This newsweek article is a complete lie. Madoff had $200 total to his name in 1959 the year he was married according to marriage records, and by 1964 he had two million. He was front running the pink sheet, penny stocks and doing illegal trading from the very very beginning and continuously! no one goes from 200 to 2 million in the 1960s without breaking law.
http://www.newsweek.com/id/214890
"after Bernie Madoff's arrest, some enforcement experts speculated that the errant financier might have been an honest investment manager for much of his career. They said it was likely that he started scamming his investors only after he found himself underwater at some point and got desperate."
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