Biography of Peter Madoff

Synopsis

Peter B. Madoff is a former Chief Compliance Officer who has worked with his brother Bernie Madoff for over forty years and has run operations for the past 20 years. He is the second leading figure in one of the most notorious Ponzi schemes in history to be convicted.

Early age and education

Peter Madoff was born in 1953 in the United States of America. He is of white ethnicity and has American nationality. He completed his undergraduate degree at Queens College and graduated from Fordham University School of Law.

Race

Madoff worked as director of the National Stock Exchange , and director of the National Securities Clearing Corporation . He retired from the Board of Directors of the Securities Industry and Financial Markets Association in December 2008.

He became famous after being revealed as a front man in a multi-billion dollar Ponzi scheme run by his brother Bernard L. Madoff, the scheme collapsed in December 2008.

Madoff is a lawyer by training and was sentenced to 10 years in prison in 2012 for various crimes, including fraud. His brother, Bernard Madoff, the mastermind behind the scheme, pleaded guilty in 2009 and is currently serving his 150-year prison sentence.

Peter Madoff has confessed to helping his brother cover up the most notorious Ponzi scheme in history. He admitted that he lied to clients and the Internal Revenue Service while they worked together at his financial firm.

Madoff confessed to a series of crimes, including lying to securities regulators, falsifying documents and filing false tax returns. According to prosecutors, he had properly done his job as director of compliance for Bernard L. Madoff Investment Securities.

Madoff’s attorney, John R Wing, portrayed his client as a caring family member and loving man who was betrayed, bullied, and destroyed by the imperious older brother he had idolized his entire life and whom his mother loved more than what Peter loved. .

By pleading guilty, Madoff accepted the sentence of ten years in prison. He also admitted to hiding millions of dollars from the IRS to avoid taxes and taking $200,000 from the firm for donations even after the fraud was discovered.

Net worth

Peter Madoff owned a $5 million home in Old Westbury, New York. He also owned a $4.2 million Palm Beach Florida mansion, which was transferred to his wife on November 8, 2006, along with a vintage Aston Martin.

Madoff also served as a director of Cohmaed Securities Corp and benefited from the profits. Madoff’s temporarily seized assets that he previously ordered were modified so he could use up to $10,000 per month as living expenses. Assets included mortgages, insurance premiums, and loans.

When Madoff was sentenced to ten years in prison. He received a forfeiture order of $143 billion. The government set a large amount of the proceeds of crime in order to confiscate all his and his family’s assets and return them to the victims.

Madoff’s forfeiture prompted him to turn over all of his assets to the government, including cars, houses, cash, and a Rolex watch. He also included assets of his wife and daughter and other family members. He owned several cars, including a vintage Aston Martin.

Mr. Madoff worked with his brother for 40 years. Although Bernard Madoff was the owner of the company, he paid a huge amount of money to Peter Madoff. The government also stated that Peter took $40 million as compensation from 1998-2008.

The money was spent for the personal use of Peter and his wife Marion Madoff. His expenses include houses in Palm Beach, Old Westbury, New York and Long Island, also a Park Avenue apartment worth $4 million.

Due to the forfeiture and ten years in prison, Madoff’s net worth is in the negative.

Personal life

Peter B. Madoff is a married man. He is married to Marion Madoff . The couple had two children, their son Roger Madoff died a couple of years ago. He has a daughter named Shana Madoff.

His daughter Shana Madoff is a former American lawyer who currently works as a yoga teacher. Her daughter is married to Eric Swanson and has two children with him.