Netflix’s latest true crime documentary MADOFF delves into the life and times of notorious American fraudster and financier Bernie Madoff.
Madoff was the mastermind of one of the biggest Ponzi schemes in history and was responsible for the destruction of thousands of lives. The horrific scale of Madoff’s actions led to a 150-year sentence after his arrest in 2008.
The documentary will be a four-part series by distinguished American filmmaker Joseph Berlinger who has previously spearheaded popular true crime docu-series such as Conversations with a Killer: The Ted Bundy Tape and the drama film Extremely Wicked Shocking Evil and Vile, starring Zac Effron.
But what can we expect from MADOFF and what happened to Bernie Madoff after his conviction? Here is everything you need to know.
When was MADOFF released?
The much anticipated crime doc MADOFF arrived exclusively on Netflix on Wednesday 4 January. It is available to stream in the UK and the US.
What to expect from MADOFF
MADOFF is the latest in a long and exciting list of thriller documentary series. It will consist of four parts and will depict the rise and fall of Bernie Madoff. Emmy-winning filmmaker Joe Berlinger pulls back the curtain on Bernie Madoff’s $64 billion investment scam. Each episode of the four series will air for around an hour and the finale will last for 1 hour and 17 minutes.
Who was Bernie Madoff?
Bernie Madoff was a financier who admitted to turning his wealth management business into a Ponzi scheme - a type of fraud which uses money from recent investors to pay earlier investors and disguise the profits as a legitimate business.
Madoff was born in New York in 1938 and graduated with a bachelor of science degree in political science in 1960. Following his graduation he began a career in stocks that same year and founded a penny stock brokerage.
The brokerage enjoyed a sustained period of success and it eventually grew into Bernard L. Madoff Investment Securities. The business developed into one of the largest firms in the US and he served as chairman until his arrest in 2008.
Why was Bernie Madoff convicted?
In December 2008, Madoff’s business began to suffer financial hardship due to the effects of the global financial recession. During this period many investors asked for their money back and it soon became clear that the business was a Ponzi scheme.
On 11 December 2008, Madoff was arrested and charged with securities fraud and pleaded guilty to 11 different felonies. These included: securities fraud, wire fraud, mail fraud, money laundering, perjury, theft from an employee, benefit plan, making false filings with SEC and making false statements.
Madoff admitted that the crimes began during the early and many investors were defrauded out of billions of dollars in this time including the likes of John Malkovich and Kevin Bacon.
What happened to Bernie Madoff?
Bernie Madoff was given a 150-year sentence in 2008 with a projected released date of January 2137.
Madoff died of chronic kidney disease on 14 April 2021 while serving his sentence in prison. Madoff was 82-years old at the time of his death.