“Conman of the century” Bernard Madoff dies

He was 82 years old.

The organizer of one of the largest financial pyramids in history, Bernard Madoff, has died in a North Carolina prison at 82. This was reported on Wednesday by the Associated Press, citing sources.

According to him, the death of Madoff, apparently, came from natural causes in the hospital block of the prison. It is noted that last year, lawyers tried to get him released from prison, citing severe kidney disease and other chronic diseases. Still, the petition of the representatives of the swindler was rejected.

Madoff was arrested in December 2008. Three months later, he admitted to defrauding investors and regulators for nearly two decades, as a result of the activities of the Bernard L. Madoff Investment Securities fund, which in fact turned out to be a financial pyramid, about 3 million people around the world were affected, who lost a total of $64.8 billion.

Madoff’s pyramid scheme worked under the “Ponzi scheme,” named after Charles Ponzi, an Italian native who lived in the United States in the early twentieth century, who in 1919 managed to convince thousands of Americans of the possibility of providing a 50 percent return on investment within 45 days, using a loophole in the pricing of international postal coupons. The trick was that there was no loophole, and the dividends to the first wave of depositors were paid out of funds collected from new customers.

Madoff was sentenced to 150 years in prison for securities fraud, money laundering, fraud, and perjury.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor

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