Page 8 - Diana Henriques News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Bernie Madoff, whose Ponzi scheme devastated the Jewish world, dies in prison at 82
jewishledger.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jewishledger.com Daily Mail and Mail on Sunday newspapers.
Bernie Madoff, Fraud Mastermind, Dies at Age 82 © Mario Tama/Getty Images Bernie Madoff, the architect of one of the largest financial frauds in American history, has died at age 82.
Mr. Madoff, onetime chairman of the Nasdaq Stock Market and a fixture on Wall Street for decades, shocked the world in December 2008 when he confessed his investment business was a multibillion-dollar Ponzi scheme. He pleaded guilty in March 2009 and was given the longest sentence allowed.
The size and duration of his fraud were elusive. Initial reports indicated $65 billion had been wiped out at Bernard L. Madoff Investment Securities.
But it soon became clear that the assets Mr. Madoff boasted of managing existed only on paper. He hadn’t invested clients’ money, instead shuffling billions of dollars through his company’s bank account and fabricating statements showing profits year after year. Ultimately, a court-appointed trustee estimated Mr. Madoff took $17 billion of customer money thr
Bernie Madoff, whose Ponzi scheme devastated the Jewish world, dies in prison at 82 Bernie Madoff, pictured in 2009 ahead of his entering a guilty plea. (Stephen Chernin/Getty Images)
Advertisement
(JTA) Bernie Madoff, the fraudster who ran a $17.5 billion Ponzi scheme ensnaring thousands of investors, including a long list of Jewish organizations and families, has died at 82.
The Associated Press reported Madoff’s death Wednesday at a federal prison in Butner, North Carolina.
Madoff was known as a selective money manager who made fantastic yet consistent profits for his clients until his entire operation was exposed as a scam amid the 2008 financial crisis. Madoff’s confession of his Ponzi scheme, in which he invented fake stock gains on paper and used new investments to pay off withdrawals from other investors, set off a virtual earthquake in the Jewish philanthropic world.
ABC News
Turn on desktop notifications for breaking stories about interest?
OffOn
The once-celebrated figure on Wall Street was sentenced to 150 years in prison.
• 8 min read
Bernie Madoff dies at 82
The financier, who pleaded guilty to orchestrating the largest Ponzi scheme in history, died from natural causes in federal prison. Stephen Chernin/Getty Images, FILE
Bernie Madoff, the disgraced former financier who ran the largest Ponzi scheme in history, has died, sources confirmed to ABC News.
The 82-year-old died of natural causes while being housed at the Federal Medical Center in Butner, North Carolina, sources told to ABC News Wednesday.
The Associated Press reported Madoff’s death Wednesday at a federal prison in Butner, North Carolina.
Madoff was known as a selective money manager who made fantastic yet consistent profits for his clients until his entire operation was exposed as a scam amid the 2008 financial crisis. Madoff’s confession of his Ponzi scheme, in which he invented fake stock gains on paper and used new investments to pay off withdrawals from other investors, set off a virtual earthquake in the Jewish philanthropic world.
Among Madoff’s investors were European hedge funds, elderly retirees and a range of nonprofits. Among his victims were some of the most prominent Jewish institutions in the country, as well as Jewish celebrities like Holocaust survivor Elie Wiesel and Sandy Koufax, the Hall-of-Fame pitcher.
vimarsana © 2020. All Rights Reserved.