Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison early Wednesday, a person familiar with the matter told The Associated Press.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
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.
bde
He is now at the judgement. Why not say that all who lost money got paid back from other Madoff funds and the only person who was destroyed at the end is Madoff himself.
Because that is incorrect, that is not how Ponzi schemes work. The actual losses to investors was anywhere from 10 to 17 billion dollars.
only 13 of over 50 billion were recovered. most people are still broke due to him.
BDE
Everyone got
Paid back in different ways
If only we’d speak so clearly in incriminating terms when people kill others
This world is mixed up
There’s a lot more to say on the subject..
BDH I pray he reccieved a jewish burial
The Federal Government is the “largest Ponzi Scheme in history”.
A Ponzi Scheme pays early investors with funds from recent investors.
For example, Social Security and Treasury Bonds, etc. can only pay “early investors” with funds from “recent investors”. There is not enough money! So more bonds are sold! Easy Ponzi!