dec 1, 2008 - Liquidity Struggles

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Bernard Madoff tells a senior employee of his investment firm that clients had requested $7bn in redemptions, and he was having trouble coming up with the cash to fulfill the withdrawals.

Madoff tells his sons that the business was "all just one big lie" and "basically, a giant Ponzi scheme". He estimates the fraud to be $50bn. Prosecutors later alleged that the combined balance on client statements was approximately $64.8bn.

According to Fortune, Madoff asks his wife Ruth to make two wire transfers from a brokerage account to her personal bank account -- one on Nov. 25 and one on Dec. 10 -- totaling $15.5 million, so they would have cash on hand.

https://money.cnn.com/2009/04/24/news/newsmakers/madoff.fortune/index.htm

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