Bernie Madoff, Mastermind of Biggest Ponzi Scheme in History, Dead at 82

Bernie Madoff, the financier who orchestrated the largest Ponzi scheme in history, has passed away in prison at the age of 82. Madoff was serving a 150-year prison sentence in a North Carolina federal facility, and sources tell the Associated Press that he passed away of natural causes.

In 2009, Madoff pled guilty to 11 crimes involving stealing billions of dollars from thousands of investors from the 1970s until late 2008. Madoff was trusted by investors, including director Steven Spielberg, actor Kevin Bacon, and Hall of Fame pitcher Sandy Koufax, as he was a former chairman of the Nasdaq stock market A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff’s business. 

Last year, his lawyers attempted to get him released from prison, stating that Madoff had suffered from end-stage renal disease and other chronic medical conditions. His request was ultimately denied. 

Source: Bloomberg