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Robert De Niro teams up with Michelle Pfeiffer as they transform into fraudster Bernie Madoff and his wife Ruth to film scenes for The Wizard Of Lies in New York

Published: 06:00 EDT, 13 October 2015 | Updated: 07:55 EDT, 13 October 2015

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Over the past few weeks, Robert De Niro and Michelle Pfeiffer have been hard at work filming scenes for the highly-anticipated HBO film, Wizard of Lies.

Leading an all-star cast, the actors were seen shooting outside scenes in New York City on Monday afternoon for the upcoming drama, which is based on the real life of fraudster Bernie Madoff.

Robert - who is set to play the infamous financier - was dressed in character, sporting a smart two-piece suit under a long black coat.

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Leading an all-star cast: Robert De Niro and Michelle Pfeiffer were seen shooting outside scenes for The Wizard Of Lies in New York on Monday

The 72-year-old also showed off his new hairstyle, which involved shaving off the top of his head to make him look more like his character with a more revealing hairline.

Elsewhere, Michelle - who portrays the jailed business man’s wife Ruth - cut a more casual figure in denim jeans, a padded khaki jacket and a plain blue shirt.

With her platinum blonde tresses left neatly above her shoulders, the character’s getup was styled further with black round-rimmed spectacles.

Real-life: The upcoming drama is based on fraudster Bernie Madoff and the victims of his schemes

Partners in crime: Robert is set to play the infamous financier, while Michelle will play his on-screen wife Ruth

Directed by Barry Levinson, The Wizard Of Lies will tell the story of the victims or Bernie's epic scheme and also its impact on his family.

American Hustle's Alessandro Nivola will be portraying Ruth and Bernie's son Mark - who tragically committed suicide on the second anniversary of his father’s arrest on December 10, 2010.

The American stockbroker, who is said to have tricked investors out of an estimated $65 billion, is currently serving 150 year sentence behind bars after pleading guilty in 2009 to 11 felonies.

In character: Robert was dressed in a smart two-piece suit under a long black coat, while the actress cut a more casual figure in denim jeans, a padded khaki jacket and a plain blue shirt

Attention to detail: With her platinum blonde tresses left neatly above her shoulders, the character’s getup was styled further with black round-rimmed spectacles

Bold move: 72-year-old Robert also showed off his new hairstyle, which involved shaving off the top of his head to make him look more like his character with a more revealing hairline

Crime drama: Directed by Barry Levinson, The Wizard Of Lies will tell the story of the victims or Bernie's epic scheme and also its impact on his family

Meanwhile, Ruth worked as director of Bernard L. Madoff Investment Securities, but she managed to avoide prison time.

This will be Robert's fourth collaboration with the 57-year-old Michelle after starring together in 2013’s The Family, New Year's Eve in 2011 and Stardust in 2007.

The Wizard Of Lies is based on Diana Henriques' book by the same name, and is expected to be released next year.

Star pals: This will be Robert's fourth collaboration with the 57-year-old Michelle after starring together in 2013’s The Family, New Year's Eve in 2011 and Stardust in 2007