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Bernie Madoff – Worst Financial Scam In History, Died In Jail at Age 82

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Bernie Madoff, the mastermind behind the oddest financial scam ever, died in prison at age 82 on Wednesday, US prison officers stated.

Bernie Madoff, the mastermind behind the oddest financial scam ever, died in prison at age 82 on Wednesday, US prison officers stated.

Bernie Madoff

Madoff has been sentenced to 150 years in prison in 2009 for conducting a pyramid-style strategy that spanned thousands of individuals around the globe.

The strategy was estimated to be worth roughly $63 billion.

We can affirm Bernard Madoff passed away on April 14, 2021, in the Federal Medical Center (FMC) Butner, North Carolina,” an official with the federal Bureau of Prisons told AFP in an email.

The announcement said the reason for death required to be set by a medical examiner.

In February 2020, Madoff’s attorney said the disgraced Wall Street financier was terminally ill and wished to leave prison.

Attorney Brandon Sample stated Madoff was afflicted by”terminal kidney disorder, among other severe health ailments.

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The Bureau of Prisons reasoned in September 2019 which Madoff has less than 18 weeks to live due to the terminal character of the kidney failure,” Sample wrote.

The Washington Post reported that Madoff had a wheelchair and 24-hour care.
He requested a compassionate release to fix fences with his mommy and perish at home; however, the prison agency rejected the petition.

I have served 11 decades previously, and, quite honestly, I have endured through it,” Madoff told the newspaper in a meeting.

You know there has not been a day that I haven’t felt that the remorse for the pain that I caused the sufferers and for my loved ones,” he explained.

A pyramid, or Ponzi, strategy is a fraud where yields on investments are cheated solely by bringing in new investments from fresh victims. Money from new customers is used to cover current customers until the strategy finally collapses.

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Madoff’s fraud was disclosed during the financial meltdown in 2008 when he could not meet growing client requirements to withdraw their cash, and many lost their economies or were not able to retire.

New Yorker Madoff never spent just one cent of the cash the strategy’s clients trusted him instead of using new investors’ money to cover older ones.

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US authorities have captured roughly $4 billion connected to Madoff and intention to return it to tens of thousands of their victims around the globe.

The Madoff Victim Fund will disburse payments to over 30,000 people across the globe created from the crooked financier’s investments involving the 1970s and 2000s, the US Justice Department has stated.

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