Remember Bernie Madoff? CNN provides a sweeping overview of his life, including his years in prison:
Mother: Sylvia (Muntner) Madoff
Marriage: Ruth (Alpern) Madoff (November 1959-present)
Children: Andrew and Mark
Education: Hofstra University, B.A. Political Science, 1960
Started his firm with $5,000 he saved from working as a lifeguard.
Madoff served as NASDAQ’s chairman in 1990, 1991 and 1993.
Had many high-profile victims, including director Steven Spielberg
, actors Kevin Bacon and Kyra Sedgwick, and New York Mets owner Fred Wilpon.
In 2008, Madoff controlled billions in investments. In 2013, he earned $40 per month doing prison labor.
1960 – Bernard L. Madoff Investment Securities is founded.
December 10, 2008 – Bernard Madoff allegedly confesses to employees of his company that the asset management portion of his firm is actually a large Ponzi scheme. Madoff says the business had lost about $50 billion and that he plans to turn himself in to authorities in a week.
December 11, 2008 –
Madoff is arrested on one count of securities fraud for allegedly operating a multibillion-dollar Ponzi scheme
from his investment advisory business. He is released on $10 million bail.
December 12, 2008 – A federal court in Manhattan issues a temporary order freezing Madoff’s assets and appointing a receiver over him and his firm.
December 17, 2008 – Madoff is placed on house arrest. Several bids by prosecutors to jail Madoff are denied by the court.
February 9, 2009 – The SEC and Madoff reach a partial settlement agreement. Under the terms of the deal, Madoff will keep a previously reached agreement to freeze his assets and not to violate any other securities laws. This is separate from the criminal charge Madoff faces.
March 12, 2009 –
Madoff… (READ MORE
Madoff’s story is extraordinary, but it is not unique. Recently Kevin Price
, host of the Price of Business and Managing Editor of USA Daily Times, interviewed author, financial expert and new on the Price of Business show, Bill Francavilla
about how big of a problem Ponzi schemes are in the world of business today. Here’s that interview in its entirety.