Bernard Madoff’s Net Worth

Bernard Madoff’s net worth is -$17 Billion

Bernard Madoff Wiki Biography

Bernard Lawrence Madoff came into this world on April 29, 1938, in Queens, New York City, USA. He belonged to a family of Polish, Austrian and Romanian descent. Bernard made a name for himself as a former businessman and banker, serving as the chairman of the NASDAQ stock exchange. However, his notoriety stems from orchestrating the largest fraud in US history through a Ponzi scheme, which is estimated to have amassed $65 billion. His fraudulent activities spanned four decades until his arrest in the late 2000s.

Have you ever wondered about Bernard Madoff’s financial standing? Based on reliable sources, his net worth is currently estimated to stand at a whopping -$17 billion as of early 2016, resulting from his fraudulent activities over 40 years.

Bernard Madoff Net Worth -$17 Billion

Bernard Madoff grew up in a Jewish household with two siblings, being the son of Ralph, who worked as a stockbroker and plumber, and Sylvia Madoff, who was a homemaker. His educational journey led him to Far Rockaway High School before pursuing his studies at the University of Alabama in 1956, where he became a member of the Sigma Alpha Mu Fraternity. After a year, he transferred to Hofstra University, from where he graduated with a BA degree in Political Science in 1960. In addition, he briefly attended Brooklyn Law School.

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In the same year he enrolled at Brooklyn Law School, Bernard established his own company, Bernard L. Madoff Investment Securities LLC, marking the starting point of his professional career. The company, initially a penny stock trader, took off with an initial investment of $5,000, earned from Bernard’s previous job as a lifeguard. With a financial boost from his father-in-law, who invested $50,000, and support from friends who also contributed financially to the firm, his business gradually flourished, becoming one of the top market traders on Wall Street and the primary source of his net worth.

However, his empire crumbled when his sons revealed his Ponzi scheme activities to the authorities, a scheme that commenced in the early 1990s. Bernard was apprehended on December 11, 2008, and following a trial, he was sentenced to 150 years in prison. Reports suggested that the total amount missing from clients’ accounts amounted to as much as $65 billion. However, prior to the unraveling of his scheme, Bernard also held the position of non-executive chairman of the NASDAQ stock market.

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Regarding Bernard Madoff’s personal life, he tied the knot with Ruth Alpern in 1959, and the couple had two sons, both of whom passed away following the exposure of the fraud. Bernard, a well-known philanthropist – using clients’ money, founded “The Madoff Family Foundation” with his wife and collaborated with other organizations. At present, Bernard is serving his sentence at the Federal Correctional Complex, Butner, where he suffered a heart attack in 2013 and received a diagnosis of end-stage renal disease (ESRD). He owned residences on the Upper East Side, Manhattan, in Roslyn, New York, and in Palm Beach, Florida.