Post on 09-Apr-2018
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Bernard Lawrence "Bernie" Madoffis an ENTRUPENUR,incarcerated American felon, former stock broker, investment advisor,non-executive chairman of the NASDAQ stock market, and the admittedoperator of what has been described as the largest Ponzi scheme in
history.
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Early LifeEarly Life
Bernard was born on April 29,1938 in Queens, NewYork.
He bounced around colleges from Alabama
University to Law school in Brooklyn. By the time he finished his college years he had a
Bachelors Degree in Science.
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Early LifeEarly Life
In 1959, Madoff married Ruth Alpern
The lovey couple shown here at a lavish party
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Personal LifePersonal Life
Bernard Madoff Also know as Bernie and BigDogg was quite the party goer and philanthropist.
Big Dogg shown here taken it easy at
a New Years party.
Bernie and Ruth shown here at a
Charity party.
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Bernard Madoff Launches Bernard L. MadoffBernard Madoff Launches Bernard L. Madoff
SecuritiesSecurities
1960s; After graduating from Hofstra College -- and one
year after marrying his high school sweetheartRuth Alpern -- Madoff starts his business with$5,000 saved from odd jobs, includinglifeguarding and sprinkler installations. He
works out of Ruth's father's accounting firm inmidtown Manhattan.
His plan is to make money as a market maker --matching buyers and sellers who want to tradesmaller stocks that aren't listed on the bigexchanges.
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Bernard Madoff Begins WorkBernard Madoff Begins Work
as Investment Advisoras Investment Advisor
1960s; His business grew with the assistance ofhis father-in-law, accountant Saul Alpern, whoreferred a circle of friends and their families.
Initially, the firm made markets (quoted bid andask prices) via the National Quotation Bureau'sPink Sheets.
This took time to do since it was paper work andhad to be sent in. Madoff needed something tokeep up with the larger companies
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Stock Trading ContinuedStock Trading Continued1980s & 1990s
In the 1980s, Madoff's market-maker divisiontraded up to 5% of the total volume made on theNew York Stock Exchange. Madoff was "the first
prominent practitioner The Madoff family has long-standing, high-level
ties to the Securities Industry and FinancialMarkets Association (SIFMA), the primary
securities industry organization. Bernard Madoffsat on the Board of Directors of the SecuritiesIndustry Association
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Bernard L. Madoff InvestmentBernard L. Madoff Investment
Securities LLCSecurities LLC
Bernard L. Madoff Investment Securities LLCoperates as a securities broker/dealer in theUnited States and internationally. It provides
executions for broker-dealers, banks, andfinancial institutions.
This is the company he used to run his Ponzischeme.
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HowHe Made MillionsHowHe Made Millions
Bernard Madoff explained hispurported strategy to The Wall StreetJournal. He said the returns were
really nothing special, given that theStandard & Poors 500-stock indexgenerated an average annual returnof16.3%.
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Madoffs AchievementsMadoffs Achievements
He was able to scam his 4,800 for
65 billion dollars creating the
largest Ponzi scheme in history
major assets included securities
$45 million
cash -$17 million
half-interest in BLM Air Charter -
$12 million
2006 Leopard yacht -$7 million
jewelry -$2.6 million
Manhattan apartment -$7 millionMontauk home -$3 million
Palm Beach home -$11 million
Cap d' Antibes, France property -$1
million
furniture, household goods, and art -
$9.9 million
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Investment ScandalInvestment Scandal
When the economy took a downward spiral in 2008 the Ponzi scheme began
to unravel
Madoffs investors began pulling their money out and he could no longer afford
to pay them.
So Madoff tried to find other investors to cover the cost of those pulling out butcould not find anybody.
He told his sons to give the employees of his investment firm early bonuses and
when they asked why pay the employees before the investors he responded
Im finished
A short while after his sons reported the Ponzi scheme to the SEC and the Feds
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Current LifeCurrent Life
Bernard Madoff is nowin Bunter Federal
Correctional Complex
for the next 150 years
This is Madoffs Palm beach home in
which his wife lives.
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ConclusionConclusion
Bernard Madoff created the longest and largest
Ponzi Scheme in history.
He is a true ENTRUPENUR, businessman andphilanthropist
A good man at heart but got a bit greedy andhurt some people
On a side note Mark, one of
the sons who ratted on
Madoff killed himself 2
years later