Who is Bernard L. Madoff?

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1. Guest2939
   

   Bernard Lawrence Madoff, born April 29, 1938, is a businessman and former chairman of the NASDAQ stock market. He started 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 the largest investor fraud ever committed by a single individual.
   
   At 8.30 a.m. Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. On the day prior to his arrest, Madoff told his senior executives at the firm that the management and advisory segment of the business was "basically, a giant Ponzi scheme".Madoff was arrested based on a tip-off from his sons, Andrew and Mark. Five days after his arrest, Madoff's assets and those of the firm were frozen and a receiver was appointed to handle the case. According to federal charges, Madoff himself admitted that his firm has "liabilities of approximately US$50 billion." Banks from outside the U.S. have announced that they have potentially lost billions in U.S. dollars as a result.Some investors, journalists and economists have questioned Madoff's statement that he alone is responsible for the large-scale operation, and investigators are looking to determine if there were others involved in the scheme.

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