or
Sign in with lockrMail
BREAKING NEWS

Notorious Ponzi Schemer Bernie Madoff Dies In Prison At Age 82

Infamous Ponzi schemer Bernie Madoff has died at 82 on Wednesday, April 14, from natural causes.

Article continues below advertisement

Madoff, who operated the largest private Ponzi scheme in history, died at the secure federal medical center in Butner, N.C. — where he was serving out his 150-year prison sentence after being arrested in 2008 — according to prison officials. 

Article continues below advertisement

The investment advisor, who would've turned 83 on April 29, was suffering from end-age kidney disease and other chronic ailments, The Associated Press reported. 

Article continues below advertisement
microsoftteams image
Source: US Department of Justice
Article continues below advertisement

Madoff fell from grace when his scheme was brought to light in the late 2000s amid the global financial crisis. At the time, he reportedly admitted to his son that his business was just "one big lie."

Article continues below advertisement

From A-list celebrities to retirees who entrusted him, his $65 billion scheme affected more than 37,000 victims in 136 countries, including charities and foundations. 

Article continues below advertisement
Article continues below advertisement

Madoff's scandalous rip-off was also tied to at least four suicides, New York Post reported, including eldest son Mark — who hanged himself on the second anniversary of his father's arrest after leaving a ruthless letter behind. 

Article continues below advertisement

“Bernie, now you know how you have destroyed the lives of your sons by your life of deceit. F**k you,” the 48-year-old wrote at the time.

MORE ON:
Bernie Madoff

Want OK! each day? Sign up here!

Article continues below advertisement

His younger son, Andrew, also blamed his father for the recurrence of his rare cancer, mantle-cell lymphoma, which he died from in 2014. He was also 48.

Article continues below advertisement

“One way to think of this is the scandal and everything that happened killed my brother very quickly. And it’s killing me slowly,” he told PEOPLE before he died. "Even on my deathbed, I will never forgive him for what he did."

Article continues below advertisement

Once his scheme unraveled, Madoff became so hated that he had to wear a bulletproof vest to court due to the angry protests outside the Manhattan federal courthouse.

Article continues below advertisement

Madoff pleaded guilty to 11 federal felonies in March 2009, saying he was "deeply sorry and ashamed."

Article continues below advertisement
Article continues below advertisement

"When I began the Ponzi scheme I believed it would end shortly and I would be able to extricate myself and my clients from this scheme," Madoff said during his plea hearing. "However, this proved difficult, and ultimately impossible, and as the years went by I realized that my arrest and this day would eventually come."

Article continues below advertisement

Federal judge Denny Chin gave him the maximum sentence of 150 years, stating that his crime showed "extraordinary evil" and "took a staggering human toll."

Madoff's attorneys attempted to get him out of prison last year amid the COVID-19 pandemic, crediting his multiple health issues as why he needed to be released. His request was denied.

More From OK! Magazine

    Opt-out of personalized ads

    © Copyright 2024 OK!™️. A DIVISION OF MYSTIFY ENTERTAINMENT NETWORK INC. OK! is a registered trademark. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Cookies Policy. People may receive compensation for some links to products and services. Offers may be subject to change without notice.