Bernie Madoff is a former investment advisor, stockbroker, and financier. He is American. He is a former chairman of the NASDAQ stock market. Madoff is the fraudster behind a fraudulent scheme which is in the record for being the most significant financial fraud as far as the history of the US is concerned. Now let’s have a close look at Bernie Madoff’s net worth in 2018.
Bernard Lawrence “Bernie” Madoff was born in 1938 on 29 April. He was born in Queens, New York to Ralph Madoff and Sylvia Muntner. His father was not only a stockbroker but also a plumber. Madoff’s father died in 1972, and his wife died two years later. He has two siblings by the names Peter Madoff and Sondra Weiner. Madoff is the second of the three.
Madoff finished his high school in 1956. Bernie graduated from Far Rockaway High School in the year mentioned above. He joined the University of Alabama and stayed there for his freshman year. He then entered Hofstra University and graduated in 1960 with a Bachelor’s of Art in political science. He attended Brooklyn Law School for a short period. He chose business over law degree. The two got married in 1959 on 28 November. They have two sons whose names are Mark Madoff and Andrew Madoff.
Bernie Madoff founded a Wall Street firm in 1960. He named it Bernard L. Madoff Investment Securities LLC. Bernie decided to work for the company instead of pursuing his law degree. Madoff was its chairman from 1960 to 2008 on 11 December.
Initially, the firm was a penny stock trader. The capital was $5 thousand whose today’s value is $40 thousand. He had earned it when he was a sprinkler installer and a lifeguard. He was given a loan of $50 thousand to set it up. Saul Alpern who was the accountant of the in-law also worked there. Before the use of NASDAQ software, they made markets via Pinks Sheets of the National Quotation Bureau. The change was to put them in a better position when it came to their competition with members of New York State Exchange.
The advisory division and investment management of the firm were there, but they never made that public. He was also a member of the National Association of Security Dealers (NASD). There was a time when was both the chairman of its directors as well as a member of its board of governors.
Awards and Achievements
During his tenure as the chairman, his firm was the largest market maker at the NASDAQ. In 2008, it was Wall Street’s six largest market maker.
Net Worth of Bernie Madoff
Bernie Madoff has an estimated net worth of about $-17 billion. His primary source of income was his firm, Bernard L. Madoff Investment Securities LCC. He was its founder and chairman since 1960. In 2008 on 11 December, he was arrested because of committing fraud. His company had defrauded the clients more than $65 billion. He owned his parents $22 million. The amount available was not enough to pay the victims.
Bernie Madoff is a former stockbroker, financier, and investment advisor. He was accused of fraud. Madoff pleaded guilty to more than ten federal felonies in 2009 on 12 March. Bernie Madoff was sentenced to the maximum possible sentence of 150 years. This is almost similar to the death sentence given life expectancy. Madoff’s appeal for a reduction of the sentence was denied. He will mostly be remembered for owning a company that undertook a massive Ponzi scheme which defrauded many investors billions of dollars.