Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people’s fortunes and ruined charities and foundations.
Print article 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 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. His death was due to natural causes, a person familiar with the matter told The Associated Press. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a federal prison, a person familiar with the matter told The Associated Press on Wednesday.