April 14th, 2021
By Geoffrey Huchel
Bernie Madoff, the mastermind behind the biggest investment fraud in US history died April 14, 2021, of natural causes while in prison. He was 82. Madoff was serving a 150-year prison sentence for his scheme, which affected as many as 37,000 people over four decades for as much as $65 billion.
Madoff was an American market maker, investment advisor, financier, and convicted fraudster related to a massive Ponzi scheme. He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 where he held the position of chairman up until his arrest on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 felonies, including securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC (the U.S. Securities and Exchange Commission).
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(Bloomberg) Bernard Madoffâs death in prison Wednesday doesnât change much for his victims, many of whom are still waiting to be made whole on their share of $20 billion that vanished with the con manâs 2008 arrest.
(Bloomberg) Bernard Madoffâs death in prison Wednesday doesnât change much for his victims, many of whom are still waiting to be made whole on their share of $20 billion that vanished with the con manâs 2008 arrest.
The recovery effort, still underway in court more than a decade later, has been remarkably successful at recouping the lost principal, under the circumstances. But thatâs little comfort to investors who lost their life savings or otherwise had their lives turned upside down. And none of them will ever see a cent of the $45 billion in fake trading profits Madoff assured them wa
He died Wednesday, according to an emailed statement from Brandon Sample, Madoff’s attorney. No cause was given. 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.
Up until his death, Madoff “lived with guilt and remorse for his crimes,” Sample said. “Although the crimes Bernie was convicted of have come to define who he was -he was also a father and a husband. He was soft spoken and an intellectual. Bernie was by no means perfect. But no man is.”
For years, Bernie Madoff was regarded as an investment sage.
Bernard L. Madoff, who died April 14 at 82, was the mastermind of perhaps the largest Ponzi scheme in history, a reviled symbol of Wall Street greed and, once, one of the most sought-after stockbrokers in high finance.
For years, Bernie Madoff was regarded as an investment sage. He had clients, homes and boats strewn about exclusive enclaves around the world. Leveraging the clout he had amassed as a legitimate trader, he lured - and eventually fleeced - thousands of investors who entrusted to him their retirement savings, their children s college funds and their financial security.