(RepublicanInformer.com)- Bernard Madoff, the man convicted for operating the biggest Ponzi scheme in history, died at the age of 82 on Wednesday in federal prison. Madoff was serving a 150-year sentence.
The news was revealed by the Bureau of Prisons this week. He died after suffering from chronic kidney failure and a number of other medical problems.
If you’d forgotten about the incredible story behind Bernie Madoff, let us reminded you of just how much money this guy stole.
Once a Wall Street legend and the chairman of the Nasdaq stock market, Madoff was known for finding great investment for his celebrity clients, but it was eventually revealed that he was running a Ponzi scheme whereby the investments from his newest investors paid off his older clients.
The scheme was eventually caught during the 2008 financial crash. Investors started withdrawing their investments in 2008 as the market collapsed, leaving Madoff without the funds to fulfil the withdrawal requests. His situation became so impossible that he finally admitted he was running a scam to his sons Andrew and Mark, who then contacted federal authorities to report him.
Madoff was soon arrested, and at that time, his fake accounts showed that he had holdings of $60 billion. Some of his biggest clients included actor Kevin Bacon and director Steven Spielberg, but he also managed investments for charities and oversaw retirement plans – meaning a huge number of people lost all of their savings because of his scam.
Nobel Peace Prize winner Elie Wiesel, whose foundation lost a massive $15.2 million because of the Ponzi scheme, said that they considered Madoff a “God.”
We trusted everything in his hands,” Wiesel said in 2009.
That’s why he was serving such a gigantic sentence.
Madoff pleaded guilty in 2009.
82-year-old Madoff tried to take advantage of the COVID-19 pandemic last year, with his lawyers requesting that he be released from prison to avoid catching the virus while behind bars. It came at a time when thousands of inmates were being released from prisons in major American cities as Democrat mayors – including New York City Mayor Bill de Blasio – allowed dangerous criminals to leave prison early to avoid contracting the disease.
Madoff’s request was denied, however, even after his lawyers said that he was suffering end-stage renal disease.