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Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.
By MICHAEL BALSAMOAssociated Press
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NEW YORK 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 in a federal prison early Wednesday. He was 82.
Bernie Madoff leaves federal court in Manhattan in 2009.
Associated Press/David Karp
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 filed court papers to try to get him released from prison in the coronavirus pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.
NEW YORK (AP) Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison early Wednesday, a person familiar with the matter told The Associated Press.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
FILE – In this March 10, 2009, file photo, former financier Bernie Madoff leaves federal court in Manhattan, in New York. Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in prison, a person familiar with the matter tells The Associated Press. (AP Photo/David Karp, File)
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 admitted swindling thousands of clients out of billions of dollars in investments over decades.
A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff’s business. At the time of Madoff‘s arrest, fake account statements were telling clients they had holdings worth $60 billion.
For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients - from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.