Loading...

Ponzi Scheme Mastermind Bernie Madoff Dies in Prison

April 14, 2021 by TWN Staff
In this March 10, 2009, file photo, former financier Bernie Madoff leaves federal court in Manhattan, in New York. Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in prison, a person familiar with the matter tells The Associated Press. (AP Photo/David Karp, File)

Bernie Madoff, the financier who pleaded guilty to orchestrating one of the largest Ponzi schemes in history, died in a federal prison early Wednesday. He was 82.

Madoff died at the Federal Medical Center in Butner, N.C., apparently from natural causes.

Last year, Madoff’s lawyers filed court papers to try to get him released from prison in the coronavirus pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied. 

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.

A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff’s business. At the time of Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.

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 film director Steven Spielberg, talk show host Larry King, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.

But in 2008, Madoff’s investment advisory business was exposed 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.

Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “deeply sorry and ashamed.”

A+
a-

Crime

November 24, 2021
by Dan McCue
Jury Hands Down Multiple Guilty Verdicts in Ahmaud Arbery Murder Case

BRUNSWICK, Ga. — All three defendants have been found guilty of murder in the fatal shooting of jogger Ahmaud Arbery... Read More

BRUNSWICK, Ga. — All three defendants have been found guilty of murder in the fatal shooting of jogger Ahmaud Arbery in February 2020. The reckoning came shortly after 2 p.m. Wednesday after about 10 hours of deliberations. It followed a trial in which prosecutors argued that... Read More

November 23, 2021
by Tom Ramstack
Justice Dept. to Pay $130 Million to High School Shooting Survivors

WASHINGTON — The U.S. Department of Justice announced Monday that it reached a settlement agreement with family members and survivors... Read More

WASHINGTON — The U.S. Department of Justice announced Monday that it reached a settlement agreement with family members and survivors of the 2018 high school shooting in Parkland, Florida, that killed 17 people. Local media reports say the settlement amount is $130 million. A federal judge... Read More

Investigators Look at if Parade Crash Driver Fleeing Crime

WAUKESHA, Wis. (AP) — A joyous scene of marching bands and children dancing in Santa hats and waving pompoms turned... Read More

WAUKESHA, Wis. (AP) — A joyous scene of marching bands and children dancing in Santa hats and waving pompoms turned deadly in an instant, as an SUV sped through barricades and into a Christmas parade in suburban Milwaukee, killing at least five people and injuring more... Read More

November 9, 2021
by Dan McCue
House Speaker Calls for Investigations Into Gosar Over Video

WASHINGTON — House Speaker Nancy Pelosi, D-Calif., on Tuesday called for multiple investigations into Rep. Paul Gosar, R-Ariz., following his... Read More

WASHINGTON — House Speaker Nancy Pelosi, D-Calif., on Tuesday called for multiple investigations into Rep. Paul Gosar, R-Ariz., following his tweeting of an animated video that shows him killing Rep. Alexandria Ocasio-Cortez, D-N.Y., and threatening President Biden. "Threats of violence against Members of Congress and the... Read More

November 9, 2021
by Dan McCue
Justices Seem Inclined to Send Surveillance Case Back to Lower Court

WASHINGTON — A majority of Supreme Court justices appeared ready on Monday to send a controversial government surveillance case back... Read More

WASHINGTON — A majority of Supreme Court justices appeared ready on Monday to send a controversial government surveillance case back to a lower court for further proceedings, despite the White House’s contention such a move could harm national security. The case, Federal Bureau of Investigation v.... Read More

November 8, 2021
by Reece Nations
Catalytic Converter Thefts on the Rise as Supply Chain Woes Continue

SAN ANTONIO — State legislators across the country have taken action to curb the rampant increase in catalytic converter thefts... Read More

SAN ANTONIO — State legislators across the country have taken action to curb the rampant increase in catalytic converter thefts propelled by pandemic-induced supply chain problems. The dramatic rise in catalytic converter thefts has been tracked closely by auto insurance agencies nationwide throughout the pandemic, with... Read More

News From The Well
Exit mobile version