Bernie Madoff, the convicted Ponzi schemer whose long-term financial manipulation worth billions of dollars in ruined customers and rocked the financial markets, has died.
The Federal Bureau of Prisons confirmed the death of Madoff, 82, at the Federal Medical Center in Butner, NC. The office told resourcingstrategies in a statement that this was due to natural reasons and not Covid-19.
Madoff’s attorney had requested his release about a year ago, citing chronic kidney failure and saying he had only 18 months to live at that point.
Madoff pleaded guilty in 2009 and was sentenced to a maximum of 150 years in prison in 2011. In the end, authorities managed to return $ 12 billion to investors, but that was only a fraction of the nearly $ 65 billion that Madoff was entrusted with. In the classic Ponzi model, he had used incoming mutual funds to pay returns to other investors instead of generating income from the successful investments he claimed. Eventually the setup collapsed as losses increased and too many customers were left in the cold.
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The Madoff Affair spawned television films and bestsellers. His cheating involved Hollywood characters like Steven Spielberg as well as the New York Mets baseball franchise. Spielberg’s charity Wunderkinder had invested in fake Madoff funds.
Before his scam began, Madoff had a long career as a legitimate financial player after starting his own investment firm. He was once the chairman of the Nasdaq. The regulatory authorities regularly reviewed the spectacular returns.
In a telephone interview with the Washington Post last year, Madoff said he had “made a terrible mistake” and asked for sympathy. “I’m terminally ill,” he said. “There is no cure for my type of illness. So you know I served. I’ve served for 11 years and, to be honest, I’ve suffered from it. “