Fraudster Bernie Madoff dies in US prison aged 82
BERNIE MADOFF, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a US federal prison.
Madoff ’s death at the Federal Medical Centre 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 the 82-yearold 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.
His death was due to natural causes, a person familiar with the matter told the Associated Press.
Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.
A court-appointed trustee has recovered more than $13bn (£9.4bn) of an estimated $17.5bn (£12.7bn) that investors put into Madoff’s business.
At the time of his arrest, fake account statements were telling clients they had holdings worth $60bn (£43.5bn).
For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations.
A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients – from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame baseball pitcher Sandy Koufax.
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.
He became so hated he had to wear a bulletproof vest to court.
The fraud was believed to be the largest in Wall Street’s history.
Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “deeply sorry and ashamed”.
After several months living under house arrest at his $7m Manhattan penthouse apartment, he was led off to jail in handcuffs to scattered applause from angry investors in the courtroom.
“He stole from the rich. He stole from the poor. He stole from the inbetween. He had no values,” former investor Tom Fitzmaurice told the judge at the sentencing.
“He cheated his victims out of their money so he and his wife... could live a life of luxury beyond belief.”