![]() Since Madoff's sentencing, court-appointed trustees have clawed back an estimated $14 billion (€11.7 billion) of the estimated $17.5 billion that investors had put into the business. Madoff was serving a 150-year sentence in a US prison for engineering a fraud estimated as high as US64.8 billion. The sentencing judge described the crimes as "extraordinarily evil." The trustee overseeing the liquidation of Bernard Madoffs assets has sued the disgraced financiers wife Wednesday, July 29, 2009, asking for nearly 45 million spent on a 'life of splendor.'(AP. Madoff cultivated an image of himself as a savvy, self-made, and reputable money manager. ![]() Bernard Madoff, shown here in 2009, died Wednesday in a federal prison facility in North Carolina. The scheme meant some saw their life savings wiped out and destroyed charities and foundations that had placed their faith in Madoff, who presented himself as a self-made financial guru. More:Disgraced financier Bernie Madoff dies in prison The former chairman of the Nasdaq stock market, Mr. Bernie Madoff, Financier Behind Notorious Ponzi Scheme, Dies At 82. His clients included retirees, as well as celebrities such as the director Steven Spielberg and actor Kevin Bacon. The sister of Bernie Madoff, the late disgraced financier behind the largest Ponzi scheme ever, died in an apparent murder-suicide, local police confirmed Sunday, representing the latest. Madoff was charged with 11 counts for crimes committed over two decades, including securities fraud, mail fraud, money laundering, perjury and false filing. Madoff's fraud are unprecedented," prosecutors said at the time, claiming that the scheme had been in operation since "at least" the 1980s. He confessed the situation to his sons, who turned him in to authorities. The scam came to light only at the time of the 2008 financial crisis, as worried investors clamored to withdraw savings from financial institutions. ![]() Madoff was said to have hired numerous employees who had "little or no prior pertinent training or experience in the securities industry." In reality, the venture held only a fraction of that amount. Madoff was jailed in 2009 for overseeing a scam that hit many thousands of clients, whose statements told them that their investments were worth almost $65 billion in total. By Kate Gibson J/ 3:57 PM EDT / MoneyWatch By the time Ponzi schemer Bernie Madoff died of kidney failure, the man who bilked unsuspecting people out of billions of dollars had. The onetime Wall Street kingpin had been suffering from chronic kidney failure, although the precise cause of death was not immediately confirmed. The disgraced financier Bernie Madoff, who was convicted for running a Ponzi scheme that was unprecedented in its scale, died in prison at the age of 82, the US Federal Bureau of Prisons announced on Wednesday.Īs the mastermind of the epic swindle, which earned him billions of dollars and 150 years behind bars, Madoff had been denied permission to die at home.
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