American Bernie Mardoff, who’s now in jail, has an estimated net worth of $800 million. Before his incarceration, his estimated net worth is $17 billion. He’s the former non-executive chairman of the NASDAQ stock market and the mind behind the greatest Ponzi scheme in history. He is a former stockbroker, investment advisor, financier and white collar criminal has bilked his clients an approximate of $65 billion and is currently three years into a 150-year prison term he was sentenced on June 29, 2009.
Bernie Madoff Net Worth $800 Million
Produced Bernard Lawrence Madoff on April 29, 1938 in Queens, New York, he founded the Wall Street business Bernard L. Madoff Investment Securities LLC in 1960 right after graduating from Hofstra University. It was one of the top market maker businesses on Wall Street that bypassed “specialist” companies by directly carrying out orders over the counter from retail brokers. He was the chairman until he was arrested on December 11, 2008. The chairman employed family members in the firm. His brother Peter was the Senior Managing Director and Chief Compliance Officer who was sentenced to ten years in penitentiary. Shana Madoff, Peter’s daughter, was the company’s rules and compliance official and attorney. His sons Andrew and Mark were additionally in the company but Mark committed suicide exactly two years after his father’s arrest. They were the ones who told the authorities in December 10, 2008 about their father’s confession that the asset management unit of the company was a massive Ponzi scheme.
The U.S. Securities and Exchange Commission (SEC) had previous ran investigation on his practice yet had not uncovered the massive fraud. He pleaded guilty with 11 national felonies in March 2009 and he admitted about his business practice turned into fraud. The estimated actual losses to investors conducted by the court-appointed trustee had amounted to $18 billion.