ruth madoff

Information may change as the case progresses. This article's citation style may be unclear. The references used may be clearer with a different or consistent style of citation, footnoting, or external linking. (February 2009) Bernard L. Madoff Born April 29, 1938 (1938-04-29) (age 70)

Queens, New York, USA Residence Manhattan, New York, United States Nationality American Education Hofstra University (1960) Occupation Financial services, Investment management Employer Bernard L. Madoff Investment Securities Known for Alleged Ponzi scheme, Chairman of NASDAQ (prior) Religious beliefs Judaism Spouse(s) Ruth Madoff Children Mark Madoff (ca. 1964), Andrew Madoff (ca. 1966)

Bernard Lawrence "Bernie" Madoff (IPA: /'me?d?f/) (born April 29, 1938 in New York City) is an American businessman and former chairman of the NASDAQ stock exchange. He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman until December 11, 2008, when he was charged with perpetrating what may be the largest investor fraud ever committed by a single person.[1] He is under house arrest until his indictment, expected by mid-March 2009.[2]

On December 10, 2008 Madoff allegedly told his sons that the asset management arm of his firm was a giant Ponzi scheme--or "one big lie."[3] They then passed this information to authorities.[4][5][6][7][8] The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. Five days after his arrest, Madoff's assets and those of the firm were frozen and a receiver was appointed to handle the case.[9] According to federal charges, Madoff said that his firm has "liabilities of approximately US$50 billion."[5][10][11] Banks from outside the U.S. have announced that they have potentially lost billions in dollars as a result.[12][13] Some investors, journalists and economists have questioned Madoff's statement that he alone is responsible for the large-scale operation, and investigators are looking to determine if there were others involved in the scheme.[14]

Madoff's firm, which is in the process of liquidation, was one of the top market maker businesses on Wall Street (the sixth-largest in 2008),[15] often functioning as a "third-market" provider that bypassed "specialist" firms and directly executed orders over the counter from retail brokers.[16] The firm also encompassed an investment management and advisory division that is now the focus of the fraud investigation.[10]

Madoff was also a prominent philanthropist who served on the boards of nonprofit institutions, many of which entrusted his firm with their endowments.[17][18] He is a former National Treasurer of the American Jewish Congress (AJC) which is one of the major fund-raising organizations for the state of Israel. The freeze of his and his firm's assets have had effects around the world on businesses and charities, some of which,