Ponzi scheme mastermind, Bernie Madoff passes away at 82
The mastermind behind the biggest Ponzi scheme/investment fraud in the history of the United States, Bernie Madoff, has passed away at the age of 82 while in a North Carolina prison.
He was serving a 150-year sentence for his actions, which resulted in defrauding over 35,000 people out of $65 billion dollars.
His death was due to natural causes. But, according to his attorney, he was dealing with a terminal kidney disease.
Madoff was arrested for his Ponzi scheme back in 2008 and plead guilty the following year. His sons blew the whistle on him. The investigation showed that this scheme had been going on since the 70s and victims included some well-known celebrities like Sandy Koufax, Steven Spielberg, Kevin Bacon, and even a Nobel Peace Prize Winner.
Last year he was denied his request for a compassionate release. He would have turned 83 later this month.
Story via Mary Steinberg and Scott Cohn with CNBC