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Tuesday, May 11, 2021
HomeBusinessFederal Bureau of Prisons says Ponzi Schemer Bernard Madoff Has Passed Away

Federal Bureau of Prisons says Ponzi Schemer Bernard Madoff Has Passed Away

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NEW YORK (Reuters) -Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in federal prison where he was serving a 150-year sentence, the Bureau of Prisons said. He was 82.

Madoff had been suffering from chronic kidney failure and several other medical ailments.

He had been held at a federal prison in Butner, North Carolina, after being sentenced in June 2009 to a 150-year term for engineering a fraud estimated as high as $64.8 billion.

Madoff’s thousands of victims, large and small, included individuals, charities, pension funds and hedge funds.

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