Madoff was forced to forfeit $170 billion and sentenced to 150 years in prison. Madoff’s sons reported him to the authorities the following day, and he pled guilty to securities fraud and money laundering, among other felonies, in 2009. He confessed to his sons who, though they worked for him at the firm, were supposedly unaware of the scheme. Madoff was unable to continue this process when the market dipped in late 2008. Despite claims that the firm’s large, stable returns were the result of an investing strategy called “split-strike conversion,” Madoff (like Jonathan Alkaitis in The Glass Hotel) would use client investments to pay out existing clients who wanted to pull out of the fund. Though Madoff testified in court that the Ponzi scheme began in 1991, it’s possible that illegal activates began as early as the 1970s.
Madoff Investment Securities LLC, founded in 1960, for which he served as chairman until his arrest on December 11, 2008. Bernie Madoff was the former chairman of the NASDAQ and founder of the Wall Street firm Bernard L. The securities fraud engineered by Jonathan Alkaitis in The Glass Hotel is inspired loosely by the real-life Madoff investment scandal, the biggest Ponzi scheme in history, that defrauded investors out of tens of billions of dollars. It was shortlisted for the Giller Prize in 2020 and longlisted for the Andrew Carnegie Medal of Excellence in Fiction in 2021. The Glass Hotel is Mandel’s fifth novel and was published in 2020. Her first three novels, Last Night in Montreal (2009), The Singer’s Gun (2010), and The Lola Quartet (2012), were selected as Indie Next Picks, and The Singer’s Gun won the 2014 Prix Mystere de la Critique in France. Mandel’s fourth novel, Station Eleven (2014), was longlisted for the National Book Award. She lived in Montreal briefly before relocating to New York City, where she now lives with her husband, playwright and producer Kevin Mandel, and their daughter. At 18 years old, Mandel moved to Toronto to study contemporary dance at The School of Toronto Dance Theatre. There, she was homeschooled until she was 15 years old. When Mandel was 10 years old, she and her family moved to Denman Island, located off the west coast of British Columbia. Her father was a plumber, and her mother was a social worker.
John Mandel was born in 1979 in Merville, British Columbia, Canada.
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