Bernie Madoff
Bernie Madoff stole billions of dollars from investment clients through a Ponzi scheme, fabricating investment activity and returns. The fraud devastated individual savers and charities; he pleaded guilty to 11 federal felonies in 2009.
At a glance
- What happened
- Madoff took clients' money while falsely representing that it was invested and generating reliable returns. His fraudulent account records concealed the scheme's operation over decades. The victims included people who lost life savings and organizations that depended on the money. He received a 150-year prison sentence, while separate recovery efforts sought compensation for victims.
- When
- Decades before 2008: scheme operated. December 2008: arrest. March 12, 2009: guilty plea. June 29, 2009: sentencing. April 2021: death in prison.
- Where
- New York City, with victims in the United States and around the world.
- Why / motive
- The Justice Department describes the scheme as benefiting Madoff, his family, and selected members of his inner circle.
- Outcome
- Madoff was sentenced to 150 years in federal prison in 2009 and died in prison in April 2021. Asset-recovery distributions to victims continued separately from his sentence.
Who is involved
- Bernard 'Bernie' Madoff — subject
Sources
- AP — Madoff arrest anniversary and death“Madoff died in April 2021 while serving a 150-year federal prison sentence.”
- U.S. Department of Justice — Madoff's theft from clients“to steal billions from his clients”
- AP — Madoff fraud's effects“wiped out the life savings of thousands of people and wrecked charities.”
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