Bernie Madoff, Ponzi Scheme Mastermind Who Snared Hollywood Elite, Dies in Prison at 82 William Earl, provided by FacebookTwitterEmail Bernie Madoff, the disgraced investment advisor who was serving out a 150-year prison sentence for running a Ponzi scheme and committing other financial crimes, died early Wednesday at 82, the Associated Press reported. Madoff was notorious for leading one of the largest ponzi schemes in history, which targeted scores of wealthy investors and celebrities, including Larry King, Kevin Bacon and John Malkovich. Madoff died at the Federal Medical Center in Butner, N.C., from “natural causes,” a source told the AP. More from Variety