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D8639098

  1 month ago

Bernie Madoff, mastermind of the nation’s biggest investment fraud, dies at 82

Bernard Madoff, mastermind of the biggest investment fraud in U.S. history, ripping off tens of thousands of clients of as much as $65 billion, died Wednesday. He was 82.

His death at the Federal Medical Center in Butner, North Carolina, was confirmed by the federal Bureau of Prisons.

Madoff died apparently from natural causes, the AP reported earlier, citing an unidentified person familiar with the matter. He would have turned 83 on April 29.

For more than 50 years, Bernie Madoff was renowned on Wall Street, a big money manager who founded his own firm at age 22 and became nonexecutive chairman of the Nasdaq in 1990. He was credited with helping develop some of the systems and market structures that moved the stock market beyond the trading floor and gave rise to modern, electronic trading.

But Madoff’s life came crashing down in 2008, during the depths of the financial crisis.

Madoff was serving a 150-year sentence at the prison, where he had been treated for what his attorney called terminal kidney disease. His request for compassionate release from prison was denied in June.

He pleaded guilty in 2009 to a scheme that investigators said started in the early 1970s and defrauded as many as 37,000 people in 136 countries over four decades by the time Madoff was busted on Dec. 11, 2008 — after his two sons turned him in. Victims included the famous — director Steven Spielberg, actor Kevin Bacon, former New York Mets owner Fred Wilpon, Hall of Fame pitcher Sandy Koufax and Nobel Peace Prize winner Elie Weisel — and ordinary investors, like Burt Ross, who lost $5 million in the scheme.

Madoff insisted the fraud did not begin until the early 1990s, when, he said, “the market stalled due to the onset of the recession and the Gulf War.”

Source: CNBC
(https://www.cnbc.com/2021/04/14/bernie-madoff-dies-mastermind-of-the-nations-biggest-investment-fraud-was-82.html)

I watched a documentary on his life. It was so interesting how he got away with so much because he had so much confidence. I hope HBO or Netflix make a documentary or mini series on his life. May his soul rest in peace.
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Grandmoo

  1 month ago
I am victim of a heartless greedy executor who pulled all possible strings to rob me of my inheritance which even resulted in me loosing my family home. It is an auditor that wormed his way into our lives after a broker who rented office space from him, bamboozled my dad into assisting him with his financial aspects, especially tax forms. My dad never needed any such people but kind-hearted, he thought the 'poor chap' needed some business.
But, when someone gets all about your taxes, they know everything about your financial side.
People who are experienced in the financial industry... well, I just don't trust any of them. The executor is a senior partner of an auditing firm, meaning that he is in the financial industry. He is a qualified auditor.
The man with the mighty green ink pen. And he was covered by others in the Law setup of South Africa.
I am surely not the only person to whom this happened by the hands of this auditor and his 'agent'. I once saw a young girl crying terribly after leaving their premises.....she crossed a street oblivious of traffic.
This is blatant robbing others of their means, their homes, their futures.
It is wrong. And yes, since they have enough wrath of Truth over them, better we rather wish them a good life and after life.
Victims are often just the ladle in the bigger hand that stirs the pot so the scum will surface. Greed is a terrible burden to its owner....
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