Overview
Bernard Lawrence Madoff (/ˈmeɪdɔːf/MAY-dawf;[1] April 29, 1938 – April 14, 2021) was an American fraudster and financier who was the mastermind of the largest Ponzi scheme in history, worth about $64.8 billion.[2][3] He was at one time chairman of the NASDAQ stock exchange.[4] He advanced the proliferation of electronic trading platforms and the concept of payment for order flow, which has been described[5] as a "legal kickback."
Madoff founded a penny stockbrokerage in 1960, which eventually grew into Bernard L. Madoff Investment Securities.[6] He served as the company's chairman until his arrest on December 11, 2008.[7][8] That year, the firm was the 6th-largest market maker in S&P 500 stocks.[9]