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Bernie Madoff dies at 82

2021-04-14T14:22:48.249Z


Bernard Madoff, whose name became synonymous with financial fraud, died while serving a 150-year sentence in federal prison. He was 82 years old. | United States | CNN


(CNN) -

Bernie Madoff (Bernard Madoff), whose name became synonymous with financial fraud, died while serving a 150-year sentence in federal prison.

He was 82 years old.


His death Wednesday at the Federal Medical Center in Butner Prison, North Carolina, was confirmed by the United States Bureau of Prisons.

The cause of death was not disclosed.

In February 2020, he applied to the courts for an early release from prison, stating that he had end-stage kidney failure and a life expectancy of less than 18 months.

But the US Attorney's Office for the Southern District of New York said Madoff's crime was "unprecedented in scope and magnitude" and is "reason enough" to deny Madoff's request.

Madoff was the mastermind behind a $ 20 billion Ponzi scheme (a pyramid scheme), the largest financial fraud in history.

He had a legendary career on Wall Street, famous for its astronomical returns to his investors, which included director Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick, and New York Mets owner Fred Wilpon.

He served as chairman of the Nasdaq for several years in the 1990s, accumulating beach houses, boats, and a penthouse in Manhattan.

But Madoff was arrested in 2008 and pleaded guilty to eleven felony counts in 2009.

He had been using money from new investors to pay off previous investors.

He reportedly had a total of $ 65 billion under management, but two-thirds of that money was the figment of Bernie Madoff's imagination.

The rest was was the initial investment of their clients.

Madoff founded Bernard L. Madoff Investment Securities in 1960, but no one has been able to prove when Madoff started stealing from investors.

Bernie Madoff told CNNMoney in a 2013 interview that it all started in 1987, but then said the plan began in 1992. Former Madoff account manager Frank DiPascali, Jr., said in court testimony that the financial misdeeds had been going on "all the time."

DiPascali began working at the firm in 1975.

Source: cnnespanol

All news articles on 2021-04-14

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