Bernard Lawrence \"Bernie\" Madoff (IPA: /ˈmeɪdɒf/) (born April 29, 1938) is a former American businessman and former non-executive chairman of the NASDAQ stock exchange who was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person.[2] On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion.[3] He had been confined to his Manhattan penthouse apartment during the investigation, and was subsequently incarcerated after his guilty plea. There was no plea deal with prosecutors. He faces spending the rest of his life in prison, and up to $170 billion in restitution.[4] Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and
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