Home » Ponzi schemer Bernie Madoff dies in jail

Ponzi schemer Bernie Madoff dies in jail

by newsking24

NEW YORK: Bernie Madoff, the financier who pleaded responsible to orchestrating the biggest Ponzi scheme in historical past, has died in a federal jail, an individual conversant in the matter informed The Associated Press on Wednesday.
Madoff died on the Federal Medical Center in Butner, North Carolina, apparently from pure causes, the individual stated. The individual was not authorised to talk publicly and spoke to the AP on the situation of anonymity.
Last yr, Madoff’s legal professionals filed courtroom papers to attempt to get the 82-year-old launched from jail within the Covid-19 pandemic, saying he had suffered from end-stage renal illness and different persistent medical circumstances. The request was denied.
Madoff admitted swindling 1000’s of shoppers out of billions of {dollars} in investments over a long time.
A court-appointed trustee has recovered greater than $13 billion of an estimated $17.5 billion that traders put into Madoff’s enterprise. At the time of his arrest, faux account statements had been telling shoppers they’d holdings value $60 billion.

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