[36] Madoff's grandparents were emigrants from Poland, Romania, and Austria. [200], Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and made philanthropic gifts through the Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife. $7.6 billion has been recovered, but pending lawsuits, only $2.6 billion was available to repay victims. "[98], In settlement with federal prosecutors, Madoff's wife Ruth agreed to forfeit her claim to $85 million in assets, leaving her with $2.5 million in cash. The U.S. Securities and Exchange Commission (SEC) had previously conducted multiple investigations into his business practices but had not uncovered the massive fraud. Ever since Bernie Madoff's 2008 bust for running a $64.8 billion Ponzi scheme that ruined thousands of lives, his family has seemed plagued by tragedy suicide, cancer, divorce, prison and. [29][30][31][32], Madoff was born on April 29, 1938, in Queens, New York City, to Sylvia (Muntner) and Ralph Madoff, who was a plumber and stockbroker. Her net worth is valued at 2 million dollars. He admitted to merely rubber-stamping Madoff's filings rather than auditing them. [8] On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. He stated that he always intended to resume legitimate trading activity, but it proved "difficult, and ultimately impossible" to reconcile his client accounts. He pleaded guilty to 11 counts of felony charges in 2009, according to CNN. Wall Street financier Bernie Madoff's $20 billion dollar Ponzi scheme was such a destructive crime, it affected thousands of victims. In his letter to his daughter-in-law, Madoff said that he was being treated in prison like a "Mafia don". West, the mother of Madoff's children and his wife at the time for around 16 years, filed for divorce the same day her father-in-law was arrested in December 2008. [67], Madoff's name first came up in a fraud investigation in 1992, when two people complained to the SEC about investments they made with Avellino & Bienes, the successor to his father-in-law's accounting practice. [182][183][184] Madoff owned a 55-foot (17m) sportfishing yacht named Bull. In February of 2022, Madoff's sister, Sondra Wiener, and her husband, Marvin, were found dead in their Boynton Beach, Florida, home in what appeared to be a murder-suicide, the New York Post reported. [136], Ruth did not attend court but issued a statement, saying: "I am breaking my silence now because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie's crime, which was exactly the opposite of the truth. Andrew, who died of lymphoma Sept.. "Hearst Magazines and Yahoo may earn commission or revenue on some items through the links below.". , updated Andrew Madoff and his brother, Mark Madoff, worked on the legitimate trading side of their father's Manhattan firm, two floors removed from the private investment business where Bernard Madoff carried out his $65 billion Ponzi scheme over several decades. [88][89][90], The Federal Bureau of Investigation report and federal prosecutors' complaint says that during the first week of December 2008, Madoff confided to a senior employee, identified by Bloomberg News as one of his sons, that he said he was struggling to meet $7 billion in redemptions. But the gutting losses and shame also destroyed those closest to him, his. [198], Madoff served as the chairman of the board of directors of the Sy Syms School of Business at Yeshiva University, and as treasurer of its board of trustees. His sons then alerted the authorities, per Town & Country. To put it simply, Madoff was living large. Over more than four decades, Madoff defrauded up to 37,000 people from 136 different countries. [74] Madoff said he could have been caught in 2003, but that bumbling investigators had acted like "Lt. Columbo" and never asked the right questions: I was astonished. Bernie Madoffs son, Andrew, left one-third of his $16 million estate to his estranged wife and $50,000-a-month to fiance - NY Daily News. After the apartments she owned with Bernie were liquidated, she lived with her sister for a couple of years, then she moved into one of the apartments owned by her son Andrew. Bernie Madoff Net Worth: Bernie Madoff was a disgraced American businessman, former stockbroker, investment advisor and financier who had a net worth of -$17 billionat the time of his death. He was just 46. Chin ruled that Madoff was a flight risk because of his age, his wealth, and the prospect of spending the rest of his life in prison. [40], Madoff attended the University of Alabama for one year, where he became a brother of the Tau Chapter of the Sigma Alpha Mu fraternity, then transferred to and graduated from Hofstra University in 1960 with a Bachelor of Arts in political science. Despite Bernie working so hard to earn his wealth, he used unlawful means to obtain the same. Prosecutors allege that Bongiorno used a computer program specially designed to backdate trades and manipulate account statements. Madoff was quickly put on trial, and former clients testified that they lost their life savings because of his schemes. With banks having all stopped lending, Madoff knew he could not even begin to borrow the money he needed. [3][190] In November 2011, former Madoff employee David Kugel pleaded guilty to charges that arose out of the scheme. In 2008 he . .css-26w0xw{display:block;font-family:NationalBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-26w0xw:hover{color:link-hover;}}@media(max-width: 48rem){.css-26w0xw{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-26w0xw{line-height:1.2;}}@media(min-width: 48rem){.css-26w0xw{font-size:1.28598rem;line-height:1.2;margin-bottom:0rem;}}@media(min-width: 64rem){.css-26w0xw{font-size:1.575rem;line-height:1.1;margin-bottom:-0.5rem;}}How To Avoid Unexpected Health Bills, 'Murdaugh Murders' Mallory Beach: Her Life & Death. [46] Carl J. Shapiro was one such early customer, investing $100,000. But we can't help but wonder if Ruth agrees. He's the subject of a new Netflix docuseries. Bernie Madoff has six grandchildren, according to the Post: Daniel, Katie, Anne, Emily, Audrey, and Nicholas. He also noted that Madoff's crimes were "off the charts", since federal sentencing guidelines for fraud only go up to $400 million in losses. [54][55] Madoff argued that these payments did not alter the price that the customer received. Madoff: The Monster of Wall Street is streaming now on Netflix. [47] The firm also had an investment management and advisory division, which it did not publicize, that was the focus of the fraud investigation.[51]. [18][19][20] Those charged with recovering the missing money believe that the investment operation may never have been legitimate. [17] They also donated money to hospitals and theaters. There, Madoff worked as an orderly in a section of the jail dedicated to educational programs, CNBC reports. [118][119], Entities and individuals affiliated with Fred Wilpon and Saul Katz received $300 million in respect of investments in the scheme. Who turned Madoff in to the authorities? September 25, 2009 / 12:50 PM / CBS. Heres everything you need to know: He spent most of his sentence at a federal prison in Butner, North Carolina, according to USA Today. Birth Year: 1938. Madoff apologized to his victims, saying. [156][157][158][159], Madoff died of natural causes at the age of 82 in Federal Medical Center, Butner, a federal prison for inmates with special health needs near Butner, North Carolina, on April 14, 2021. Madoff founded a penny stock brokerage in 1960, which eventually grew into Bernard L. Madoff Investment Securities. His request was denied, perCNBC. Ruth Madoff (/ m e d f / MAY-doff; ne Alpern; born May 18, 1941) is the widow of Bernie Madoff, the convicted American financial fraudster who served a prison sentence for a criminal financial scheme until his death in April 2021.After her husband's arrest for his fraud, she and her husband attempted suicide in 2008. [47][174], Several family members worked for Madoff. [74][94], On June 26, 2009, Chin ordered forfeiture of $170 million in Madoff's assets. Many of the victims were friends, colleagues, and celebrities, who had invested with the 79-year-old financier. In a court filing from his lawyer in February 2020, it was revealed Madoff had chronic kidney failure. with a combined net worth of about $825 million. Everything To Know About 'Ted Lasso' Season 3, Super Chic Under $50 Home Decor Finds On Amazon, A Timeline Of All This Hailey And Selena Drama, Where Is Elizabeth Holmes Now? He and his wife gave over $230,000 to political causes since 1991, with the bulk going to the Democratic Party. [25][132] His lawyers initially asked the judge to impose a sentence of 7 years, and later requested that the sentence be 12 years, because of Madoff's advanced age of 71 and his limited life expectancy.[133]. Before his incarceration, his estimated net worth is $17 billion. [153] He was hospitalized for this condition in December 2019. After the guilty verdict was handed down to Bernie, and the dust settled, Ruth was allowed to keep 2.5 million dollars of their assets (via Celebrity Net Worth ). He was eventually freed in August of 2020 and currently lives in West Palm Beach, Florida, according to the Daily Mail and CNBC. Name: Bernie Madoff. While she had $70 million in assets in her name, after her . This was something I will live in for the rest of my life. In the wake of Madoff's death, those who followed the story closely are curious about what happened to all the billions he stole over all those decades. [2][3] He was at one time chairman of the NASDAQ stock exchange. He said funeral arrangements will be private. Madoffs younger son Andrew died of a rare form of cancer called mantle-cell lymphoma in 2014, the New York Post reported. Madoff's second son, Andrew, died of mantle-cell lymphoma, a rare form of cancer, in 2014, at the age of 48, the Post reported. [191], Bernard Madoff had a heart attack in December 2013, and reportedly had end-stage renal disease (ESRD). Birth City: Queens. This has been called a "legal kickback". [62][63], Madoff's brother Peter served two terms as a member of SIFMA's board of directors. Mark Madoff owed his parents $22 million, and Andrew Madoff owed them $9.5 million. According to a civil lawsuit filed in October 2009, trustee Irving Picard alleges that Peter Madoff deposited $32,146 into his Madoff accounts and withdrew over $16 million; Andrew deposited almost $1 million into his accounts and withdrew $17 million; Mark deposited $745,482 and withdrew $18.1 million. On December 9, he told his brother Peter about the fraud. Madoff's official cause of death was end-stage renal disease and other chronic medical conditions, according to the Associated Press. Although he could have been sentenced to more than 100 years in prison, because of his cooperation, Friehling was sentenced in May 2015 to one year of home detention and one year of supervised release. [106], On a daily basis, DiPascali and his team on the 17th floor of the Lipstick Building, where the scam was based (Madoff's brokerage was based on the 19th floor, while the main entrance and conference room were on the 18th floor), watched the closing price of the S&P 100. [47] After a trial run, the technology that the firm helped to develop became the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ). [115][116][117], Jeffry Picower, rather than Madoff, appears to have been the largest beneficiary of Madoff's Ponzi scheme, and his estate settled the claims against it for $7.2 billion. On occasion, they slipped up and dated trades as taking place on weekends and federal holidays, though this was never caught. . None of the major Wall Street firms invested with him, and several high-ranking executives at those firms suspected his operations and claims were not legitimate. Shedrives a Toyota Prius, and is known to keep to herself. What is Bernie Madoff's net worth? Josh Gardner for MailOnline, 'I request my executor to pay to Catherine Hooper, so long as she is living, the sum of $50,000 on the first day of each month, commencing 30 days after the admission of this will to probate, for her support until the administration of my estate is completed,' reads the July 8 will, obtained by the, Bernie Madoff's only surviving son Andrew dies after long battle with lymphoma, EXCLUSIVE: Shopping sprees at Ralph Lauren, jets to the south of France, a $4.3m condo: How Andrew Madoff spent a fortune with his lover before Bernie was busted, but claimed until death he was hoodwinked, reveals bestselling Madoff author, King Charles hosts von der Leyen at Windsor Castle, Woman appears to fake injury while arguing with tradie next door, Shocking video shows machete fight in broad daylight, Gabor Mat: No Jewish state without oppressing local population, Putin spy plane before being 'destroyed by pro-Ukraine Belarus group', Amplified jet stream could lead to 'disruptive snow in places', Pupils take to TikTok as they stage protest at Shenfield High School, Trans double-rapist Isla Bryson sentenced to eight years in prison, Biden claims ICU nurse would whisper in his ear and BREATH on him, Police urgently searching for missing baby after couple arrested, Child reads from sexually explicit book at Maine school board meeting, Moment pastor FOILS armed robbery after praying for gunmen. The withdrawal amounts in the final six years were subject to "clawback" (return of money) lawsuits. One method calculates losses as the total amount that victims thought they were owed, but will never receive.
The deaths of Sondra, 87, and Marvin, 90, were labeled by police as a potential murder-suicide. Madoff, 82, died while serving a 150-year prison sentence stemming from fraud charges that involved cheating thousands of investors, including the filmmaker Steven Spielberg and the actors Kevin. According to a court filing made in March 2009, Bernie and Ruth Madoff's net worth at the time of his arrest was a shade under $1 billion. As of January 2023, Bernie Madoff has an estimated net worth of about $2 million. But in Ruth's case, her lavish life certainly came crashing down when her husband, Bernie, was found guilty for what is now known as one of the largest Ponzi schemes in history (via USA Today). [22], Over the years, Madoff admonished his investors to keep quiet about their relationship with him. [93] On March 20, 2009, an appellate court denied Madoff's request to be released from jail and returned to home confinement until his sentencing on June 29, 2009. "[91][22], According to their attorney, Madoff's sons then reported their father to federal authorities. By the end of 2008, Hadassah had withdrawn more than $130 million from its Madoff accounts and contends its accounts were valued at $90 million at the time of Madoff's arrest. Like everyone else, I feel betrayed and confused. [5] He served as the company's chairman until his arrest on December 11, 2008. In June 2020, the disgraced financial advisor filed a petition for compassionate release for kidney disease. [86] He was ignored by the SEC's Boston office in 2000 and 2001, as well as by Meaghan Cheung at the SEC's New York office in 2005 and 2007 when he presented further evidence. Jerry Oppenheimer
As of 1997, when Weinstein left, Hadassah had invested a total of $40 million with Bernie Madoff. Prosecutors asked Chin to sentence Madoff to 150 years in prison. At least some of the SEC investigators doubted whether Madoff was even trading. 'One way to think of this is the scandal and everything that happened killed my brother very quickly,' Andrew Madoff told People magazine last year. I'm sorry. In an interview with People Magazine, Andy Madoff pleaded his innocence and declared he felt 'horrible for the people whose lives have been destroyed by my father's crimes. The book details the frustrating efforts he and his legal team made over a ten-year period to alert the government, the industry, and the press about Madoff's fraud. Its owned by her daughter-in-law, Susan Elkin, the first wife of Mark Madoff. Korin Miller is a freelance writer specializing in general wellness, sexual health and relationships, and lifestyle trends, with work appearing in Mens Health, Womens Health, Self, Glamour, and more. [114] One difference between the estimates results from different methods of calculation. [17][196] Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease. DiPascali, for instance, told prosecutors that he knew at some point in the late 1980s or early 1990s that the investment advisory business was a sham. [86] Others contended it was inconceivable that the growing volume of Madoff's accounts could be competently and legitimately serviced by his documented accounting/auditing firm, a three-person firm with only one active accountant. For other people with the same surname, see, Last edited on 11 February 2023, at 16:59, Securities Investor Protection Corporation, National Association of Securities Dealers, Securities Industry and Financial Markets Association, Hadassah, the Women's Zionist Organization of America, Federal Correctional Institution, Otisville, Federal Correctional Institution Butner Medium, List of investors in Bernard L. Madoff Investment Securities, Participants in the Madoff investment scandal, Recovery of funds from the Madoff investment scandal, "US Prosecutors updated the size of Madoff's scheme from $50 billion to $64 billion", "Ex-Nasdaq chair arrested for securities fraud", "Bernard Madoff, mastermind of vast Wall Street Ponzi scheme, dies at 82", "New Description of Timing on Madoff's Confession", "Investors remain amazed over Madoff's sudden downfall", "Peter Madoff Sentenced to 10 Years for Role in Ponzi Scheme", "Officials: Bernie Madoff's Son Mark Madoff Found Dead Of Apparent Suicide In Soho Apartment", "Madoff son found dead of apparent suicide", "Madoff's Son Is Found Dead in Apparent Suicide", "Madoff son's suicide follows battle with trustee", "Bernie Madoff's Surviving Son Andrew Dies of Lymphoma", "Madoff Confessed $50 Billion Fraud Before FBI Arrest", "SEC: Complaint SEC against Madoff and BMIS LLC", "Ex-Madoff trader admits faking records since '70s", "Bernard Madoff fraud 'began 20 years earlier than admitted', "Prosecutors: Madoff fraud started in 1970s", "Madoff pleads guilty, was jailed for $65 billion fraud", "Bernard Madoff gets 150 years behind bars for fraud scheme", "Madoff Sentenced to 150 Years for Ponzi Scheme", "Madoff Sentenced To Maximum 150 Years In Prison", "AP source: Ponzi schemer Bernie Madoff dies in prison", "Bernie Madoff, mastermind of the nation's biggest investment fraud, dies at 82", "Disgraced financier, Ponzi scheme architect Bernie Madoff dies in prison", "Bernie Madoff Dead at 82; Disgraced Investor Ran Biggest Ponzi Scheme in History", "Life inside the weird world of Bernard Madoff", "Ponzi schemer Bernie Madoff dies in prison at 82", "How Bernie Mandoff pulled off his massive swindle", "A look at the Madoffs two years after Bernie's scandal unfolded", "The Education of Bernie Madoff: The High School Years", "10 Things You Didn't Know About Bernard Madoff", "Madoff's tactics date to 1960s, when father-in-law was recruiter", "Madoff Securities International Ltd v Raven & Ors (2013) EWHC 3147 (Comm) (18 October 2013)", British and Irish Legal Information Institute, "Another Stab AtThe Third Market: Madoff's Brave New Trading World", "SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (2008293)", "THE REGULATION OF PUBLICLY TRADED SECURITIES", "A Proposal for Solving the 'Payment for Order Flow' Problem 74 S.Cal.L.Rev. Brother of convicted Ponzi king Bernard Madoff ,67-year-old Peter Madoff, arrives at U.S. District Court in Manhattan on December 20, 2012 in New York City. [6][7] That year, the firm was the 6th-largest market maker in S&P 500 stocks. His two sons are also deceased now, as well. As of 2022, Bernard Madoff's net worth is $100,000 - $1M. [199] He served on the executive council of the Wall Street division of the UJA Foundation of New York which declined to invest funds with him because of the conflict of interest. Bernard Lawrence Madoff ( / medf / MAY-dawf; [1] April 29, 1938 - April 14, 2021) was an American fraudster and financier who was the mastermind of the largest Ponzi scheme in history, worth about $64.8 billion. [68] However, as soon as they left their father's apartment, Mark and Andrew immediately contacted a lawyer, who in turn got them in touch with federal prosecutors and the SEC. [68][22], According to the sons, Madoff told Mark Madoff on the following day, December 9, that he planned to pay out $173 million in bonuses two months early. [50] At one point, Madoff Securities was the largest market maker at the NASDAQ, and in 2008 was the sixth-largest market maker in S&P 500 stocks. After the guilty verdict was handed down to Bernie, and the dust settled, Ruth was allowed to keep 2.5 million dollars of their assets (viaCelebrity Net Worth). [172][173] Both sons later worked in the trading section alongside paternal cousin Charles Weiner. Court filing reveals Madoff's net worth at least $823 million. [134], Judge Chin also said that Madoff had not been forthcoming about his crimes. Heres what you need to know.
[15] Madoff had intended to wind up his operations over the remainder of the week before having his sons turn him in; he directed DiPascali to use the remaining money in his business account to cash out the accounts of several family members and favored friends. Affected Jewish charitable organizations considered victims of this affinity fraud include Hadassah, the Women's Zionist Organization of America, the Elie Wiesel Foundation and Steven Spielberg's Wunderkinder Foundation. and
Madoffs brother, Peter, was also arrested and sentenced to 10 years in jail for his part in the Ponzi scheme. He served as chairman of its board of directors, and was a member of its board of governors. [4] Bernie Madoff's net worth is estimated to be $850 million as of 2023. While awaiting sentencing, Madoff met with the SEC's inspector general, H. David Kotz, who conducted an investigation into how regulators had failed to detect the fraud despite numerous red flags. According to the document, he was cremated[162] in Durham, North Carolina. [22] On December 11, 2008, Madoff was arrested and charged with securities fraud. [110][111], The Internal Revenue Service ruled that investors' capital losses in this and other fraudulent investment schemes would be treated as business losses, thereby allowing the victims to claim a tax deduction for such losses. [11], Both sons used outside investment firms to run their own private philanthropic foundations. [179] His primary residence was on Manhattan's Upper East Side,[180] and he was listed as chairman of the building's co-op board. Senator Christopher J. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim. [2] [3] He was at one time chairman of the NASDAQ stock exchange. Though the Associated Press reported that it's believed that Madoff died of natural causes, he was reportedly in poor health. The Lappin Foundation, for instance, was forced to close temporarily because it had invested its funds with Madoff. ", "Madoff Beaten in Prison: Ponzi Schemer Was Assaulted by Another Inmate in December; Officials Deny Incident', "Bernie Madoff Brutally Beaten In Prison", "Bernie Madoff in prison: happily unrepentant", "Bernard Madoff enjoys eating pizza with the Mafia in prison", "Bernie Madoff asking Trump to reduce his prison sentence for massive Ponzi scheme", "Bernie Madoff Says He's Dying, Requests Early Release From Prison", "Bernie Madoff Says He's Dying and Seeks Early Prison Release", "Ponzi scheme king Bernie Madoff denied compassionate prison release by federal judge", "Bernie Madoff Denied Compassionate Release From Prison", "Bernard Madoff fails to win compassionate release from prison", "Judge Denies Bernie Madoff's Request for Early Release", "Bernie Madoff, Architect of Largest Ponzi Scheme in History, Dead at 82", "Bernie Madoff cause of death revealed: hypertension, atherosclerosis, kidney failure", "Bernie Madoff: Hypertension and kidney disease causes of death", "Ruth and Bernard Madoff Marriage Profile", "Bernie Madoff's arrest sent tremors into Palm Beach", "Andrew Madoff Son of Convicted Fraudster Dies at 48", "EXCERPT: Mark Madoff in 'The Madoff Chronicles', "Standing Accused: A Pillar of Finance and Charity", "Bernie Madoff's sons and brother investigated", "Government's Affirmation in Opposition To Madoff's Motion for a stay and reinstatement of bail pending sentencing", "See inside the Hamptons home once owned by Bernie Madoff", "Bernard Madoff: the 'most hated man in New York' seeks $3m for bail", "Fund Fraud Hits Big Names; Madoff's Clients Included Mets Owner, GMAC Chairman, Country-Club Recruits", "How Madoff Fleeced the Palm Beach Elite", "Madoff scandal stuns Palm Beach Jewish community", "Buyer of Madoff lakefront house resells it for $9M", "Proposals sought from brokers for sale of Madoff homes", "Bernard Madoff's personal property to be auctioned", "Woman Tells of Affair With Madoff in New Book", "Madoff to appeal bail, net worth revealed", "Fraudster Bernard Madoff and wife 'attempted suicide, "Former Madoff trader David Kugel pleads guilty to fraud", "Report: Madoff Battling Cancer, Recovering From Heart Attack", "Bernie Madoff's sister and her husband found dead in apparent murder-suicide, Florida police say", "Prominent Jewish foundations shut down due to Madoff Wall Street affair", "Madoff Wall Street fraud threatens Jewish philanthropy", "Charity Caught Up in Wall Street Ponzi Scandal", "Madoff had steady presence in Washington", "Bernie Madoff: Profile of a Wall Street star", "Woody Allen Takes on the Madoff Scandal in New Movie", "Richard Dreyfuss: Like It Or Not, There's A Bit Of Bernie Madoff In All Of Us", "Chevelle Reveal 'Face to the Floor' Was Inspired by Ponzi Scheme Victims", "Book Review: Silver Girl by Elin Hilderbrand", "Smart women get caught up in deadly intrigue in page-turning 'The Banker's Wife', "Reimagining the lives of Ruth and Bernie Madoff", "Staying At Home? 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Post: Daniel, Katie, Anne, Emily, Audrey, and is known to to! Worked in the trading section alongside paternal cousin Charles Weiner [ 7 ] that year, the financial. ], on June 26, 2009, Chin ordered forfeiture of $ 40 million with Madoff. 182 ] [ 7 ] that year, the firm was the 6th-largest market maker in s & 500! Was one such early customer, investing $ 100,000 - $ 1M and. Forced to close temporarily because it had invested its funds with Madoff not even begin to borrow money...
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