Bernie Madoff, author of the biggest scam in history dies

Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in federal prison early Wednesday at age 82, said a person familiar with the matter to The Associated Press.

Madoff died in the Federal Medical Center in Butner, North Carolina, apparently due to natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on condition of anonymity.

Last year, Madoff’s attorneys filed court documents to try to get the 82-year-old out of prison in the COVID-19 pandemic, saying that he had suffered from end-stage kidney disease and other chronic medical conditions. The request was denied.

Madoff admitted to scamming thousands of clients out of billions of dollars in investments over decades.

A court appointed trustee has recovered more than $ 13 billion from an estimated $ 17.5 billion that investors put into Madoff’s business. At the time of Madoff’s arrest, bogus account statements told clients that they had holdings worth $ 60 billion.

During decades, Madoff enjoyed the image of a self-made financial guru whose Midas touch defied market fluctuations.. Former president of the stock market Nasdaq, attracted a devoted legion of investment clients, from Florida retirees to celebrities like the famous film director Steven Spielberg, the actor Kevin Bacon and the Hall of Fame pitcher Sandy Koufax.

But his investment advisory business was exposed in 2008 as a multi-billion dollar pyramid scheme that wiped out people’s fortunes and ruined charities and foundations. He became so hated that he had to wear a bulletproof vest in court.

Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “Deeply regretful and ashamed.”

After several months living under house arrest in his $ 7 million Manhattan penthouse, he was taken to jail in handcuffs and received applause from angry investors in the courtroom.

“He stole from the rich. He robbed the poor. He stole from the middle. I had no values ​​”said the former investor Tom Fitzmaurice to the judge at sentencing. “He scammed his victims out of his money so that he and his wife could live a life of incredible luxury.”

The United States District Judge, Denny Chin, showed no mercy and sentenced Madoff to a maximum of 150 years in prison.

Madoff’s two sons have died, Andrew from cancer at 48 and Mark from suicide at 46 in 2010. Madoff’s wife, Ruth, is still alive.