyn/content/article/2008/12/12/AR2008121203970.html. live.
  191. News: Standing Accused: A Pillar of Finance and Charity. December 13, 2008. The New York Times. Alan. Feuer. Christine. Haughney. April 26, 2010. October 4, 2012. https://web.archive.org/web/20121004033432/http://www.nytimes.com/2008/12/13/nyregion/13madoff.html. live.
  192. News: Prominent Jewish foundations shut down due to Madoff Wall Street affair. Mozgovaya. Natasha. Haaretz. December 15, 2008. December 13, 2008. January 10, 2010. https://web.archive.org/web/20100110000453/http://www.haaretz.com/hasen/spages/1046187.html. live.
  193. News: Madoff Wall Street fraud threatens Jewish philanthropy. December 13, 2008. January 10, 2010. https://web.archive.org/web/20100110000453/http://www.haaretz.com/hasen/spages/1046187.html. live.
  194. News: Charity Caught Up in Wall Street Ponzi Scandal. December 13, 2008. Fox News. Friedman. December 13, 2008. https://web.archive.org/web/20081215060203/http://www.foxnews.com/story/0,2933,466665,00.html. December 15, 2008. dead.
  195. News: Madoff had steady presence in Washington. Zajac. Andrew. Hook. Janet. December 22, 2008. Los Angeles Times. September 12, 2009. July 25, 2009. https://web.archive.org/web/20090725044848/http://articles.latimes.com/2008/dec/22/nation/na-madoff-hill22. live.
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