The Eagle OnlineThe Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Videos
Facebook Twitter Instagram
Trending
  • Bank speaks as customers fight inside banking hall + Video
  • Alleged blackmail of Military: We stand by our petition to Buhari — CUPP
  • Oyebode to Information Officers: Give Ekiti activities adequate publicity
  • Kylian Mbappe: Paris St-Germain striker to miss Champions League tie with injury
  • Ebora fights Artikú over special purpose vehicle, by Tunde Odesola
  • Six-year-old sold for N100,000 rescued by police
  • Shocking details I found out about my ex-fiance — Empress Njamah
  • For beating Nigerian into coma, four South African policemen arrested
Facebook Twitter Instagram
The Eagle OnlineThe Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Videos
The Eagle OnlineThe Eagle Online
Home»World News»Ponzi schemer Bernie Madoff dies in US prison
World News

Ponzi schemer Bernie Madoff dies in US prison

Hassan MuazBy Hassan MuazApril 14, 2021No Comments
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Bernie Madoff, the mastermind behind the worst financial scam in history, died in jail at age 82 on Wednesday, US prison officials said.

Madoff was sentenced to 150 years in prison in 2009 for running a pyramid-style scheme that defrauded tens of thousands of people around the world.

The scheme was estimated to be worth around $63 billion.

“We can confirm Bernard Madoff passed away on April 14, 2021, at the Federal Medical Center (FMC) Butner, North Carolina,” an official with the federal Bureau of Prisons told AFP in an email.

The statement said the cause of death needed to be determined by a medical examiner.

In February 2020, Madoff’s lawyer said the disgraced Wall Street financier was terminally ill and wanted to leave prison to die.

Attorney Brandon Sample said Madoff was suffering from “terminal kidney disease, among other serious medical conditions.”

“The Bureau of Prisons concluded in September 2019 that Madoff has less than 18 months to live because of the terminal nature of his kidney failure,” Sample wrote.

The Washington Post reported then that Madoff needed a wheelchair and 24-hour care.

Read Also

  • Victims of Madoff’s Ponzi scheme get additional compensation

He asked for compassionate release so he could mend fences with his grandchildren and die at home but the request was rejected by the prisons bureau.

“I’ve served 11 years already, and, quite frankly, I’ve suffered through it,” Madoff told the paper in an interview.

“You know, there hasn’t been a day in prison that I haven’t felt the guilt for the pain I caused on the victims and for my family,” he said.

A pyramid, or Ponzi, scheme is a form of fraud in which returns on investments are generated only by bringing in fresh investments from new victims. Cash from new clients is used to pay existing clients until the scheme eventually collapses.

Madoff’s fraud was revealed during the financial crisis in 2008 when he was unable to satisfy growing client demands to withdraw their investments, and many lost their savings or were unable to retire.

New Yorker Madoff never invested a single cent of the money the scheme’s clients trusted him with, instead using money from new investors to pay older ones.

US authorities have seized about $4 billion related to Madoff and aim to return it to tens of thousands of his victims around the world.

The Madoff Victim Fund will disburse payments to more than 30,000 people around the world who were cheated out of their investments by the crooked financier between the 1970s and 2000s, the US Justice department has said.

Bernie Madoff Ponzi schemer Prison US
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Hassan Muaz

Related Posts

Pope Francis lands in Congo for long-awaited visit

January 31, 2023

Paris 2024: Ukraine asks IOC to stop Russia, Belarus from Tournament

January 30, 2023

PDP to Buhari: Caution Keyamo, others against interfering with polls

January 23, 2023
© 2023 The Eagle Online.
  • Home
  • Privacy Policy
  • Advert Rates
  • Submit News
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.