Who is Bernie Madoff and what is his net worth 2018? Bernie Madoff is an American based fraudster as well as recognised as a past investment consultant, stockbroker, as well as a financier. He is also acknowledged as the past non-executive chairperson of NASDAQ stock market. Net worth of Bernie Madoff is high even at the present, get further details below:
Madoff belonged to Queens, located in New York, born as the son of Jewish based parents- Ralph, who worked as a stockbroker and plumber, and Sylvia Muntner. His grandparents were migrants from Poland, located in Romania, and Austria. Moreover, he is actually the second of three kids; names of his siblings are Sondra Weiner and Peter. He completed graduation in year 1956 and he studied at the University of Alabama for period of a year.
Here, he became brother of Tau Chapter, belonging to Sigma Alpha Mu community, later moved to and completed graduation from a university in year 1960 with Bachelor of Arts degree in political science. It is known that he temporarily studied at Brooklyn Law School, however he established Wall Street Company named Bernard L. Madoff Investment Securities LLC as well as he continued working for this company.
Till year 1960, Madoff stayed as chairman of Bernard L. Madoff Investment Securities LLC since its start-up till his custody in year 2008. The particular company began as a penny stock dealer with $5,000 (which is $40,000 today) that Madoff grossed from operating as a lifeguard as well as sprinkler installer. Furthermore, he obtained a loan of worth $50,000 from his father-in-law which he too utilised to establish this company.
His trade developed with the support of his father-in-law, an accountant named Saul Alpern, who mentioned a group of friends and families. Originally, the company created position in markets (cited bid and ask prices) through National Quotation Bureau’s Pink Sheets. With a purpose to contend with companies that were associates of the New York Stock Exchange transaction, his company started applying advanced information technology mechanism to distribute its quotes. After finishing a trial run, the particular technology that the company supported to develop turned out as the NASDAQ.
From year 1991 till 2008, Bernie and Ruth contributed approximately $240,000 to centralized candidates, committees and parties, comprising $25,000 per year from year 2005 till 2008 to a committee. The particular committee refunded $100,000 of the contributions of Madof’ to Irving Picard, essentially the liquidation executor who supervises every claims.
It is known that Senator Charles E. Schumer repaid nearly $30,000 obtained from this celebrity and relatives to trustee. Reports suggest that his name initially originated in a fraud investigation carried out in year 1992, when two persons protested to SEC regarding investments they accomplished by a firm named as Avellino & Bienes.
Discussing his other works, Madoff was recognized as a noticeable philanthropist, who functioned on panels of non-profit based institutions. It is known that several of this entrusted his company through their donations. The freeze and collapse of his personal properties as well as those of his company influenced charities, businesses, and foundations across the world. This included the Chais Family Foundation and Robert I Madoff accepted charity contributions for a foundation and did philanthropic gifts via Madoff Family Foundation. This was actually a $19 million worth private foundation, which he accomplished with his wife. The foundation contributed money to theatres and hospitals.
Bernie Madoff Net worth
Bernie Madoff is a renowned American based prior businessman and prior stockbroker, investment consultant as well as banker with noticeable net worth of $17 billion. In his career, he earlier worked as non-executive chairperson of NASDAQ based stock market and he is the mind responsible after the biggest Ponzi scheme ever in history, adding to his wealth. It is known that he is recognised as a white collar criminal that has conned his clients an estimated amount of $65 billion.
Bernie Madoff is an intelligent personality, known to be a financier and stockbroker mainly.