To be honest, it's kind of hard to try and entertain the innuendo and rumors that Democrats and the media are working to do damage control on behalf of Sam Bankman-Fried, the founder of now-bankrupt crypto exchange FTX, because the idea is just.
Died: April 14, 2021. BERNIE Madoff, who has died aged 82, was for many years a financial advisor who seemed to have a magic touch: however the markets fluctuated, he always returned a health profit for his influential clients. But then the financial crash happened in 2008 and it was all exposed: Madoff’s magic touch was an illusion and his business a fraud. There were no investments. The whole thing was a Ponzi scheme – in fact, the biggest Ponzi scheme in history. Madoff’s scam worked just as Charles Ponzi’s had a century before. Instead of investing the money, he attracted new investors – mostly through word of mouth among the wealthy of Manhattan who wanted to be wealthier – and paid profits to the old investors with the new money.
Bernard Madoff exits Manhattan federal court in New York, March 10, 2009. (AP Photo/ Louis Lanzano, File)
NEW YORK (AP) Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82.
Madoff’s death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.
Last year, Madoff’s lawyers unsuccessfully asked a court to release him from prison during the coronavirus pandemic, saying he suffered from end-stage renal disease and other chronic medical conditions.