Bernie Madoff, Former NASDAQ Chairman, Dies in Prison
Convicted of Massive Financial Fraud
Wall Street Financier Admitted to $64.8 Billion Scheme
WEB Bernie Madoff, a Wall Street financier who admitted to orchestrating a $64.8 billion Ponzi scheme, has died in prison. Madoff, 82, died at the Federal Medical Center in Butner, North Carolina, on April 14, 2021, the Federal Bureau of Prisons confirmed.
Madoff was the former chairman of the NASDAQ stock market and the founder of Bernard L. Madoff Investment Securities. In 2008, he pleaded guilty to 11 federal felonies related to the fraud, which was one of the largest financial crimes in history.
Madoff admitted to running a Ponzi scheme for decades, using money from new investors to pay returns to existing clients. The scheme collapsed in 2008 when the financial crisis caused investors to redeem their money. Madoff was sentenced to 150 years in prison in 2009.
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