The American businessman and creator of the largest financial pyramid in history, Bernie Madoff, died in prison at the age of 82, reports Reuters with reference to the Federal Bureau of Prisons.
The cause of death was not disclosed. Bernie Madoff suffered from chronic kidney failure and several other illnesses. In February 2020, he applied for early release, claiming that he had less than 1.5 years to live.
In 2009, he was sentenced to 150 years in prison for organizing the largest financial pyramid scheme in history. He had a successful career on Wall Street, and among his investors were director Steven Spielberg and actors Kevin Bacon and Kyra Sedgwick, writes CNN. The victims of the pyramid were more than 37 thousand people and large banks, financial and investment companies, insurance, and charitable foundations in different countries.
Bernie Madoff was known as a financial manager who founded his own firm in the 1960s and promised investors 12% per annum. During the financial crisis in 2008, it became known that Madoff did not conclude any transactions for clients вЂ” he paid off new investors with the money of previous ones (вЂњPonzi schemeвЂќ). According to The Washington Post, in December 2008, Bernie Madoff confessed to his sons in fraud, after which they handed him over to law enforcement. One of the sons, Mark, committed suicide in 2010.