One of the world’s most notorious mastermind investment fraudsters Bernie Madoff has died in prison aged 82.
Madoff’s death was announced by the US Bureau of Prisons earlier today. He was suffering from terminal kidney disease and other serious medical conditions while serving a 150-year prison sentence for what was one of the biggest cases of investment fraud in the history of the United States.
In 2009, amidst the height of the economic crisis, Madoff admitted to defrauding thousands of people across 136 countries through Bernard L Madoff Investment Securities. Hit by the downturn, investors in the firm were unable to draw funds from Bernard L Madoff Investment Securities, losing billions of dollars in the process.
Madoff eventually told his two sons about his Ponzi scheme, who later turned him in.
Amongst those that fell victim to Madoff’s scheme were Steven Speilberg, Kevin Bacon and Noble Peace Prize winner Elie Weisel.
In 2020, Madoff asked a judge to release him from prison after it was revealed that he was suffering from terminal kidney disease.
“You know there hasn’t been a day in prison that I haven’t felt the guilt for the pain I caused on the victims and for my family,” he told The Washington Post.
His request was denied, with Judge Denny Chin noting that many victims were still suffering due to the financial losses incurred by Madoff.
Cover Photo Credit: BBC
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