The Case Profile of Bernard Madoff
Who is Bernard Madoff?
Bernard Madoff, also known as Bernie Madoff, is an individual who was convicted of what is presumed to be the largest and most financially-devastating financial crimes within the history of the United States. Upon the investigation of his crimes in addition to his subsequent trial, Bernard Madoff was estimated to have caused the loss of upwards of $18 billion due his criminal actions. The Bernie Madoff financial fraud and Ponzi scheme was believed to have been enacted in the early 1990s and ended on December 11th, 2008 at the time of his arrest:
The Ponzi Scheme undertaken by Bernard Madoff was a fraudulent operation in which investment capital is unlawfully distributed in a deceptive manner as a means to project the illusion of financial gains resulting from investment endeavors
The investment capital of newer clients was unlawfully apportioned to existing clients with the hopes of instilling confidence in the Bernie Madoff – the newer client’s were deceived that their investment capital was invested and subsequently lost, although it had never been invested at all
The Case Profile of Bernard Madoff
The following is a case profile of both the crimes of Bernard Madoff, as well as a legal classification of statutory legislation associated with the case:
Date of Birth: Bernard Madoff was born on April 29th, 1938 in Queens, New York
Residence: Manhattan, New York
Date of the Crime: 1990s to December 2008
Criminal Charges: The crimes of which Madoff were convicted were financial in nature, including securities fraud, money laundering, wire fraud, conspiracy, solicitation, and investment fraud
Legal Classification: The following classifications criminal activity were attributed to Bernard Madoff
Criminal Law; a legal specialty that focuses on both the prosecution and defense of criminal activity conducted in both public, private, and electronic sectors
Financial Law; a legal specialty that focuses on legislation applicable to the activity, exchange, and the circulation of monies or currency
Commercial Law; a legal specialty that focuses on the protection of consumers engaging in commercial activity, which includes the investigation of legality and ethics latent within all existing commercial operations
Date of the Trial: March of 2009
Victims: Bernard Madoff was charged for the defrauding of hundreds of victims, and deemed responsible for the estimated loss of over $18 billion; in addition, Bernard Madoff was convicted of 11 separate felonies – although Madoff claimed that he had begun this activity in the 1990s, investigators suspect that he may have undergone his Ponzi Scheme as early as the 1970s
Associated Legislation and Statues with regard to the Bernard Madoff Case: The following statutory regulations were employed with regard to the Bernard Madoff trial:
The Securities and Exchanges Commission (SEC) was responsible for the investigation of the illegal activity undertaken by Bernie Madoff; the regulatory body mandated by the Federal government of the United States employed to investigate and regulate matters involving financial and investment activity of the public, commercial market
Verdict Delivered: Bernie Madoff was found guilty of fraud
Punishment and Conviction: Bernard Madoff was sentenced to ‘natural life’ incarceration in the Butner Federal Correctional Facility, which is in North Carolina – he received a term of 150 years
NEXT: The Case Profile of ENRON
