|
|
Bernard Madoff
Scammer
![]()
Bernard Madoff is an American businessman and former chairman of the NASDAQ stock exchange. Madoff was also a prominent philanthropist who served on the boards of nonprofit institutions, many of which entrusted his firm with their endowments. He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman until December 11, 2008, when he was charged with perpetrating what may be the largest investor fraud ever committed by a single person. According to federal charges, Madoff himself admitted that his firm has "liabilities of approximately $50 billion." Banks from outside the U.S. have announced that they have potentially lost billions in U.S. dollars as a result. A number of charities, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation, have been forced to close as a consequence of the fraud. Madoff's firm, which is in the process of liquidation, was one of the top market maker businesses on Wall Street (the sixth-largest in 2008).
sr
|
|