Skip to main content

Bernie Madoff Ponzi Schemer Died Today (4)

Apr 14, 2021 11:22 AM CST Bernie Madoff Ponzi Schemer Died Today
MICHAEL BALSAMO and TOM HAYS
Wed, April 14, 2021, 9:28 AM
NEW YORK (AP) — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82.

Madoff's death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.

Last year, Madoff's lawyers unsuccessfully asked a court to release him from prison during the coronavirus pandemic, saying he suffered from end-stage renal disease and other chronic medical conditions.

His death was due to natural causes, a person familiar with the matter told The Associated Press. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

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 film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.

But his investment advisory business was exposed in 2008 as a Ponzi scheme that wiped out people’s fortunes and ruined charities. He became so hated he wore a bulletproof vest to court.

The fraud was believed to be the largest in Wall Street's history.

Over the years, court-appointed trustees laboring to unwind the scheme have recovered more than $14 billion of an estimated $17.5 billion investors put into Madoff’s business. At the time of Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.

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 $7 million 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 in between. 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.”

Madoff's attorney in recent years, Brandon Sample, said in a statement that the financier had “lived with guilt and remorse for his crimes” up until his death.

“Although the crimes Bernie was convicted of have come to define who he was — he was also a father and a husband. He was soft spoken and an intellectual. Bernie was by no means perfect. But no man is,” Sample said.

U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term.

“Here, the message must be sent that Mr. Madoff’s crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll,” Chin said.

A judge issued a forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. The order left her with $2.5 million.

~~~~~ Continued in the link below ~~~~~

Apr 15, 2021 6:27 AM CST Bernie Madoff Ponzi Schemer Died Today
All I know or remember about this case, is that the media was all over him.
And I kept thinking... He can't be the only one.
Apr 15, 2021 11:06 AM CST Bernie Madoff Ponzi Schemer Died Today
There is a tv show called How It Really Happened.

A couple weeks ago I watched the documentary about Bernie Madoff.
If you have this particular show on your tv you might be interested in the story of what this creep did to so many people. An interesting thing I found out is the people who thought they made a bundle of money actually paid taxes on that money but it wasn't really there. They paid taxes to the government on ponzi money.

Apr 18, 2021 12:58 PM CST Bernie Madoff Ponzi Schemer Died Today
Car54
Car54Car54Arles, Provence-Alpes-Cote d'Azur France2 Threads 271 Posts
secretagent09: MICHAEL BALSAMO and TOM HAYS
Wed, April 14, 2021, 9:28 AM
NEW YORK (AP) — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82.

Madoff's death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.

Last year, Madoff's lawyers unsuccessfully asked a court to release him from prison during the coronavirus pandemic, saying he suffered from end-stage renal disease and other chronic medical conditions.

His death was due to natural causes, a person familiar with the matter told The Associated Press. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

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 film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.

But his investment advisory business was exposed in 2008 as a Ponzi scheme that wiped out people’s fortunes and ruined charities. He became so hated he wore a bulletproof vest to court.

The fraud was believed to be the largest in Wall Street's history.

Over the years, court-appointed trustees laboring to unwind the scheme have recovered more than $14 billion of an estimated $17.5 billion investors put into Madoff’s business. At the time of Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.

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 $7 million 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 in between. 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.”

Madoff's attorney in recent years, Brandon Sample, said in a statement that the financier had “lived with guilt and remorse for his crimes” up until his death.

“Although the crimes Bernie was convicted of have come to define who he was — he was also a father and a husband. He was soft spoken and an intellectual. Bernie was by no means perfect. But no man is,” Sample said.

U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term.

“Here, the message must be sent that Mr. Madoff’s crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll,” Chin said.

A judge issued a forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. The order left her with $2.5 million.

~~~~~ Continued in the link below ~~~~~

Well, that's one. Another million to go.
Madoff did what many others did before him, only he wasn't employed by the government or a bank.
Post Comment - Post a comment on this Forum Thread

Stats for this Thread

113 Views
3 Comments
Created: Apr 14
Last Viewed: 23 hrs ago
Last Commented: Apr 18

Share this Thread

Post Comment back to top
We use cookies to ensure that you have the best experience possible on our website. Read Our Privacy Policy Here