Bernie Madoff dead: Fraudster died in prison after Ponzi scheme | World | News

The former financier passed away from natural causes in North Carolina’s Federal Medical Centre.

In 2009 he was sentenced to prison for 150 years after defrauding investments from thousands of clients to make billions of dollars.

Mr Madoff used his company, Bernard L. Madoff Investment Securities, to set up the largest Ponzi scheme in history.

Rather than making trades for clients as advertised he used money from new investors to pay off older ones.

An estimated 37,000 people across the world, including charitable foundations, were hit.

Mr Madoff was arrested in 2008 and pleaded guilty to multiple fraud charges in 2009.

Of the $17.5bn (£12.7billion) invested only $13billion (£9.4billion) was ever recovered.

Mr Madoff’s legal team tried to get him released from prison last year due to the coronavirus pandemic.

They reported their client was suffering from end-stage kidney disease and other serious conditions.

However the request was denied by prison authorities.

More to follow…

Source link

Comments are closed, but trackbacks and pingbacks are open.