Bernie Madoff, the architect of one of the biggest financial frauds in American history, has died at 82.
Mr. Madoff, former chairman of the Nasdaq Stock Market and a decades-long Wall Street member, shocked the world in December 2008 when he confessed his investment firm was a multibillion-dollar Ponzi scheme. He pleaded guilty in March 2009 and received the longest sentence allowed.
The extent and duration of his fraud was elusive. Initial reports indicated that $ 65 billion had been wiped out at Bernard L. Madoff Investment Securities.
But it soon became clear that the assets Mr. Madoff bragged about managing existed only on paper. He hadn’t invested clients’ money, but instead moved billions of dollars into his company’s bank account and fabricated statements showing profits year after year. Ultimately, a court-appointed trustee estimated that Mr. Madoff had taken $ 17 billion in customer money as part of the scheme.
A Bureau of Prisons statement on Wednesday said Mr. Madoff died at Federal Medical Center in Butner, North Carolina. Mr Madoff’s death came about a year after his lawyer asked a federal court to release him from prison while battling a terminal illness.