Is Bernie Madoff a millionaire?

Bernie Madoff was an American financier and former chairman of the NASDAQ stock market, who became infamous for orchestrating one of the largest Ponzi schemes in history.

Born on April 29, 1938, in Queens, New York, Bernie Madoff grew up in a middle-class Jewish family. He attended the University of Alabama for a short period before transferring to and graduating from Hofstra University with a degree in political science.

Madoff married his high school sweetheart, Ruth Alpern, in 1959. The couple had two sons, Mark and Andrew. Despite his success, his personal life was overshadowed by his criminal activities, which led to family tragedies and estrangement.

Bernie Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, which became one of the largest market maker businesses on Wall Street. He also served as the chairman of the NASDAQ stock market in the early 1990s.

Madoff's Ponzi scheme involved using new investors' funds to pay returns to earlier investors, creating the illusion of a profitable business. It collapsed in 2008, resulting in estimated losses of $65 billion.

Madoff's scheme unraveled during the 2008 financial crisis when clients requested $7 billion in withdrawals, which he could not meet. He was arrested in December 2008 after confessing to his sons, who reported him to the authorities.

In 2009, Bernie Madoff was sentenced to 150 years in prison for securities fraud, investment adviser fraud, mail fraud, wire fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and other crimes.