Ponzi schemer Bernie Madoff dies at 82

ANI
·1-min read
Representative Image
Representative Image

North Carolina [US], April 14 (ANI): Bernie Madoff, the financer who pleaded guilty to running the largest Ponzi scheme in history, has died at the age of 82.

According to The Washington Post, his death, at a federal prison medical facility in Butner, North Carolina, was announced by a Bureau of Prisons spokeswoman. Spokeswoman Kristie Breshears did not provide details about the cause of death but said that Madoff had tested negative for covid-19.

The Washington Post reported that Madoff remained a chief villain in the narrative of the 2008 economic meltdown that, ironically, had helped unveil his wrongdoing.

His scheme did not feature subprime loans, credit-default swaps or the other complex financial maneuvers that had contributed to the onset of the recession. Madoff had engaged in the simple, ancient act of swindling.

According to Sputnik, Madoff pleaded guilty to 11 federal felonies in 2009, admitting that he had turned his wealth management business into the world's largest Ponzi scheme, benefiting himself, his family and select members of his inner circle.

He had received a 150-year prison sentence.

CNN reported that in February 2020, he had petitioned the courts for an early release from prison, stating that he had terminal 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 "sufficient reason" to deny Madoff's request.

Madoff's brother Peter also served a 10-year prison sentence for his involvement in the scheme. He was sentenced in 2012. (ANI)