Ponzi Scheme Mastermind Bernie Madoff Dies in Prison

April 14, 2021 by TWN Staff
Ponzi Scheme Mastermind Bernie Madoff Dies in Prison
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-
  • Bernie Madoff
  • obtiuary
  • In The News

    Health

    Voting

    Crime

    March 6, 2024
    by Tom Ramstack
    DC Council Passes Anti-Crime Bill Despite Civil Rights Group Concerns

    WASHINGTON — The District of Columbia Council approved legislation Tuesday that gives police broader powers to try to reduce crime... Read More

    WASHINGTON — The District of Columbia Council approved legislation Tuesday that gives police broader powers to try to reduce crime that has risen to a level some members of Congress believe warrants federal intervention. The law increases penalties for illegal gun possession at a time homicides... Read More

    Things to Know About the Shooting at the Kansas City Chiefs' Super Bowl Celebration

    KANSAS CITY, Mo. (AP) — Gunfire erupted at the Kansas City Chiefs’ Super Bowl celebration Wednesday, leaving one woman dead and more... Read More

    KANSAS CITY, Mo. (AP) — Gunfire erupted at the Kansas City Chiefs’ Super Bowl celebration Wednesday, leaving one woman dead and more than 20 people injured, including children. Shots rang out at the end of the celebration outside the city’s historic Union Station. Fans had lined the parade route... Read More

    January 11, 2024
    by Tom Ramstack
    Small Businesses Hurt by Crime Turn to Congress for Assistance

    WASHINGTON — A nationwide outcry against crime that hurts small businesses reached Congress Thursday, where lawmakers and congressional witnesses called... Read More

    WASHINGTON — A nationwide outcry against crime that hurts small businesses reached Congress Thursday, where lawmakers and congressional witnesses called for a law enforcement crackdown. Thefts cost retail stores $112 billion in 2022, according to the National Retail Federation. Preliminary law enforcement reports for 2023 show... Read More

    Florida Republicans Oust State Party Chairman Facing Rape Allegations

    TALLAHASSEE, Fla. (AP) — The Republican Party of Florida ousted Chairman Christian Ziegler in a special vote on Monday as... Read More

    TALLAHASSEE, Fla. (AP) — The Republican Party of Florida ousted Chairman Christian Ziegler in a special vote on Monday as police investigate a rape accusation against him, a vote that came the week before Gov. Ron DeSantis competes in Iowa’s first-in-the-nation presidential caucus. The party suspended Ziegler last month and... Read More

    Jeffrey Epstein Documents: Here's What We Know

    NEW YORK (AP) — Dozens of previously sealed court documents related to Jeffrey Epstein were made public late Wednesday, as a... Read More

    NEW YORK (AP) — Dozens of previously sealed court documents related to Jeffrey Epstein were made public late Wednesday, as a court releases more records from a years-old lawsuit connected to the late financier. They’re likely to disappoint sleuths online, where the plan to release documents prompted rumors of... Read More

    Marjorie Taylor Greene Targeted by Failed Christmas Swatting Attempt

    Republican U.S. Rep. Marjorie Taylor Greene was the target of a swatting attempt at her Georgia residence on Christmas morning, the congresswoman... Read More

    Republican U.S. Rep. Marjorie Taylor Greene was the target of a swatting attempt at her Georgia residence on Christmas morning, the congresswoman and local police said, marking the latest instance of someone calling in a fake emergency to draw armed officers or SWAT teams to her home. The... Read More

    News From The Well
    scroll top