Foreign media quoted news that Bernie Madoff, who pleaded guilty to the largest Ponzi scheme in history, died in prison on Wednesday (14) at the age of 82. Madoff’s lawyer, who had applied to the court last year to let Madoff out of prison, said he had end-stage kidney disease and other chronic illnesses, but was denied.
Madoff pleaded guilty in March 2009 to securities fraud and other charges and was sentenced by a U.S. District Court to a maximum of 150 years in prison.
Madoff’s investment scam defrauded thousands of clients who were estimated to have invested more than $19 billion with Madoff; at the time of his arrest, Madoff’s false bank records deceived clients by stating that they held assets worth $65 billion. A court-appointed trustee later recovered more than $14.4 billion, part of which was used to pay restitution to clients.
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