Bernie Madoff, man behind largest Ponzi scheme in history, reportedly dies in prison
Former financier Bernie Madoff exits federal court in Manhattan, in New York.
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 authorised to speak publicly and spoke to the AP on the condition of anonymity.
Last year, Madoff s lawyers filed court papers to try to get the 82-year-old released from prison in the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.
New York Law Journal, which is headlined Madoff Lawyer Asks Judge to Ignore Hysteria, Impose 12-Year Sentence, the legal team for Bernie Madoff has come up with an interesting proposed sentencing number:
If you are arguing that Bernard L. Madoff should be given a break, you work with what you have. Attempting to mitigate a maximum sentence of 150 years for a client whose name has become synonymous with greed, defense attorney Ira Lee Sorkin asked a federal judge this morning to set aside the hysteria generated by of the largest Ponzi scheme in history and give Mr. Madoff only 12 years in prison.
The
New York Times has this fascinating new lengthy article about the famous sentencing of an infamous white-collar offender. The piece is headlined Judge Explains 150-Year Sentence for Madoff, and here is how it starts:
With the sentencing of Bernard L. Madoff only a week away, Judge Denny Chin received a letter from Mr. Madoff’s lawyer asking for a prison term substantially below the 150-year maximum. The lawyer, Ira Lee Sorkin, listed several reasons, including Mr. Madoff’s confessing to his sons, knowing he would be turned in; his “full acceptance” of responsibility for his crimes; and his efforts to assist in the recovery of lost assets.
Bernie Madoff, Financier Who Pleaded Guilty to Largest Ponzi Scheme in History, Dies at 82 Hilary Lewis Financier Bernard Madoff leaves Manhattan Federal court March 10, 2009 in New York City.
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.
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.