If you talk of investors who have succeeded in business, you cannot ignore Bernie Madoff. Bernie is a former American investment adviser, a stockbroker, a financier and former chairman of National Association of Securities Dealers Automated Quotations. Bernie is a fraudster behind the most significant financial fraud as far as the history of the United States is concerned. Keep reading to know more about the net worth of Bernie Madoff in 2020.
Early Life & Biography:
Bernie was born on 29th April 1938 in Queens New York. His birth name is Bernard Lawrence Madoff, but he is popularly known as Bernie. His father was Ralph Madoff who was a stockbroker, and a plumber and his mother was named Sylvia Muntner. Unfortunately, Bernie’s father died in 1972, and the mother died in 1974. He is the second born among two siblings Peter Madoff and Sondra Weiner.
Bernie graduated from Far Rockaway High School in 1956 and joined the University of Alabama for his freshman year. Later he entered the University of Hofstra where he graduated in 1960 with Bachelor of Arts in political science. He then went to Brooklyn Law School, and for his career, he majored in business.
Bernie met his lover Ruth Alpern while both were in Far Rockaway High School. Ruth graduated with a bachelor’s degree at Queens College. She got a job with the stock market in Manhattan before working in Madoff’s firm. The two have been married for more than five decades and they are still going strong.
They married in 28th November 1959, and they have brought forth two sons. Mark who was born in 1964 and a graduate from University of Michigan and Andrew born in 1966 and a graduate from University of Pennsylvania’s Wharton Business School. Later both sons worked in the trading sections with their cousin. Unfortunately, in 2010 Bernie’s son Mark was found dead in his New York City apartment with allegations that he committed suicide.
Career, Awards & Nominations:
Bernie founded Madoff Investment Security firm in 1960 and became its chairman from then up to 1980. The firm began as a penny trader with a capital of five dollars. To do marketing he used the pink sheet of the National Quotation Bureau before the invention of NASDAQ software. The software gave them a platform to compete with members of the New York State Exchange. Bernie was also a member of the National Association of Security Dealers.
When he was the chairman, his firm was the largest market maker in National Association of Securities Dealers Automated Quotations. The firm was also the Wall Street six largest market maker in 2008.
Net Worth & Earnings:
Bernie Madoff is a wealthy man. His main source of wealth is from his firm Bernard L Madoff Investment Securities LCC which he founded. Bernie worked in the firm for many years until it had significant growth and had built great people to manage it. He has also earned from being a board member of other firms and as an investment advisor.
Bernie Madoff’s net worth is estimated to be $850 million.
Despite Bernie working so hard to earn his wealth, he used unlawful means to obtain the same. In 2008 he was arrested for fraud allegations. His firm had defrauded clients over sixty-five billion dollars. In 2009 he pleaded guilty to more than nine federal felonies. Since he could not compensate the accuser, he received a jail term of one hundred and fifty years. It was so unfortunate that while he was in jail, his son Mark died.