Currently
°F
Forecasts

Billion Dollar Scammer Bernie Madoff Dies In Prison

NEW YORK, NY. - Bernie Madoff, the man behind a securities scam that misappropriated billions of dollars of investors’ money has died in prison at the age of 82.

Madoff, a former chairman of the NASDAQ market, was a superstar financial advisor popular among celebrities until his investment fund was exposed as a pyramid scheme back in 2008. Madoff provided his victims with false statements showing that they’d earned high return rates on investments when their accounts were actually empty. His victims included people of all income levels as well as several charities. More than 15,000 separate claims of fraud were filed against Madoff.

After the fraud was revealed many people and organizations lost everything. Back in 2009, he pleaded guilty to securities fraud and apologized for his actions. The court sentenced Madoff to 150 years in prison. Recently, his attorney attempted but failed to have him released due to the threat of COVID-19 in jail. He is believed to have died of natural causes.

Around the Web

Loading...

3 Comments Write your comment

    1. Loading...