The Madoff Ponzi Scheme
Madoff 150 years in prison, also with his accountant, David Friehling, and Frank DiPascalli. Bernie and 15 individuals had charges including, security fraud, mail fraud, and wire fraud. DiPascalli was sentenced over 100 years in prison, as well as the other individuals who pleaded guilty. After three months of trial, Bernie pleaded guilty. “Irving Picard, the court-appointed trustee liquidating the Madoff estate in federal bankruptcy court, is suing to “claw back” those paper profits so he can redistribute them to victims who lost actual principal by investing directly with Mr. Madoff”. (New York Times) Mark Madoff committed suicide on December 11, 2010 on the two year anniversary of his father’s arrest. Andrew Madoff, passed away on September 2014 from cell lymphoma and Bernie’s wife Ruth left him, while his trial was still in process. To today’s date, Mr. Madoff is being held in prison located in North Carolina.
Picard mentioned that he believes the Madoffs brothers were fully aware of his father’s action, they both had access to information and created phony accounts and received payments disguised as loans. To this day, there is no evidence that reflects credibility to such