Bernie Madoff

Bernard Madoff
Born	Bernard Lawrence Madoff (1938-04-29) 29 April 1938 Brooklyn, New York City, U.S.
Died	14 April 2021(2021-04-14) (aged 82) Prison (location not specified)
Occupation(s)	Financier, Stockbroker
Years active	1960–2008
Known for	Largest Ponzi scheme in history

Bernard Lawrence Madoff (; April 29, 1938 – April 14, 2021) was an American financier who confessed to orchestrating the largest Ponzi scheme ever uncovered, with estimates reaching $65 billion. He held the position of chairman at the Nasdaq stock exchange. Madoff's enterprise included both a publicly known stock brokerage and a confidential asset management division, the latter being the core of the fraudulent scheme.

In 1960, Madoff launched a penny stock brokerage that eventually became Bernard L. Madoff Investment Securities. He remained its chairman until his arrest on December 11, 2008. By that time, the company ranked as the sixth-largest market maker for S&P 500 stocks. While the brokerage was open to the public, Madoff restricted access to the asset management side.

Key roles within the firm were occupied by family members: his brother Peter Madoff served as senior managing director and chief compliance officer; Peter's daughter Shana Madoff acted as rules and compliance officer; and his sons Mark and Andrew were involved before their deaths—Mark by suicide in 2010 and Andrew from lymphoma in 2014. Peter received a 10-year prison sentence for his involvement.

On December 10, 2008, Madoff’s sons alerted authorities after their father admitted that his asset management business was essentially a vast Ponzi scheme, describing it as "one big lie." The following day, law enforcement arrested Madoff and charged him with securities fraud. Despite earlier investigations by the SEC, the deception remained undiscovered until then. In March 2009, he pleaded guilty to eleven federal felony charges.

This scandal defrauded countless investors of billions of dollars. Although Madoff claimed the fraudulent activities began in the early 1990s, evidence points to misconduct dating back to the early 1970s. It is likely that no legitimate investment operations ever took place. The total client losses amounted to nearly $65 billion, which included fictitious profits.

According to estimates by the Securities Investor Protection Corporation trustee, direct investor losses were approximately $18 billion, with $14.418 billion recovered and returned to victims. On June 29, 2009, Madoff was sentenced to 150 years in prison—the maximum penalty permitted. He passed away in prison in April 2021 due to chronic kidney disease.

Early life

Born on April 29, 1938, in Brooklyn, New York City, Madoff was the son of Sylvia (Muntner) and Ralph Madoff, who worked as a plumber and stockbroker. He was Jewish, descending from grandparents who emigrated from Poland, Romania, and Austria. Bernard was the middle child among three siblings: Sondra Weiner and Peter Madoff. The family later relocated to Queens, where he graduated from Far Rockaway High School in 1956.

Madoff attended the University of Alabama for one year and joined the Tau chapter of the Sigma Alpha Mu fraternity before transferring to Hofstra University, where he earned a Bachelor of Arts degree in political science in 1960. He briefly enrolled at Brooklyn Law School but left after one year to establish Bernard L. Madoff Investment Securities LLC and pursue an independent career.

Career

In 1960, with $5,000 saved from jobs as a lifeguard and sprinkler installer plus a $50,000 loan from his father-in-law Saul Alpern—an accountant who introduced initial clients such as Carl J. Shapiro, who invested $100,000—Madoff founded Bernard L. Madoff Investment Securities LLC as a broker-dealer specializing in penny stock.

The firm initially made markets by posting bid and ask prices through the National Quotation Bureau's Pink Sheets. To compete with members of the New York Stock Exchange, Madoff’s company developed advanced computer technology for distributing quotes. This innovation played a role in founding the National Association of Securities Dealers Automated Quotations Stock Market (Nasdaq). After operating as a sole proprietorship for over four decades, it incorporated as a limited liability company in 2001 with Madoff as its sole shareholder.

Functioning as a third market trading provider, the firm executed orders over-the-counter on behalf of retail brokers. At one point, Madoff Securities became Nasdaq’s largest market maker and ranked sixth among market makers for S&P 500 stocks by 2008. Additionally, it maintained an investment management and advisory division—kept confidential—that later became central to fraud investigations.

Madoff pioneered payment for order flow, where dealers compensate brokers for routing customer orders—a practice some critics describe as a lawful kickback. While academics have debated its ethical implications, Madoff argued these payments did not influence customer pricing and considered them standard business operations:

Madoff also played an active role within the National Association of Securities Dealers (NASD), serving both as chairman of its board and as a member of its board of governors.

Personal life

Bernard Madoff met Ruth Alpern during their time at Far Rockaway High School, and they wed on November 28, 1959. Ruth, who graduated from Queens College, initially pursued a career in Manhattan’s stock market before joining Madoff’s firm and establishing the Madoff Charitable Foundation. The couple had two sons: Mark (1964–2010), an alumnus of the University of Michigan, and Andrew (1966–2014), who graduated from Wharton Business School. Both sons were active in the trading division alongside their cousin Charles Weiner.

Several relatives held positions within the company: Madoff’s brother Peter, an attorney by profession, acted as senior managing director and chief compliance officer; Peter’s daughter Shana served as the firm’s compliance attorney. Mark and Andrew received large loans from their parents—$22 million and $9.5 million respectively—and owned real estate in Manhattan and Greenwich, Connecticut. They each managed private charitable foundations through outside investment firms. Andrew was diagnosed with mantle cell lymphoma in 2003 and later chaired the Lymphoma Research Foundation until stepping down following his father’s arrest.

Federal authorities probed Peter and Andrew Madoff for tax evasion allegations, with trustee Irving Picard highlighting significant deposits and withdrawals made by family members from Madoff accounts.

Bernard Madoff primarily lived on Manhattan’s Upper East Side, where he also served as chairman of his cooperative board. Additionally, he owned residences in Montauk, New York; Palm Beach, Florida; and France, along with a 55-foot sportfishing yacht named Bull. All three properties were auctioned by the U.S. Marshals Service in 2009.

Sheryl Weinstein, former CFO of the Hadassah Women’s Zionist Organization of America, disclosed a romantic relationship with Madoff dating back over two decades. Hadassah had invested heavily with Madoff but had withdrawn more than $130 million by 2008. During sentencing proceedings, Weinstein portrayed Madoff unfavorably. In 2009 court documents, Madoff declared assets valued at up to $126 million plus an estimated $700 million interest in his business.

On December 11, 2010, Mark Madoff died by suicide. Subsequently, Ruth Madoff revealed that she and Bernard had attempted suicide together on Christmas Eve 2008 after the fraud was uncovered. In November 2011, former employee David Kugel pled guilty to assisting in fabricating false account statements.

In December 2013, Madoff experienced a heart attack and was reported to have end-stage renal disease. Early in 2014, he claimed to be fighting kidney cancer—though this was unverified—and court filings later noted chronic kidney failure. In February 2022, Madoff’s sister Sondra Weiner and her husband were found dead in an apparent murder-suicide in Florida.

Government access

Between 1991 and 2008, Bernard and Ruth Madoff donated approximately $240,000 to federal candidates, political parties, and committees. This included annual contributions of $25,000 from 2005 to 2008 to the Democratic Senatorial Campaign Committee. The committee returned $100,000 of these funds to Irving Picard, the bankruptcy trustee managing claims related to the fraud; Senator Chuck Schumer also refunded nearly $30,000 received from Madoff and his relatives. Senator Chris Dodd contributed $1,500 to the Elie Wiesel Foundation for Humanity—a victim organization affected by Madoff.

Members of the Madoff family held leadership roles within the Securities Industry and Financial Markets Association (SIFMA), a principal securities industry group. Bernard served on the board of the Securities Industry Association (SIA), SIFMA's predecessor, where he chaired its trading committee. He was also a founding board member of the International Securities Clearing Corporation—a subsidiary of the Depository Trust & Clearing Corporation (DTCC) based in London.

Peter Madoff served two terms on SIFMA’s board and received a 2008 award for “extraordinary leadership and service” alongside Andrew. He resigned from SIFMA’s board in December 2008 following revelations of the Ponzi scheme. From 2000 until 2008, both brothers donated $56,000 directly to SIFMA and sponsored industry events. Bernard’s niece Shana Madoff was part of SIFMA’s Compliance & Legal Division executive committee but stepped down shortly after her uncle's arrest.

The first official inquiry into potential fraud tied to Madoff occurred in 1992 when complaints were lodged with the SEC regarding investments connected to Avellino & Bienes—the successors to his father-in-law’s accounting firm—which had been raising capital for Madoff since the 1970s. Avellino subsequently returned investor funds and the SEC closed its investigation.

In 2004, SEC attorney Genevievette Walker-Lightfoot identified irregularities within Madoff’s operations and recommended further investigation. However, her supervisors Mark Donohue and Eric Swanson halted this inquiry to reallocate resources elsewhere. Swanson had met Shana Madoff in 2003 during an unrelated investigation; he left the SEC in 2006 and married her in 2007. A spokesperson stated that Swanson did not participate in investigations while involved with Shana.

While awaiting sentencing, Bernard met with SEC Inspector General H. David Kotz, who conducted an investigation into regulatory failures that permitted the fraud to continue despite numerous warning signs. Madoff asserted that investigators overlooked obvious evidence by failing to examine stock transaction records or consult the Depository Trust Company—basic procedures essential for uncovering Ponzi schemes.

Madoff referred to SEC Chairman Mary Schapiro as a "dear friend" and Commissioner Elisse Walter as a "terrific lady." Following his arrest, the SEC faced criticism for lacking sufficient financial expertise and due diligence despite whistleblower Harry Markopolos’ warnings spanning nearly ten years. Kotz’s report identified six flawed SEC investigations since 1992 that were impeded by inadequate staff performance or dismissal of expert allegations; some investigators even doubted that Madoff was engaged in actual trading.

Concerns regarding Kotz’s conduct prompted an independent review by United States Postal Service Inspector General David C. Williams (Inspector General). The Williams Report questioned Kotz’s impartiality due to his close friendship with Markopolos during the investigation—a potential ethics violation whose timing could not be precisely determined.

Investment Controversy

In 1999, financial analyst Harry Markopolos alerted the SEC that the returns Madoff reported were mathematically unfeasible. After extensive efforts to replicate Madoff’s claimed performance, Markopolos concluded it was a fraudulent scheme, but his warnings were disregarded by SEC offices in Boston and New York for several years. He later co-wrote No One Would Listen, chronicling his decade-long attempt to unveil the fraud.

Although Madoff’s operation expanded into a multibillion-dollar wealth management firm, prominent derivatives companies and key Wall Street entities remained skeptical of his reported gains. Industry professionals questioned how such a modest accounting practice could handle such a vast volume of transactions. Additionally, the Central Bank of Ireland failed to uncover the deception despite overseeing Irish funds connected to Madoff.

In early December 2008, Madoff confided in a senior staff member—identified as one of his sons—that he was unable to fulfill $7 billion in redemption requests. He had been using client deposits held at JPMorgan Chase to cover these redemptions, but by late November 2008, his Chase account balance plummeted from $5.5 billion to $234 million. With no alternative financing available, on December 3 he admitted to longtime aide Frank DiPascali that his scheme was collapsing, and informed his brother Peter about the fraud on December 9.

On December 9, Madoff informed his son Mark that he intended to issue early bonus payments, citing recent profits. The following day, Mark and Andrew Madoff confronted him; he confessed that the investment fund was "just one big lie" and described it as a "giant Ponzi scheme." They promptly reported him to federal authorities. Although Madoff planned to wind down operations while instructing DiPascali to liquidate favored accounts, his sons immediately sought legal counsel and notified regulators. On December 11, 2008, Madoff was arrested and charged with securities fraud.

Madoff posted $10 million bail in December 2008 but remained confined under house arrest until he pled guilty on March 12, 2009. Judge Denny Chin revoked bail due to concerns over flight risk given Madoff’s age and substantial wealth. Prosecutors filed asset forfeiture claims encompassing numerous properties and financial holdings.

Madoff’s attorney submitted an appeal against the bail revocation; however, an appellate court denied release pending sentencing set for June 29, 2009. In June 2009, the defense requested leniency citing Madoff’s limited life expectancy, while prosecutors sought a sentence totaling 150 years.

On June 26, Judge Chin ordered forfeiture of $170 million in assets. Trustee Irving Picard noted that Madoff provided no significant cooperation during proceedings. As part of a settlement, Madoff’s wife Ruth relinquished claims to $85 million but retained $2.5 million in cash; regulators continued pursuing additional funds amid allegations she withdrew $15 million shortly before her husband’s confession.

In February 2009, Madoff consented to a lifetime prohibition from participating in the securities industry as imposed by the SEC. Trustee Picard initiated lawsuits against Madoff’s sons Mark and Andrew, brother Peter, and niece Shana for negligence and breach of fiduciary duty concerning $198 million; these defendants had collectively received over $80 million since 2001.

Mechanics of the fraud

The SEC indictment reveals that office staff members Annette Bongiorno and Joann Crupi fabricated trading records reflecting the returns that Madoff dictated for each client. For instance, when Madoff assigned a return to a client, a back-office employee would input a fictitious trade report featuring a backdated transaction and a corresponding closing trade to generate the desired profit. Prosecutors contend that Bongiorno utilized software specifically designed to backdate trades and alter statements. In one instance, she communicated to a supervisor, "I need the ability to give any settlement date I want." In certain situations, returns were established even before accounts were officially opened.

Every day, DiPascali and his team on the 17th floor of the Lipstick Building tracked the closing prices of the S&P 100. They then chose leading stocks to assemble sham "baskets" that formed the basis for counterfeit trading records, which Madoff claimed were generated through his "split-strike conversion" method involving blue-chip equities and options contracts. Trades were frequently dated at monthly peaks or troughs to rationalize elevated returns. Occasionally, trades were erroneously dated on weekends or holidays but went undetected.

Madoff encouraged investors to maintain secrecy about their participation, fully aware of the practical constraints of an authentic split-strike conversion strategy. He recognized that investors would question how he could execute trades at such volume without influencing the market or having enough options available to hedge his stock purchases.

As early as 2001, Harry Markopolos identified that Madoff would have needed to acquire more options on the Chicago Board Options Exchange than actually existed for his approach to be feasible. Hedge fund manager Suzanne Murphy also refrained from investing due to insufficient volume supporting Madoff’s trading assertions.

In his guilty plea in March 2009, Madoff confessed that the heart of his scheme involved depositing client funds into a bank account instead of investing them. To fulfill withdrawal demands, he used money from other clients’ Chase Manhattan accounts.

Madoff asserted that the fraud commenced in the early 1990s, although prosecutors believed it originated in the 1980s. DiPascali admitted by the late 1980s or early 1990s he was aware that the advisory business was fraudulent. An investigator suggested the scheme might have been active as early as 1964. Bongiorno, who had worked at Madoff’s firm for over four decades, stated she was performing identical fraudulent duties in 2008 as when she first joined.

Affinity fraud

Madoff specifically targeted affluent American Jewish communities, exploiting his shared background to attract investments from Jewish individuals and organizations. Among those affected were Jewish charitable groups such as Hadassah, the Women's Zionist Organization of America, the Elie Wiesel Foundation, and Steven Spielberg’s Wunderkinder Foundation. Jewish federations and hospitals suffered multimillion-dollar losses, forcing some entities like the Lappin Foundation to temporarily cease operations after investing with Madoff.

Size of loss to investors

David Sheehan, chief counsel for trustee Picard, indicated in 2009 that approximately $36 billion had been invested in Madoff’s scheme, with $18 billion returned and $18 billion unaccounted for. Roughly half of Madoff’s investors were "net winners," having withdrawn more than their original investment. Withdrawals made during the last six years faced "clawback" litigation.

By 2011, trustee Picard reported total customer claims amounting to $57 billion (after adjustments), with $17.3 billion actually invested funds. Around $7.6 billion has been recovered; however, only $2.6 billion was available for victim reimbursement after accounting for ongoing lawsuits. The Internal Revenue Service permitted victims to classify capital losses from this and similar frauds as business losses for tax deduction purposes.

Initial estimates valued the fraud at $65 billion, but former SEC Chairman Harvey Pitt placed net losses between $10 billion and $17 billion. These discrepancies stem from differing calculation approaches—some include total amounts victims expected but will not receive, while others deduct cash already paid out excluding collaborators and "feeder fund" investors. Journalist Erin Arvedlund estimated the fraud likely ranged between $12 billion and $20 billion.

Jeffry Picower, rather than Madoff himself, appears to have been the largest beneficiary; his estate settled claims for $7.2 billion. Affiliates linked to Fred Wilpon and Saul Katz obtained $300 million from investments in the scheme; both parties denied ignoring warning signals. On November 9, 2017, the U.S. government announced a $772.5 million distribution from the Madoff Victim Fund benefiting over 24,000 victims. The Madoff Recovery Initiative reported total recoveries and settlements reaching $14.418 billion.

Guilty plea, sentencing, and incarceration experience

On March 12, 2009, Madoff admitted guilt to 11 federal felony charges, which encompassed securities fraud, wire fraud, mail fraud, money laundering, perjury, and submitting false documents to the SEC. This plea was in response to accusations that he had orchestrated the largest Ponzi scheme in history over two decades, defrauding investors of close to $65 billion. He accepted full accountability and entered a guilty plea without negotiating a deal, reportedly to protect his associates from prosecution.

In November 2009, David G. Friehling, Madoff's accountant, pleaded guilty to securities fraud after acknowledging that he had routinely approved Madoff’s financial statements without scrutiny. Friehling collaborated extensively with prosecutors and testified against five former employees who were subsequently convicted and sentenced to prison terms ranging from 2.5 to 10 years. Although facing a potential sentence exceeding a century, Friehling received one year of home confinement due to his cooperation. This case became the largest accounting fraud ever uncovered, surpassing the $11 billion WorldCom scandal. Frank DiPascali, Madoff’s financial chief, also pleaded guilty to several offenses and testified against others involved; he passed away from lung cancer in 2015 prior to sentencing.

Madoff confessed that his Ponzi operation began in 1991; instead of investing client funds legitimately, he deposited them into his personal Chase Manhattan Bank account. Withdrawals were made from this same account, illustrating a classic "robbing Peter to pay Paul" scheme. Chase and JPMorgan Chase reportedly earned as much as $483 million from managing these accounts. To maintain clients’ expectations of consistent high returns despite economic downturns, Madoff fabricated trades and falsified SEC filings. Although he initially intended to return to legitimate trading activities, reconciling the accounts proved impossible, and he ultimately realized that the scheme’s collapse was inevitable.

On June 29, 2009, Judge Chin imposed the maximum sentence of 150 years in federal prison on Madoff. Defense attorneys had sought a term between 7 and 12 years based on his age (71 at sentencing). While Madoff expressed remorse for the damage caused, he received no leniency or support from family or friends during sentencing. Judge Chin characterized the fraud as "extraordinarily evil," "unprecedented," and "staggering," highlighting its magnitude — far surpassing federal sentencing guidelines capped at losses of $400 million — and underscoring its importance as a deterrent.

Ruth Madoff chose not to attend court proceedings but released a statement conveying her embarrassment and shame while expressing feelings of betrayal and confusion over her husband’s criminal conduct.

Prison experience

Madoff’s legal team requested his placement at the Federal Correctional Institution, Otisville near Manhattan, but the judge only recommended incarceration within the Northeast United States. Consequently, he was assigned to Federal Correctional Institution Butner Medium located near Butner, North Carolina, approximately northwest of Raleigh, North Carolina. His Bureau of Prisons register number was 61727-054. Jeff Gammage of The Philadelphia Inquirer noted that the severity of Madoff’s sentence influenced this prison assignment.

Madoff’s anticipated release date was January 31, 2137, reflecting reductions for good behavior but effectively amounting to a life sentence. On October 13, 2009, reports indicated that he was involved in his first altercation with another elderly inmate. Early during his incarceration, stress contributed to severe dermatological issues.

On December 18, 2009, Madoff was treated at Duke University Medical Center for facial injuries allegedly sustained during an inmate confrontation. Media accounts described serious trauma including fractures and a collapsed lung. The Federal Bureau of Prisons released a statement indicating that Madoff signed an affidavit denying any assault occurred and noted hospitalization for hypertension.

In correspondence addressed to his daughter-in-law, Madoff depicted prison life as being treated akin to a "Mafia don," with both staff and fellow inmates exhibiting concern.

Following an incident where another inmate struck him over a television dispute, Madoff reportedly developed a friendship with Carmine Persico, head of the Colombo crime family. Persico allegedly intimidated the assailant responsible. On July 29, 2019, Madoff petitioned then-President Donald Trump for sentence reduction or pardon; no response was received.

In February 2020, citing terminal chronic kidney failure alongside heightened risks from COVID-19 infection, his attorney submitted a request for compassionate release; Madoff had been hospitalized for kidney-related issues in December 2019. This petition was ultimately denied due to the seriousness of his offenses.

Death

Bernie Madoff passed away at 82 years old on April 14, 2021, at the Federal Medical Center in Butner, a federal prison located near Butner, North Carolina. His death was attributed to hypertension, atherosclerotic cardiovascular disease, and chronic kidney disease. Following his death, he was cremated in Durham, North Carolina. The manner of his cremation did not follow traditional Jewish burial practices, and his ashes remain unclaimed, stored within an attorney’s office.

Philanthropy and other activities

Madoff was recognized as a significant philanthropist who held positions on the boards of numerous nonprofit organizations, many of which entrusted their endowment funds to his firm. The downfall of his company and assets had a profound negative effect on a wide array of businesses, charities, and foundations worldwide. Among those forced to cease operations were the Chais Family Foundation, Robert I. Lappin Charitable Foundation, Picower Foundation, and JEHT Foundation. After his son Andrew was diagnosed with lymphoma, Madoff donated approximately $6 million toward lymphoma research.

Together with his wife, he contributed more than $230,000 to political campaigns since 1991, predominantly favoring the Democratic Party. Madoff served as chairman of the Sy Syms School of Business board at Yeshiva University and acted as treasurer on its board of trustees before stepping down following his arrest. Additionally, he was a board member of New York City Center and part of the executive council for the Wall Street division of the UJA Foundation of New York; notably, this foundation chose not to invest with him due to conflicts of interest.

The Madoff Family Foundation—a private entity with assets totaling $19 million managed by Madoff and his wife—provided funding for hospitals, theaters, educational initiatives, cultural organizations, and health-related charities. Several of these institutions later closed as a result of his fraudulent activities. After his arrest, federal courts froze the foundation’s assets.

In the media

• On May 12, 2009, PBS Frontline broadcasted The Madoff Affair.
• In the seventh season of Curb Your Enthusiasm (2009), the character George Costanza loses earnings from an app investment linked to Madoff.
• The 2010 play Imagining Madoff by Deb Margolin portrays a fictional meeting between Madoff and some of his victims; it received a nomination for a 2012 Helen Hayes Award.
• The documentary Chasing Madoff (2011) follows Harry Markopolos’ persistent efforts to uncover the fraud.
• Woody Allen’s 2013 film Blue Jasmine, inspired by the Madoff scandal, tells the story of a fictional couple involved in a similar financial deception.
• In God We Trust (2013) focuses on Eleanor Squillari, who served as Madoff’s secretary for 25 years, chronicling her pursuit of truth.
• HBO released The Wizard of Lies in May 2017 starring Robert De Niro as Madoff and Michelle Pfeiffer portraying Ruth Madoff; it is based on Diana B. Henriques’ book.
• The ABC miniseries Madoff (2016), featuring Richard Dreyfuss and Blythe Danner, aired over two consecutive nights.
• The 2017 episode "Ponzi Super Nova" from the podcast Radiolab includes an interview with Madoff conducted via prison phone.
• The band Chevelle created the song "Face to the Floor", inspired by victims affected by Madoff’s Ponzi scheme.
• Several novels have fictionalized schemes resembling Madoff’s fraud:
  • Silver Girl (2011) by Elin Hilderbrand
  • The Darlings (2012) by Cristina Alger
  • Need You Now (2012) by James Grippando
  • The View from Penthouse B (2013) by Elinor Lipman
  • The Widow of Wall Street (2017) by Randy Susan Meyers
  • The Glass Hotel (2020) by Emily St. John Mandel, featuring a character inspired by Madoff
• The 2021 docudrama A Kaddish for Bernie Madoff, created by Alicia Jo Rabins and Alicia J. Rose, explores both Madoff’s story and systemic complicity through Rabins’ perspective.
• In January 2023, Netflix premiered a four-part documentary series titled Madoff: The Monster of Wall Street, produced by RadicalMedia and directed by Joe Berlinger.

See also

• Allen Stanford
• 2008 financial crisis
• List of investors in Bernard L. Madoff Investment Securities
• Madoff investment scandal
• Participants in the Madoff investment scandal
• Recovery of funds from the Madoff investment scandal
• White-collar crime

External links

• "Madoff reveals his suffering"—The Independent
• The Face That Launched A Thousand Lawsuits – Madoff's Legacy