May 15, 2021

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Bernie Madoff: US investment fraudster dies in jail

Economy In prison

Property fraud Bernie Madoff is dead

Got 150 years in prison: Bernard property fraud "Bernie" Madoff

Property fraud Bernard “Bernie” Madoff is dead

What: REUTERS

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Bad investment fraud Bernie Madoff dies in US prison at 82 Through a “Ponzi scheme” he has deceived investors, foundations and companies around the world into billions.

BErnard “Bernie” Madoff was behind the biggest financial fraud in history and deceived tens of thousands of investors. Now the former star investor of the United States has died in prison at the age of 82. Madoff died Wednesday in a special prison for sick inmates in Button, North Carolina, prison officials confirmed to AFP news agency. The cause of death was not immediately clear.

Madoff was sentenced in 2009 to 150 years in prison for embezzling billions of dollars from thousands of private investors, banks and foundations around the world. The total damage is about 50 billion euros. Madoff used a “Ponzi scheme” in which he paid the promised profit from new customer deposits. The system crashed when a customer withdrew billions of dollars in deposits.

In February 2020, Madoff, suffering from kidney disease, asked the New York Court of Appeals to grant him an “pardon” so that he could spend the last months of his life freely. However, this was rejected. According to his doctors, he still had 18 months to live – there were 14 of them.

The victims were against being spared from mercy

“When I convicted Mr. Madoff in 2009, it was my clear intention that he should spend the rest of his life behind bars,” Judge Denny Sinn explained at the time. “It hasn’t changed.” The court received more than 500 letters from Madoff victims, 96 percent of which opposed the release of the former NASDAQ leader.

Victims of the Madoff scandal include private investors, foundations, Hollywood actors and pension funds and Jewish charities. “Tens of thousands of people are still affected by the effects of his fraud,” lawyer Matthew Swartz commented at the time of the apology. 65-year-old Britt had it Took lifeAfter Modoff cheated on his savings.

Further Madop’s own son Two years after his father was imprisoned, his lawyer says he committed suicide “under constant pressure of false accusations and accusations.”

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