Andrew died of lymphoma on September 3, 2014. Peter was sentenced to 10 years in prison in 2012, and Mark hanged himself in 2010, exactly two years after his father's arrest. Īt the firm, he employed his brother Peter Madoff as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as the firm's rules and compliance officer and attorney, and his now deceased sons Mark Madoff and Andrew Madoff. That year, the firm was the 6th-largest market maker in S&P 500 stocks. He served as the company's chairman until his arrest on December 11, 2008. Madoff founded a penny stock brokerage in 1960, which eventually grew into Bernard L. He advanced the proliferation of electronic trading platforms and the concept of payment for order flow, which has been described as a "legal kickback". He was at one time chairman of the NASDAQ stock exchange. Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit planġ50 years in prison, forfeiture of US$17.179 billion, lifetime ban from securities industryīernard Lawrence Madoff ( / ˈ m eɪ d ɔː f/ MAY-dawf April 29, 1938 – April 14, 2021) was an American fraudster and financier who ran the largest Ponzi scheme in history, worth about $64.8 billion.
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