American former market maker, investment advisor, financier, fraudster, and convicted felon, who is currently serving a federal prison sentence for scandalo Forex related to a massive Ponzi scheme. Madoff founded a penny stock brokerage in 1960 which eventually grew into Bernard L.
He served as its chairman until his arrest on December 11, 2008. 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 Andrew and Mark. On December 10, 2008, Madoff’s sons 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”. Madoff was born on April 29, 1938, in Queens, New York, to Jewish parents Ralph Madoff, a plumber and stockbroker, and Sylvia Muntner. Madoff graduated from Far Rockaway High School in 1956.
At the time of his arrest on December 11, 2008, Madoff was the chairman of Bernard L. Madoff earned from working as a lifeguard and sprinkler installer. 50,000 from his father-in-law which he also used to set up Bernard L. The firm functioned as a third-market provider, bypassing exchange specialist firms by directly executing orders over the counter from retail brokers.