Similar Stories to Bernie Madoff, Financier Who Operated The Largest Ponzi Scheme In History, Dies on Bing News

Katy Steinmetz, Time: Business
Wed, 04/14/2021 - 7:02am

Bernard L. Madoff, a boy from Queens who went on to perpetrate one of the most infamous frauds in Wall Street history, died Wednesday in a federal prison, according to multiple reports. He was 82. In a February 2020 court filing, Madoff said he was entering the final stages of kidney disease and asked for an early prison release, which was not granted. Madoff, a financier who began his career in the 1960s, was the reason that generations of Americans learned about the elaborate hoax known as a Ponzi scheme, which involves paying early investors with the funds from later investors, while portraying those payments as actual profits.

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Who Was Bernie Madoff & What Did He Do?
Bernard Madoff, widely known as Bernie Madoff, was held responsible for one of the biggest investment frauds in the United States. A Wall Street financier, he pleaded guilty in 2009 for initiating a ...
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