About Bernie Madoff
Back when he was still a thriving stockbroker, investment advisor and financier, Bernie Madoff net worth amounted to billions of dollars and now he is $17 billion in debt. He was charged with securities fraud and pleaded guilty for 11 federal felonies. This has lead not only to the massive debt, but also to the sentence of lifetime in prison. His family expected to inherit billions of dollars, but all they got was a public humiliation. Bernie has admittedly said: “I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren. This is something I will live in for the rest of my life. I’m sorry”. The former billionaire and Wall Street tycoon also added that he has “nothing to live for”. You might think this disappointment with life was induced by the sentence, but it is not the case. Since the day he got arrested for fraud Madoff has been dealing with losses much more painful than the loss of money and freedom. But let me tell you his personal story from the beginning – I believe it will convince you that although Bernie Madoff net worth is -$17 billion, this is not the biggest of his problems.
Bernie was born in Queens, New York City, in a Jewish family. His father was a plumber and a stockbroker, so I guess you could say that in a way he has been following in his father’s footsteps. He graduated with a Bachelor of Arts degree from Hofstra University and for a little while attended Brooklyn Law School, but left the studies to work in his private company Bernard L. Madoff Investment Securities LLC. Bernie Madoff net worth growth started accelerating around the mid-1880 – early 1990s, as he turned his whole business into a one big Ponzi scheme. As you may know, Ponzi scheme is a fraudulent investment operation where the operator pays returns to its older investors from new capital paid to him by new investors, rather than from profit earned. Madoff’s easy and luxurious life came to an end in 2008, when his sons informed authorities about his scheme. Bernie was arrested the following day and soon enough sentenced for 150 years in prison. It was reported that due to his affair $65 billion were missing from the accounts and his investors experienced a loss of $18 billion.
At first Bernie was (or pretended to be) quite satisfied with his life in prison. In a letter to his daughter in law the convict wrote: “They call me either Uncle Bernie or Mr. Madoff. I can’t walk anywhere without someone shouting their greetings and encouragement, to keep my spirit up. It’s really quite sweet, how concerned everyone is about my well being, including the staff ”. Even though the fall of Bernie Madoff net worth and prison did not break his spirit, the loss of his only two sons did: Mark committed suicide in 2010 and Andrew died from lymphoma.