Megumi Yoshihara Anning 8B1 Bernard Madoff Bernard Lawrence Madoff, born on April 29, 1938, is a man who

was sentenced to 150 years in prison, due to his dishonesty and unethical business ways. As a child of a Polish immigrant and a Romanian and Australian immigrant, Bernard wasnt the most fortunate child. He went to school at Far Rockaway High School, and during that while dated Ruth Alpern. Madoff was very interested in Ruth, and aside from her, he was only interested in one other thing, which was the schools swim team. During the while that he wasnt competing in swim meets and competition, his coach hired him as a life guard. Taking his job seriously and to heart, he managed to save a maximum of $5,000. Soon, Madoff graduated from high school in 1956.

After his high school graduation, Madoff headed to University of Alabama. He transferred to Hoftra University after staying at his previous college for one year. In 1959, Madoff got married to his high school love Ruth Alpern, who was then attending Queens College with a focus on finance. In 1960, Madoff graduated Hoftra University with a bachelors degree in Political Science. Ruth graduated as well, and found a job on the stock market in Manhattan. Later on in the year, Madoff began his own investment firm, using the $5,000 that he had saved up earlier on during his lifeguarding job. Madoff and Ruth then founded the Bernard L. Madoff Investment Securities, LLC. As the business grew successful, it attracted more clients, including high class famous stars. By the 1980s, Madoff Investment Securities owned a minimum of 5 percent of the trading on the New York Stock Exchange. Madoff Investment Securities had really made it to the headlines by then.

The fame grew, as well as the client list. Madoff had more and more clients who were willing to invest their money in the Madoff Investment Securities. Realizing that he needed more hands to help out, he hired more of is family members, including his brother Peter, his daughter Shana, and his two sons Andrew and Mark. His son Roger also got hired, soon before his death in 2006. Madoff told his sons Andrew and Mark that he was planning on giving out millions of dollars as bonuses two months early, and his sons forced to know where that money was coming from. Madoff confessed to them that a branch of his investment was a Ponzi scheme. Madoff had deprived his clients of $65 billion. Andrew and Mark reported him to federal authorities, and soon after, was arrested, and charged for eleven felony counts. This 71-year-old man was sentenced to prison for 150 years. Bernard Lawrence Madoff had committed one of the biggest Ponzi schemes yet.

Citation
"Bernard Madoff Biography." Bio.com. A&E Networks Television, n.d. Web. 26 Sept. 2012. <http://www.biography.com/people/bernard-madoff-466366>.