Bernie Madoff: Architect of the Largest Ponzi Scheme in History Dies at

Bernie Madoff was an American financier who was convicted of running the largest Ponzi scheme in history. Born Bernard Lawrence Madoff on April 29, 1938, in Brooklyn, New York, he once served as chairman of the Nasdaq stock market and was a respected figure on Wall Street before his fraud was exposed.

Madoff founded Bernard L. Madoff Investment Securities and ran an investment advisory business that took in money from thousands of clients. His scheme collapsed in December 2008, when roughly $65 billion in client funds, including fabricated gains, was found to be unaccounted for. He pleaded guilty to 11 federal felonies in March 2009 and was sentenced to 150 years in prison, the maximum allowed, that June.

The SEC had investigated his firm several times since 1992 without finding the fraud, and whistleblower Harry Markopolos had warned regulators for years. Madoff's son Mark died in 2010 and his son Andrew in 2014. Madoff died at a federal medical center in Butner, North Carolina, on April 14, 2021, at age 82. Remembered chiefly for the devastation he caused to thousands of investors and charities, his case reshaped financial regulation.

Achievements: Chaired the Nasdaq stock market, scheme exposed with an estimated $65 billion in claimed gains (2008), pleaded guilty to 11 federal felonies (2009), sentenced to 150 years in prison (2009).

Birth: April 29, 1938 - Brooklyn, New York City.

Profession: Stockbroker and financier.

Interesting Facts: A whistleblower warned the SEC about his firm for years before his arrest. His case led to major changes in how regulators oversee investment advisers.