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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.
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?!
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.