Yahoo Finance Bernie Madoff Dies at 82
Bernie Madoff, known for leading one of the biggest investment scams in U.S. history, died Wednesday at the age of 82.
Madoff, who had kidney disease, died at the Federal Medical Center in Butner, N.C., according to the Associated Press.
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Madoff pleaded guilty in 2009 to 11 federal crimes related to the Ponzi scheme, which defrauded thousands of clients across the world for a reported $65 billion. He was sentenced to 150 years in prison with restitution of $170 million.
Madoff’s crimes spanned over four decades and impacted many public figures and fashion industry executives. Those he defrauded in the fashion industry include L’Oréal heiress Liliane Bettencourt, Theory cofounder Andrew Rosen, model Carmen Dell’Orefice, Nine West founder Jerome Fisher and former editor-in-chief of Self, Alexandra Penney. Madoff also defrauded the likes of director Steven Spielberg, actor Kevin Bacon and baseball legend Sandy Koufax, among others.
In 2013, the Madoff Victim Fund was established to distribute funds to those defrauded in Madoff’s scheme. As of December, the fund has issued $3.2 billion to nearly 37,000 victims globally, according to the Justice Department.
Last year a federal judge denied Madoff’s request for early release after he was given less than 18 months to live.
Prior to his charges, Madoff was a renowned Wall Street financier and was the former non-executive chairman of the Nasdaq stock market. His crimes inspired the 2017 HBO film “Wizard of Lies,” which starred Robert De Niro as Madoff.
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