Bernie Madoff, Orchestrator of Largest U.S. Ponzi Scheme, Dead at 82

Bernie Madoff, the former NASDAQ chairman who built one of the biggest investment fraud schemes in history, died in prison. He was 82.

Bureau of Prisons confirmed Madoff passed away on April 14 at the Federal Medical Center in Butner, North Carolina. Madoff had been serving a 150-year prison sentence at the time of his death. 

After masterminding a Ponzi scheme that conned investors out of millions of dollars, Madoff was arrested in Dec. 2008 on fraud charges and later pleaded guilty. At the time, Madoff apologized and told the court he was “ashamed” of his actions.

Judge Denny Chin hardly showed mercy for Madoff. “Here, the message must be sent that Mr. Madoff’s crimes were extraordinarily evil,” the judge said while delivering Madoff’s sentence, “and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead—one that takes a staggering human toll.”

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