Bernard Madoff Company Background Bernard Madoff founded Bernard L. Madoff Securities LLC, a Wall Street investment advisory firm (a hedge fund) in 1960 with $5,000. Madoff was chairman of the firm until his arrest on December 11, 2008. Madoff claimed the Ponzi scheme he ran began in the early 1990s (1991) but federal investigators believe the scheme began as early as the mid-1980s. What Happened Madoff was praised by many Wall Street investors, despite the fact that his numbers didn't add up. Many Wall Street experts even qualified him as being a genius. It was easy to overlook the multiple reports to the SEC about Madoff running a Ponzi scheme because Madoff was well-versed with the financial industry. He helped launch the NASDAQ stock market and advised the Securities and Exchange Commission on trading securities. He was also a former chairman of NASDAQ's board of directors and a member of its board of governors. It seemed more logical then for inv
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