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Madoff provided a confidential list of his assets and those of his firm (BLMIS) to the SEC on December 31, 2008, which was subsequently disclosed on March 13, 2009, in a court filing. Madoff had no Individual Retirement Accounts, no 401(k), no Keogh plan, no other pension plan and no annuities.
He admitted that he hadn't invested any of his clients' money since the inception of his scheme. Instead, he merely deposited the money into his business account at Chase Manhattan Bank. He admitted to false trading activities masked by foreign transfers and false SEC returns.
Apr 14, 2021 · He was arrested on December 11, 2008, for bilking thousands of investors out of billions of dollars. He pleaded guilty three months later to fraud charges.
Dec 17, 2008 · And that same day, he learned that he lost all his retirement money to Bernard Madoff’s alleged $50-billion Ponzi scheme. “I’m the biggest sucker who ever walked the face of the Earth,”...
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $65 billion. [1]
Madoff InvestorInvestor TypePotential ExposureSourceFairfield Sentry (Fairfield Greenwich ...US investment firm; Madoff feeder fund$7,500 million(firm statement) WSJ[8]Spanish bank$3,500 millionBermuda hedge fund; Madoff feeder fund$3,500 millionBloombergRye Investment Management (Tremont ...US hedge fund; Madoff feeder fund$3,100 millionWSJ[8]Oct 27, 2015 · After his scam was uncovered in late 2008 and Madoff was sentenced to 150 years in prison, authorities set about recouping his victims’ money.
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Apr 16, 2021 · Since he had been using new investors’ money to pay off old ones, Madoff was trapped. One December evening, he confessed to his family that the whole business was a scam.
