Bernard Madoff, the Manhattan investment adviser who promised stellar returns to his A-list clients and instead defrauded them of more than $19 billion in history’s largest Ponzi scheme, has died. He was 82.
His death was confirmed by the New York law firm of Brandon Sample, Madoff’s attorney. Madoff’s home since July 2009 was the Butner Federal Correctional Complex in Butner, North Carolina, where he was serving a 150-year term. He requested compassionate early release, citing end-stage kidney disease, in February 2020.
Like Charles Ponzi, whose 1920 con earned him a place in the annals of crime, Madoff seemed to deliver stunning returns to his clients, when in fact he was paying existing investors with money from new ones.
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.
How plumber s son Bernie Madoff went from Wall St. demigod to Ponzi pariah after 2008 crash exposed his scam and saw him arrive at court in bullet-proof vest after ripping off the world s richest
For decades, Bernie Madoff - a former chairman of the Nasdaq stock market - enjoyed an image as a self-made financial guru whose good fortune defied market fluctuations
He attracted a devoted legion of investment clients from Florida retirees to the rich and famous including director Steven Spielberg, actor Kevin Bacon and former New York Mets owner Fred Wilpon
But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that eradicated people s fortunes - both rich and poor - and destroyed charities and foundations worldwide
Infamous Ponzi schemer Bernie Madoff dies in prison after spending his final dozen years in prison
As reported in this Fox Business piece, headlined Bernie Madoff, mastermind of vast Ponzi scheme, dies in federal prison at age 82, an infamous white-collar offender passed away behind bars today. Here are the basics:
Bernie Madoff, the notorious architect of the biggest investment fraud in U.S. history, has died at age 82.
Madoff was serving a 150-year sentence at the federal medical care center in Butner, North Carolina, where his attorney said he was being treated for terminal kidney failure. Last year, Madoff s attorney filed court papers seeking the 82-year-old s release during the coronavirus pandemic, saying he suffered from end-stage renal disease. The request was denied..