Bernard Lawrence Madoff 's Life

1407 WordsApr 16, 20176 Pages
Lawrence “Bernie” Madoff, American fraudster and a former stockbroker, investment advisor, and financier, born on April 29, 1938. His birth place in Queens, New York. His Birth name “Bernard Lawrence Madoff.” He was raised in a Jewish family with two siblings. His Mom Sylvia was a daughter of Romanian and Austrian immigrants and a housewife. His parents Ralph and Sylvia Madoff. His father Ralph, a child of Polish immigrants. And worked as a plumber for many years. In 1932, his parents got married. In 1956, Madoff went to the University of Alabama for one year after graduating from high school; then he transferred to Hofstra University in Long Island. In 1959, Madoff married his high school girlfriend, Ruth. In 1960, Madoff got his…show more content…
The longest and largest and most widespread Ponzi Scheme began in December, and it ended on Monday as Madoff was sentenced to 150 years for Ponzi Scheme and this is the maximum for his crime. Mr. Madoff had apologized a few months before for the hard he inflicted on his clients who had trusted him. Also, he apologized for his employees and his family. Madoff won’t admit his failures as a money manager, because of his pride. Madoff gave a speech in the court room and apologized for everything he did. Judge Chin said that no family, friends or any other supporters had submitted any letters on Madoff’s behalf that he did some good deeds. In the court, no members of his family came. The court did not charge Mrs. Madoff with any crime, and she did not know what her husband did. He prevented a strategy to set up his portfolios to look like he was matching the returns of the S&P 500. And that strategy prevented him from needing to pay a lot to his investors, and it still made him holdings appeal to new targets. His investors thought that they could withdraw their money, so they had no reason to doubt him. On the other hand, some analysts felt that there was something off when they tried to replicate his performance. In late 2008, Madoff realized that his scheme loses steam

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