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, April 17, 1972. Stock certificate for 100 shares in Jefferson Stores, Inc. issued to Bernard L. Madoff, endorsed on the reverse by Madoff in blue ballpoint to transfer the shares. In fine condition. Accompanied by an unrelated retirement account statement from the infamous Bernard L. Madoff Investment Securities LLC, for the period ending October 31, 2002.
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—both hot topics in today's financial news, with the advent of commission-free trading applications. 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 eleven 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. The consignor notes that only around three of these certificates exist today.
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