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BERNIE MADOFF, WHO was serving a 150-year prison sentence in the United States for running the world’s largest Ponzi scheme, has reportedly died.
The Associated Press news agency shared news of the 82-year-old’s death this afternoon, quoting an unnamed source.
Last year, a lawyer claimed Madoff – who was convicted in 2009 of orchestrating a Ponzi scheme that saw investors swindled out of an estimated $65 billion – was terminally ill and wanted to leave prison to die.
In a letter to a US federal judge, attorney Brandon Sample petitioned for his early release, saying Madoff was suffering from “terminal kidney disease, among other serious medical conditions”.
The Washington Post reported at the time that Madoff needed a wheelchair and 24-hour care and was asking for compassionate release, which was ultimately turned down.
“I’ve served 11 years already, and, quite frankly, I’ve suffered through it,” Madoff told the paper in an interview at the time.
“You know, there hasn’t been a day in prison that I haven’t felt the guilt for the pain I caused on the victims and for my family,” he said.
Madoff’s fraud was revealed during the financial crisis in 2008, when he was unable to satisfy growing client demands to withdraw their investments, and many lost their savings or were unable to retire.
He served the end of his sentence in a federal medical prison in North Carolina.
Contains reporting by © AFP 2021.
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It’s well worth looking into how Madoff was caught. The Securities and Exchange Commission had been alerted by another stock trader that Madoff’s funds looked extremely dodgy. The SEC had only a couple of staff who had any relevant experience (most were lawyers and not financial specialists). When the SEC did nothing, the stockbroker who tipped them off slowly built a case against Madoff. The number of US citizens (not all of them that wealthy) who lost everything and who also recommended Madoff to their family and friends (who lost everything) is shocking.
@David A. Murray: Not that dissimilar to the Davy case here. Our regulator was tipped off by a case brought by a customer, and weren’t competent enough to move on it until years and years later, after lots of further damage had been done.
@▪️: well said. If i recall the aggrieved Davy client took their case to the High Court in Belfast ( and won) in 2016. The Irish regulator sprung into action 5 years later.
@▪️:
Very unfair comparison!
Bernie’s firm bought-off many who were sent to inspect internal workings of his firm. And his losses caused by Ponzi were in the billions of dollars.
As a former NatChairman of NASD, Bernie was well respected & seems to have been treated with kid gloves for years by US Financial Oversight Authorities due to his perceived elevated standing within his sector.
In addition, many key roles within his firm were filled by close family members which helped to keep the lid on unlawful activity leading up to bang.
As far as firm here is concerned, all losses were made good, and guilty parties cleared out and hefty fine imposed shows our robust financial regulation now functions properly, unlike prior to 2008 when it would have suited the Bernies of this world.
@David A. Murray: watched a couple films/docs about him. It’s fascinating stuff.
@Rory J Leonard: 4 redundancies is not the same as 4 imprisonments with criminal record.
Also the fine on Ulster bank for pursuing families to the point of loss of home, separation and suicide for money they didn’t owe is not satisfied with a fine for a fraction of the profit they made.
That is no disincentive – the only way to stamp it out here in corruption island is to have prison sentences.
@Rory J Leonard: are you out of your mind. These guys in Davys are guilty of fraud. They should be in prison. I suggest you listen to David mcwilliams podcast on this where Bill Black a former US regulatory authority on this matter. He was actually laughing on the podcast at the strokes pulled in Davys and suggest any customers of theirs should have nothing to do with this organisation & he also claimed in the US all of this guys would be doing time. Robust? You’re out of your mind.
@Rory J Leonard: .Wonder why guilty parties were not named..It took our robust financial regulator years to bring Davy fraud to light. The same regulator that allowed the banks again to run riot concerning the tracker mortgage fraud.
@David A. Murray: good riddance
Had he committed those crimes here, probably would have done little or no jail time. The Golden circle protects all those within.
@Ger O’Reilly: Probably would get to write a book, end up on the Late Late show and go around the world lecturing on his exploits? Just like Bertie!
@Ger O’Reilly: Yes, in Dublin’s Four Goldmines he would have been sentenced to 150 years in prison with last 149 years suspended.
@Richard Ahern: and a medical letter for the final year
he would have been classed a loveable rogue here in ireland and would have celebrity status
Typical of the guy! He was sentenced to 150 years, served 11 and cheated them out of 139…
Made Off with other people’s funds.
We’ve a few Madoffs cute whoores here Still enjoying the clan life,
@John fitzpatrick: the dogs in the streets here in Ireland can name the major culprit and his aid!!!!!!!!
Mums the word!
He destroyed families and lives for his own prosperity. He deserved to die in prison.
Will he want others to join him?
I loved happy days RIP
Stealing all that money and spent his last years rotting in prison, was it worth it?
@Seán Dillon: well no. Because he got caught. Most white collar criminals would tell you of course it’s worth it because it’s rare you get caught. Plus if you in place like Ireland with low accountability you can do what you like just don’t do murder.
@Seán Dillon: the financial regulator in Ireland and across the water in the UK is a joke, its all mouth and broadcasting rules and principles, but you can do whatever you please, get a good lawyer when caught, and by the time you will be caught you will be able to afford the best legal representation, and you’re home dry. If you have a medical condition you’ve basically got the get out of jail free card, without naming names…. Think of certain individuals from the last crash here.
He looks an awful lot like Sepp Blatter. Before I read the article my hopes were high
Bernie Madoff with everyone’s money
@John Corcoran: That joke will never grow old
Bye Felicia
About time we revisited the crimes of our top financial institutions here and let a few of our culprits rot in jail. Yeah what happened to freedom of speech, good on you The Journal shielding these Nice People
About time we revisited the crimes of our top financial institutions here and let a few of our culprits rot in jail
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