Ponzi scheme fraudster Bernie Madoff dies in prison

14 April 2021, 15:25 | Updated: 14 April 2021, 15:32

Bernie Madoff has died in a US federal prison
Bernie Madoff has died in a US federal prison. Picture: PA

By Maddie Goodfellow

Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a US federal prison.

Madoff died early on Wednesday at the Federal Medical Centre in Butner, North Carolina, apparently from natural causes, a person familiar with the matter told the Associated Press.

Last year, Madoff's lawyers filed court papers to try to get the 82-year-old released from prison in the Covid-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions.

The request was denied.

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.

A court-appointed trustee has recovered more than 13 billion dollars (£9.4 billion) of an estimated 17.5 billion dollars (£12.7 billion) that investors put into Madoff's business.

At the time of his arrest, fake account statements were telling clients they had holdings worth 60 billion dollars (£43.5 billion).

For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations.

A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients - from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame baseball pitcher Sandy Koufax.

But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people's fortunes and ruined charities and foundations.

He became so hated he had to wear a bulletproof vest to court.

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades
Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades. Picture: PA

Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed".

After several months living under house arrest at his seven million dollar
Manhattan penthouse apartment, he was led off to jail in handcuffs to scattered applause from angry investors in the courtroom.

"He stole from the rich. He stole from the poor. He stole from the inbetween. He had no values," former investor Tom Fitzmaurice told the judge at the sentencing.

"He cheated his victims out of their money so he and his wife ... could live a life of luxury beyond belief."

US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison.

Both of Madoff's sons have died, Andrew from cancer at the age of 48 and Mark from suicide aged 46 in 2010.

Madoff's wife, Ruth, is still living.

More Latest News

See more More Latest News

Germany's

NATO at risk of Russia attack in next four years, warns German defence chief

Boulder, Colorado, USA. 1st June, 2025. Police investigate the scene of an 'act of terror' in and talk with witnesses on the Pearl Street Mall in Boulder, Colorado, on June 1, 2025. (Credit Image: © Colorado Sun via ZUMA Press Wire)

'Targeted terror attack' in Colorado as petrol bombs reportedly thrown at pro-Israel group, several injured

One young user of single-use vapes told me the ban doesn't "change anything".

'It doesn't change anything', say vape users as disposable vape ban comes into force to deter use among young people

Emergency services near to the scene at Fairgreen Shopping Centre, Carlow, where a incident has taken place. Picture date: Sunday June 1, 2025.

Gunman opens fire at shopping centre in Ireland as man dies from 'self-inflicted' injuries and child injured

London, England. 24th May 2025. Pixie Lott wears a tshirt gifted by a fan as she presents new single 'Somebody's daughter' to the Foodie Festival audience. Cristina Massei/Alamy Live News

Pixie Lott reveals she's pregnant with second child on stage at festival

The Ukrainian leader celebrated the attack in Russia.

'Brilliant result': Zelenskyy celebrates Ukraine's attack on 40 'enemy bombers' in Russia that caused '$7bn' damage

The Royal Terrace Pier Gravesend Kent UK

Man describes rescuing 'screaming' boy from Thames after body recovered in search for missing girl

Yates on the podium, wearing the pink jersey of the race overall leader, celebrates after winning the 21th stage of the Giro d'Italia 2025. Sport - cycling. (Photo by Fabio Ferrari/LaPresse) Credit: LaPresse/Alamy Live News

Britain's Simon Yates wins first Giro d'Italia title in Rome

IDF Spokesperson BG Effie Defrin features in a video posted to X, captioned: "I visited the area of one of the GHF humanitarian aid distribution centers to set the record straight."

IDF denies responsibility after reports of 31 dead in Israeli attack near aid site

Climate activist Greta Thunberg with other activists from a human rights organization meets with journalists in Catania, Italy, Sunday, June 1, 2025, ahead of their departure for the Mideast.

'We have to keep trying': Greta Thunberg sets sail on journey to bring aid relief to Gaza as activist is joined by 11 others

Wiltshire Police confirmed nine people had sustained injuries and were taken to hospital.

Boat on River Thames 'explodes' with nine people injured 'including baby' and transferred to hospital after blaze

British surgeon Dr. Victoria Rose describes the catastrophic scene at Nasser Medical Complex

'Absolute carnage': British doctor describes horror in Gaza hospital after Israel 'opens fire' on aid centre

Sam was driving on the A34 near Manchester on Monday when his car suddenly left the road.

Race Across the World contestant Sam Gardiner, 24, dies in car crash as family pay tribute to his 'joy and energy'

Russia's Ministry of Defence acknowledged the strikes on airfields across five regions earlier today.

Ukraine targets more than 40 'enemy bombers' deep inside Russia with drones 'hidden' in special containers, source says

Firefighters with breathing apparatus and a ladder truck work at the Marienkrankenhaus hospital in Hamburg's Hohenfelde district of Hamburg.

Three dead, more than thirty-five injured in fire in geriatric ward of German hospital

An investigation has found trending mental health TikTok videos are spreading misinformation about mental health

'Feeling anxious? Eat an orange in the shower': Over half of top 100 Tik Tok mental health advice videos contain misinformation