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Bernard Madoff Net Worth

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Bernard Madoff's Net Worth as of 2024
-$17 Billion

Bernard Lawrence Madoff was born on the 29th April 1938 in Queens, New York City, USA of Polish, Austrian and Romanian ancestry. He is perhaps best known for being a former businessman and banker, who worked as the chairman of the NASDAQ stock exchange. However, he is infamous for perpetrating the largest fraud in US history as the operator of a Ponzi scheme which is estimated to have amounted to $65 billion. He was active from the 1960s to the late 2000s, when he was arrested.

Have you ever wondered how rich is Bernard Madoff? According to authoritative sources, it is estimated that the overall size of Madoff’s net worth is now minus $17 billion as of early 2016, as a consequence of his fraudulent activities over 40 years.

Bernard Madoff Net Worth -$17 Billion

Bernard Madoff was raised in a Jewish family with two siblings; the son of Ralph, who was a stockbroker and plumber, and Sylvia Madoff, who worked as a homemaker. He attended Far Rockaway High School, then enrolled at the University of Alabama in 1956, where he became a member of the Sigma Alpha Mu Fraternity. After a year he transferred to Hofstra University, from which he earned a BA degree in Political Science in 1960. Besides that, he also briefly attended Brooklyn Law School.

The same year he enrolled at Brooklyn Law School, Bernard started his own Company,  Bernard L. Madoff Investment Securities LLC, marking the beginning of his professional career. From its inception, the company served as a penny stock trader, with an initial investment of $5,000, which Bernard earned from his previous job as a lifeguard. His company soon started to grow, with a little help of his father-in-law investing $50,000, and also he mentioned the firm to some of his friends, who all contributed financially to the firm.

Little by little, Bernard`s net worth grew, and over the years it became one of the top market traders on Wall Street, making it the main source of his net worth.

However, it all fell apart, when his sons informed authorities of Bernard`s conduct of Ponzi scheme, which began in early 1990s. Bernard was arrested on the 11th December 2008 and after a trial, he was sentenced to a 150 years in prison. According to sources, it was estimated that the total amount missing from clients’ accounts was as much as $65 billion. Nevertheless, before his scheme was unraveled, Bernard also served as the non-executive chairman of the NASDAQ stock market.

Regarding Bernard Madoff’s personal life, he married Ruth Alpern in 1959 and the couple had two sons; both have passed away since the fraud was exposed. Bernard was a well-known philanthropist – with client’s money of course – who founded ”The Madoff Family Foundation” with his wife and worked with other organization. Bernard is serving his penalty at Federal Correctional Complex, Butner, where he suffered a heart attack in 2013, and was diagnosed with end-stage renal disease (ESRD). He had residences on Upper East Side, Manhattan, in Roslyn, New York, and also in Palm Beach, Florida.

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications. At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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Businesspersons

Charles Saatchi Net Worth

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Charles Saatchi is one of the richest and best known businessmen in the world and one of many millionaires. Saatchi’s overall net worth has been stated to be $100 million for 2014. Charles Saatchi was born in Baghdad, Iraq, but later had to move together with his family to London, UK to avoid the persecution of Jews in his home country. He was the second son in the family of four kids. As a teenager Charles was really interested in American pop culture and studied at the London College of Communication. After graduation he began his professional career as a copywriter working for “Benton & Bowles” and later started to work in tandem with an art director, Ross Cramer, and together they formed their own company called “CramerSaatchi”.

Charles Saatchi Net Worth $100 Million

They were successful and took-on employees John Hegarty and Heremy Sinclair, but true success came to Charles later. In 1970 Charles Saatchi started his business together with brother Maurice: they established “Saatchi & Saatchi” agency which had become the largest advertising agency in the world by the mid-80’s with just a huge number of high-profile clients like UK Prime Minister Margaret Thatcher and British Airways. However, Charles and Maurice left the agency and together founded another one called “M&C Saatchi”. They took many of their important clients with them, and one of these was British Airways. Nowadays, thanks to his prosperous business, Charles Saatchi has a net worth of $100 million dollars.

To the rest of the world Saatchi is also known as one of the most famous modern art collectors. He purchased his first art work in 1969 –  by Sol LeWitt,  a minimalist from New York. His passion for paintings only grew, and in 2009 he even published the book “My Name Is Charles Saatchi And I Am An Artoholic” wherein the author answered many questions and even gave some advice about collectibles. But the book didn’t become as popular as Saatchi expected, so the author asked his personal assistant to buy a huge number of books to help his work hit some positions in bestseller charts. Later in 2009 Saatchi appeared on the BBC program “School of Saatchi” and gave many young artists a perfect opportunity to show their talent and showcase artworks: some artists even painted portraits of Saatchi himself. In July 2010 Charles Saatchi donated his Saatchi Gallery to the British public together with 200 works of art.

Saatchi’s personal life has never been very public, but he married his first wife in 1973. He had met Doris Lockhart Dibley in 1965 while working for “Benton & Bowes”. The couple lived together for the six years before marrying, but divorced in 1990.  Saatchi’s second wife was Kay Hartenstein to whom he was married from 1990-2001, and they even had a daughter together. Then Saatchi married for the third time in 2003, to English journalist, food writer, gourmet and television personality Nigella Lawson, but after public disagreements, were divorced 2013.

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Mikey Teutul Net Worth

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Michael Joseph was born 26 November 1978, in Montgomery, New York State USA, and widely known as Mikey Teutul, is a reality television personality, the youngest son of Orange County Choppers founder Paul Teutul, Sr. Mikey began his working life at 14, in the family business.

So just how rich is Mikey Teutul, as of late 2017? Authoritative sources estimate that Mikey has a net worth of over $3 million dollars, largely earned  by working at his father’s and older brother Paul Jr,’s company Orange County Choppers (OCC), and Orange County Iron Works, and through his TV appearances.

Mikey Teutul Net Worth $3 Million

Little is known of Mikey’s early life or education – it seems to have always revolved around the family business. Helping out his family in his teens, theoretically he worked as Assistant General Manager. but his main duties were to answer ‘phones, and clear-up and take out the trash. He was on rare occasions given the chance to build bikes, until he was competent to build his own. He also attended events for promoting OCC.

In 2002, the family was invited to take part in a reality show, Discovery Channel’s “American Chopper”, and subsequently “American Chopper: Senior vs. Junior”, in the course of which the youngest son was thrown out of the business – the middle son is Daniel, and younger sister Cristin. The reason for Mikey’s exclusion was  that Mikey tried to be a mediator between his father and his brother, but his father seemed to be offended that his younger son did not take his side, and so threw him out of the business. During the filming of the show, Mikey was somethoing of a comedy relief to his father’s workers, and that comedy streak helped gain him popularity in TV shows. Mikey then joined his brother’s post-OCC venture, -Paul Jr  Designs – along with most of their father’s employees; obviously the work atmosphere with Paul Teutul, Sr. was not a particularly happy one. Mikey’s eldest brother Paul  Jr. was the former chief fabricator of OCC.

So actually the main source of Mikey Teutul’s wealth is not his father’s business, but the shows he eventually took part in. These have included ‘The Late Show with David Letterman”, “Late Night with Conan O’Brien”, and also “The Tonight Show” with Jay Leno. The shows became very popular and Mikey’s appearances earned him a significant amount of money. To say the least, the family drama did not go without consequences – according to rumours, Mikey Teutul was suffering from an addiction problem, and consequently admitted himself to rehab, and managed to overcome the bad habits which were apparently hindering his progress in life, obviously including business.

In his life away from the businesses already referred to and the limelight of TV, Michael loves to paint, and is apparently respected for his productions, as he opened “The Wolfgang Gallery” gallery in Montgomery, New York, where he has sold or auctioned his paintings, adding somewhat to is net worth, although rumours suggest that the gallery may now be closed. Most recently, Mikey is now trying to enter the market under the moniker LLC FarQueue Products with his line of gourmet pasta sauces. Good luck, Mikey!

In his less-than-private personal life, Mikey is apparently still single – there aren’t even any rumours of romantic liaisons.

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