Bernard Lawrence Madoff (commonly known as Bernie Madoff), born April 29, 1938, in Queens, New York, to Jewish parents Ralph and Sylvia Madoff, was an American financier and convicted fraudster who operated the largest Ponzi scheme in history through his investment firm, Bernard L. Madoff Investment Securities LLC. He grew up in a middle-class family, earned a bachelor's degree in political science from Hofstra University in 1960, and briefly studied law before dropping out. Madoff founded his firm in 1960 with $5,000 earned as a lifeguard and sprinkler installer, plus a loan from his father-in-law, starting as a penny stock trader and growing it into a major Wall Street player that pioneered electronic trading. He served as chairman of the Nasdaq stock market from 1990 to 1993, enhancing his reputation as a respected financier. His firm operated two units: a legitimate stock brokerage and a secretive asset management division that concealed the Ponzi scheme, promising steady returns through a proprietary 'split-strike conversion' strategy that was actually nonexistent. For decades, he fabricated trades and statements, defrauding thousands out of an estimated $65 billion in principal investments (with total losses nearing $20 billion after payouts), including charities, celebrities, institutions, and individual retirees. Major feeder funds, such as J. Ezra Merkin's Ascot Partners, channeled billions into the scheme, with Merkin directing billions in client assets to Madoff's firm as a major feeder fund operator. Among the victims, Zuckerman's charitable foundation lost $30 million. The scheme unraveled during the 2008 financial crisis when he couldn't cover withdrawal requests. He confessed to his sons, Mark and Andrew, on December 10, 2008, who reported him to authorities; he was arrested the next day, pleaded guilty in 2009 to 11 federal felonies (including securities fraud), and was sentenced to 150 years in prison with $170 billion in restitution. While incarcerated at the Federal Medical Center in Butner, North Carolina, Madoff battled chronic kidney disease and other health issues, expressed remorse but faced ongoing lawsuits from victims, and endured the tragic suicides of several close associates and family members, including his son Mark. He died on April 14, 2021, at age 82 from natural causes related to his illnesses, leaving a legacy as one of the most notorious figures in financial history. His scheme devastated lives and prompted reforms in investor protection and regulatory oversight.