Ponzi schemer Bernie Madoff dies in prison at 82

Dear ATS Readers, Writers,

Whilst few may be shedding a tear; Bernie Madoff has died in prison...

Ponzi schemer Bernie Madoff dies in prison at 82

The fraud was believed to be the largest in Wall Street’s history.

Over the years, court-appointed trustees laboring to unwind the scheme have recovered more than $14 billion of an estimated $17.5 billion investors put into Madoff’s business. At the time of Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.

Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “deeply sorry and ashamed.”

After several months living under house arrest at his $7 million Manhattan penthouse apartment, he was led off to jail in handcuffs to scattered applause from angry investors in the courtroom.

“He stole from the rich. He stole from the poor. He stole from the in between. He had no values,” former investor Tom Fitzmaurice told the judge at the sentencing. “He cheated his victims out of their money so he and his wife ... could live a life of luxury beyond belief.”

Madoff’s attorney in recent years, Brandon Sample, said in a statement that the financier had “lived with guilt and remorse for his crimes” up until his death.

Bernie's lifestyle showed that, at least for a while; crime paid, and paid him well.

But when it all unraveled he paid a very high price.

Pravdaseeker

a reply to: pravdaseeker

All the worry about COVID in the prison population and you are telling me that elderly, non violent Madoff, a high risk for COVID, wasn't let out with the rest?!

a reply to: ketsuko

Greetings ketsuko,

Ha! Your sarcasm is noted...

He screwed over too many rich folks and people with connections.

Because of this alone, he wouldn't be let out due to covid releases. He pissed too many people off.

Pravdaseeker

Somebody convinced him he can come back reincarnated if he invests $1 million 😄

His Great-Niece Jess Ekstrom is wiping her forehead 😎🚬

originally posted by: ketsuko
a reply to: pravdaseeker

All the worry about COVID in the prison population and you are telling me that elderly, non violent Madoff, a high risk for COVID, wasn't let out with the rest?!

I didn't even know they let some out.

But I guess it's because most hurricanes don't do as much economic damage as that guy did lol. Impressive really.

I'm guessing very few even care. Death due to natural causes. But, of course not Covid so funeral costs will not be covered by FEMA.

So, will Ponzi scheme be renamed to Madoff scheme and long live his legacy?

a reply to: pravdaseeker

To be fair, he was living on borrowed time...

Bernie was a former NASDAQ chairman and realized that if everyone wanted to sell their stocks at the same time they would all be worth nothing. Thus the Ponzi scheme, which works as long as you have new investors buying stock to cover the expense of those that wish to sell their shares and receive cash. Kind of ironic the NASDAQ closed down 138 points today near a double top.

His death was due to natural causes, a person familiar with the matter told The Associated Press. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

"A person".

Yeah right.

I'd say : The right man, the right time, the right place and a pillow maybe.

Add some surveillance camera malfunction and sleepy guards.