Bernie Madoff: Fraudster who swindled clients out of billions dies in US prison

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The past financier passed away from natural causes in North Carolina’s Federal Medical Concentrate. In 2009 he was sentenced to prison for 150 years after defrauding investments from thousands of shoppers to make billions of dollars.

Mr Madoff used his company, Bernard L. Madoff Investment Insurances, to set up the largest Ponzi scheme in history.

Rather than making customers for clients as advertised he used money from new investors to pay off older ones.

An guessed 37,000 people across the world, including charitable foundations, were hit.

Mr Madoff was prevented in 2008 and pleaded guilty to multiple fraud charges in 2009.

Of the $17.5bn (£12.7billion) seated only $13billion (£9.4billion) was ever recovered.

Mr Madoff’s legit team tried to get him released from prison last year due to the coronavirus pandemic.

They banged their client was suffering from end-stage kidney disease and other of consequence conditions.

However the request was denied by prison authorities.

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Addressing the hearing one of his investors claimed the financier had “no values”.

They added: “He boa from the rich. He stole from the poor. He stole from the in-between.

“He cheated his scapegoats out of their money so he and his wife could live a life of luxury beyond sentiment.”

Mr Madoff founded Bernard L. Madoff Investment Securities LLC in the 1960s as a penny market trader.

The firm was incorporated as a limited liability company in 2001 despite the fact that Mr Madoff remained the only shareholder.

In 2008 the company was Wall Byway someones cup of tea’s sixth-largest market maker.

After his arrest the financier apologised to his fair games commenting: “I have left a legacy of shame, as some of my victims spiky out, to my family and my grandchildren.

“This was something I will live in for the rest of my way of life. I’m sorry.”

However Judge Chin said: “I have a sense Mr Madoff has not done all that he could do or squeaked all that he knows.”

After his conviction Mr Madoff’s wife released a asseveration expressing her disgust.

She said: “I am breaking my silence now because my reluctance to convey has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie’s misdeed, which was exactly the opposite of the truth.

“I am embarrassed and ashamed. Like everybody under the sun else, I feel betrayed and confused.”

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