BUSINESS

Madoff Received $250 Million Ten Days Before Firm's Crash

02/06/2009 05:12 am 05:12:01 | Updated May 25, 2011

Ten days before his arrest, Bernard Madoff received $250 million from a man who helped give him his start on Wall Street, a move that shows how the investment manager tried to raise cash to stave off his firm's collapse.

Mr. Madoff received $250 million around Dec. 1 from Carl Shapiro, a 95-year-old Palm Beach, Fla., philanthropist and entrepreneur who is one of Mr. Madoff's oldest friends and biggest financial backers, according to people familiar with the matter.

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