Bernie madoff

Bernie Madoff Ponzi Scheme

By aleverson

  • Beginning of Ponzi Scheme

    Madoff came up with and implemented a "ponzi-like" scheme to his investors.

  • First Claim of Madoffs Fraud

    Harry Markopolos alerts financial regulators of Madoff's scheme, based on his idea that his returns could never yield such consistent, positive returns. The US SEC ignores the claims multiple times.

  • Ruth Withdraws Alarming Amounts of Money

    Bernie Madoff's wife, Ruth, withdraws $15.5 million within one month.

  • Madoff Unable to Come up With Client Redemption Funds

    Madoff admits to a Senior Employee at his firm that he is unable to come up with $7 billion in redemption funds that a client requested. He also tells his sons that his firm has been "one big Ponzi scheme."

  • Madoff Surrenders to Authorities

    Madoff says there is no innocent explanation and admits his guilt to authorities. He is released on $10 million bond.

  • Judge Freezes Madoff's Assets

    A federal judge freezes all of Madoff's assets.

  • Trustee Appointed to Recover Funds

    A federal judge appoints a trustee to find funds to restore to Madoff's victims, who number roughly 4,800 in the US and abroad.

  • A Major Client Commits Suicide

    Thierry de la Villehuchet, a French hedgefund manager, commits suicide. His company, Access International Advisors, lost approximately $1.4 billion to Madoff's scheme.

  • Madoff Violates Freezing of Assets

    Prosecuters find that Madoff distributed $1 million worth in jewelry and personal items to family members.

  • Madoff Avoids Jail

    Judge rules Madoff can stay in his $7 million dollar apartment but must submit to mail searches.

  • Not a Single Trade is Found

    Financial regulators find that no evidence exists of a single trade made on behalf of Madoff's investors when examining 40 years of books.

  • Madoff Jailed

    Madoff pleads guilty to 12 charges and is jailed.

  • Authorities Seize Wife's Fortune

    Upon appealing for bail, Madoff reveals his wife's fortune. US authorities seize $69 million in assets in Ruth Madoff's name.

  • Madoff Accountant Charged

    David Friehling is charged with fraud after he had helped deceive investors for 17 years.

  • Another Client Commits Suicide

    William Foxton commits suicide after losing his family's savings in the Ponzi scheme.

  • Victims Speak Out

    Over 100 of Madoff's past clients speak about the havoc the Ponzi scheme reaked over their lives since they lost great capital.

  • Madoff Sentence to 150 years in Prison

    Bernie Madoff receives maximum sentence of 150 years in prison.

  • Trustee Sues Big Banks

    Trustee for Madoff's victims pursues legal action against UBS, JP Morgan and HSBC for enabling Madoff's scheme.

  • Madoff's Son Commits Suicide

    Bernie Madoff's son, Mark Madoff, commits suicide on the second anniversary of his father's arrest.