American fraudster and financier (1938–2021) who ran the largest Ponzi scheme in history, worth about $64.8 billion. Partly-printed DS, signed “Bernard L. Madoff,” one page, 12 x 8.25, March 14, 1969. Stock certificate for five shares in Darcy Industries, Inc. issued to Bernard L. Madoff, endorsed on the reverse by Madoff in blue ballpoint to transfer the shares; the reverse also bears his stamped signature to the lower left. In very good to fine condition, with some light stains and overall creasing, primarily to the edges.
At one time the chairman of the NASDAQ stock exchange, Madoff advanced the proliferation of electronic trading platforms and pioneered the concept of payment for order flow. His firm, Bernard L. Madoff Investment Securities, rose to become one of the largest market makers in S&P 500 stocks. The wealth management side of his company had delivered consistent—though not suspiciously remarkable—returns for many years until the market crash in 2008, when redemptions exceeded available funds and exposed the ongoing fraud.
Without investing any money at all, Madoff had been using new deposits to pay out dividends and redemptions, while fabricating trading records to show returns. After confessing to his sons that the scheme was 'one big lie' on December 10, 2008, Madoff was arrested by the FBI on charges of securities fraud. He would go on to plead guilty to 11 federal felonies and be sentenced to 150 years in prison. Madoff's autograph is rare in any form, and the early date and financial format of this example make it especially desirable. Only a handful of Madoff-signed stock certificates exist today.
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