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Bernard L. Madoff

About Bernard L. Madoff

Bernard Madoff is a American financier and is reported to be one of the biggest financial frauds in the histroy. He ran a Ponzi scheme that involved money of thousands of investors of all sizes - rich, middle-class and the poor.

Madoff's scam came to light when he confessed to his sons on how his scheme worked. The scheme started in the early 1990s (Prosecutors say the scheme started way back in 1980s) with a promise of handsome returns to its investors. Madoff dosent want to disappoint his investors but and intended to make money later. He used to transfer funds between accounts to appear as if there is legitimate trading but actually has sent fake trade confirmations to his clients, and lied to the Securities & Exchange Commission. Madoff amazingly delivered steady returns to his investors year after year because he felt compelled to deliver 'at any cost'.

Madoff is arrested but he is out on a $10 million bail and is confined to his Manhattan apartment. Ira Sorkin is Madoff's lawyer.

Madoff is pleaded guilty on March 12, 2009 by a federal courthouse in Manhattan on 11 charges. Madoff admitted that he ran a $65 billion Ponzi scheme cheered dozens of investors who came to federal court in New York to bear witness to his confession that he lied. Madoff's networth according to court filing is at $823 millions. Madoff is jailed until his sentencing scheduled on June 16, 2009. Madoff's place of living changed from a luxarious $7 million town house to a 7 1/2-by-8 foot cinderblock jail cell.

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