Bernie madoff scandal summary -

Bernie madoff scandal summary bernie madoff scandal summary

Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in prison, a person familiar with the matter tells The Associated Press.

bernie madoff scandal summary

Our newsletter catches you up with all the business stories that are shaping Charleston and South Carolina every Monday and Thursday at noon. Get ahead with us - it's free. NEW YORK — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a year prison term, died in a federal prison early Wednesday.

He was Last year, Madoff's lawyers filed court papers to try to get him released from prison in the coronavirus pandemic, saying he had suffered from end-stage renal disease and other bernie madoff scandal summary medical conditions. The request was denied.

- Life of luxury -

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades. For decades, Madoff enjoyed an image as a self-made financial guru whose Midas bernie madoff scandal summary defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients — from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.

But his investment advisory business was exposed in as a multibillion-dollar Ponzi scheme that out people's fortunes and ruined charities and foundations.

bernie madoff scandal summary

He became so hated he had to wear a bulletproof vest to court. Madoff pleaded guilty in March to securities fraud and other charges, saying he was "deeply sorry and ashamed. He stole from the poor. He stole from the in between.]

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