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Embroidered velvet slippers were
included in an auction lot of Madoff’s
possessions sold to raise funds to
compensate the victims of his $65
billlion (£47 billion) Ponzi scheme.and confessed to an elaborate Ponzi
scheme. Instead of accepting the
money, Madoff’s sons reported him
to federal authorities; FBI agents
arrested Madoff the next day.
Shortly after his arrest, Madoff wasWHITE COLLAR CRIMES
released on bail as he awaited
charges and sentencing. He and
his wife Ruth packed up some
personal and family items, including
jewellery, and posted it to their sons.
In 2011, Ruth Madoff stated
that she and her husband had
attempted suicide together on
Christmas Eve, 2008. Scared and
acting on impulse, they took a
cocktail of different pills – including
what they hoped would be an
overdose of sleeping pills – but
woke up unharmed.Tragic conclusion
On 12 March 2009, Madoff pleaded
guilty to 11 different crimes,
including securities fraud,
investment adviser fraud, mail
fraud, wire fraud, three counts of
money laundering, giving false
statements, perjury, and making
false filings with the SEC.
On 29 June 2009, Madoff was
sentenced to 150 years in prison –
the maximum allowable sentence
for his crimes. Just before he wassentenced, Madoff apologized to
his victims, many of whom were
seated on the benches behind him.
In November 2009, the government
began to sell and auction off
Madoff’s assets to repay his
investors. These included a large
yacht and two smaller boats; a
property portfolio including a New
York City penthouse, a beach house
in Montauk, New York, and a
Florida mansion; artwork by
Picasso and Roy Lichtenstein;
his wife’s extensive jewellery
collection, a Rolex collection, and
a Steinway grand piano.
The unravelling of Madoff’s
scheme – the biggest Ponzi scheme
in history – had a significant
impact on hundreds of families
across the US, and Madoff’s own
family would fall apart in the
aftermath. His 46-year-old son,
Mark, hanged himself on the
second anniversary of Madoff’s
arrest, as a sad finale to a complex
life lived under the constant but
elusive authority of his father. ■2000
Harry Markopolos’s first
submission proving
Madoff’s guilt is
submitted to the SEC
but eventually rejected.2008
Madoff confesses the Ponzi
scheme to his sons. They
immediately report their father to
the FBI and Madoff is arrested.2005
Following concerns raised
by Renaissance Enterprises,
LLC, the SEC begins another
ultimately unsuccessful
examination of Madoff’s firm.2002
An anonymous hedge fund
manager registers a detailed
complaint with the SEC about
Madoff’s investments. Nothing
comes of the investigation.116-121_Bernie_Madoff.indd 121 13/01/2017 15:10