Madoff Situation

What is the status of Bernie Madoff and his associates now?

After the unfolding of Madoff’s Ponzi scheme, Bernie Madoff has sentenced to prison for 150 years. Madoff had to give up his $7 million Manhattan penthouse, a beach house in New York Florida and France (Smith, 2013).

Bernard Madoff once had billions of dollars, but now he makes $40 a month doing menial prison labor. Not only Madoff’s reputation and business in Wall Street went down, his family broke into pieces because of his Ponzi scheme. "I was responsible for my son Mark's death and that's very, very difficult," Madoff said. "I live with that. I live with the remorse, the pain I caused everybody, certainly my family, and the victims."(Smith, 2013)

Madoff’s associates are no luckier than him. “Two longtime back office employees of Bernard Madoff were arrested Thursday on charges that they helped the disgraced financier dupe investors for decades by making fictitious investments – and that they cashed in on the epic Ponzi scheme themselves.” (Fishman, 2010)

Madoff “feeder funds” were managed by Ive Asset Management, which is a subsidiary of financial behemoth BNY Mellon. Ivy Asset Management agrees to pay $210 million to settle lawsuits over its advice to clients to invest with Bernard L Madoff. “Irving H Picard, trustee seeking money for victims of Bernard L Madoff's Ponzi scheme, is barred from blocked $410 million settlement resolving New York State's claims against hedge fund manager J Ezra Merkin, who was accused of secretly steering client money to Madoff”.(Fishman, 2010)

Federal prosecutors file more charges against five people who are accused of helping to defraud customers of Bernard L Madoff’s investment firm. “Five former employees of firm are Daniel Bonventre, Annette Bongiomo, Joann Crupi, Jerome O'Hara and George Perez.” (Maglich, 2012)

References

Fishman, Steve. Jun 6, 2010. “Bernie Madoff, Free at Last”. New York Magazine. Retrieved from http://nymag.com/news/crimelaw/66468/...