Bernie Madoff, U.S. Biggest Ponzi Schemer, Has Died at 82 in Prison
U.S. Department of Justice

The disgraced financier who was sentenced to prison for conning his wealthy clients out of billions of dollars, has passed away at the age of 82 in a North Carolina jail.

AceShowbiz - Bernie Madoff, the disgraced financier who was convicted for conning investors out of billions of dollars, has died in prison at age 82.

Madoff died on Wednesday (14Apr21) at the Federal Medical Center in Butner, North Carolina, announced the Bureau of Prisons. The spokesperson said he died of natural causes and it is not believed to be COVID-19 related.

The former chairman of the Nasdaq stock market, was sentenced to 150 years in jail in June 2009 after he pleaded guilty to siphoning billions of dollars from his wealthy clients, which included Florida retirees and celebrities such as Steven Spielberg, Kevin Bacon, Kyra Sedgwick, John Malkovich, and Zsa Zsa Gabor.

Madoff's lawyers filed court papers last year to try to get the 82-year-old released from prison amid the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.

A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff's scheme. At the time of his arrest, fake account statements told clients they had holdings worth $60 billion.

Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. He is survived by his wife Ruth.

"You know I lost both my sons, and my wife is not really well. So it's horrible," he said when asking for release from jail. "I was very close with my family. I made a terrible mistake. And you know I suffer with it. I'll suffer with it when I get out."

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