Financiers stole $17.5 billion through a Ponzi-style pyramid scheme
NEW YORK-The financier Bernie Madoff concocted the largest pyramid project in history and was sentenced to 150 years in prison. He died in prison on Wednesday at the age of 82.
Madoff’s lawyers and the Bureau of Prisons said Madoff died at the Federal Medical Center in Butner, North Carolina.
An insider told the Associated Press that his death was caused by natural causes. The person has no right to speak publicly, and has social conversations with Midland without anonymity.
Last year, due to the coronavirus pandemic, end-stage renal atrophy and other chronic diseases, Madoff’s lawyers petitioned the authorities to allow their clients to be released from prison. The request was denied.
Madoff admitted that the Ponzi scheme used the pyramid scheme to embezzle thousands of people from billions of dollars in decades.
The lawyer appointed by the court has managed to recover $13 billion of the $17.5 billion stolen by Madoff. At the time of his arrest, Madoff’s business used false bank deposits to mislead customers and ensured $60 billion in assets.
For decades, Madoff has enjoyed a reputation in the financial world, and despite the natural ups and downs of the market, he managed to accumulate huge wealth. The former chairman of the Nasdaq Stock Exchange has attracted many loyal investors, from Florida retired old people to film director Steven Spielberg, actor Kevin Bacon and baseball player Sandy · Celebrities such as Kufax.
However, in 2008, they discovered that their business was nothing more than a pyramid scheme that wiped out the savings of customers and put foundations and charities into bankruptcy. He was so annoying that he had to wear a bulletproof vest to court.
In March 2009, Madoff pleaded guilty to financial fraud and other charges, saying that he “deeply apologized and apologized.”
After months of house arrest in a comfortable apartment in Manhattan, he was handcuffed and jailed. He was applauded by angry investors, who have already appeared in court.
“He stole money from the rich, the poor and the people in the middle. He has no morals,” former investor Tom Fitzmaurice told the judge during the trial. “He stole money from the victim so that he and his wife can live an incredibly luxurious life.”
Madoff was sentenced to the longest sentence: 150 years in prison.
Brandon Sample, Madoff’s lawyer in recent years, said in a statement on Wednesday that the financier “has been feeling sorry for his crimes” until his death. .