News

Bernie Madoff, Architect Of World’s Biggest Ponzi Scheme, Dies At 82

On Wednesday, Bernie Madoff died of natural causes at the age of eighty-two. Madoff became infamous as the investment advisor who orchestrated the largest Ponzi scheme in history. Madoff’s scheme was revealed to authorities in 2008 after his sons Mark and Andrew turned him in. Madoff’s Ponzi scheme is currently the largest in world history and the largest financial fraud in U.S. history.

Based on the accounts of Madoff’s 4,800 clients that he swindled, the fraud itself was worth $64.8 billion. Madoff’s Ponzi scheme victims included numerous celebrities such as Kevin Bacon, Kyra Sedgwick, John Malkovich, Elie Wiesel, Larry King, Jeffrey Katzenberg and the entire team of the New York Mets. For his crimes, Madoff received a sentencing for 150 years in prison without the possibility of parole. Madoff’s brother Peter was also arrested for his part in the Ponzi scheme. The family suffered a string of tragedies not long after Madoff’s arrest. Mark committed suicide by hanging on December 11, 2010 while Andrew died of lymphoma on September 3, 2014.

Madoff has attempted to reduce his prison sentence several times recently. In 2019, Madoff contacted former President Donald Trump to request a pardon. His lawyers petitioned for his release in 2020 citing his terminal illness, which was later denied. While Madoff was hospitalized in 2019, the request was once again denied due to the severity of his crimes.

Adam Grunther

Adam is a graduate of Lynn University with a BA in Drama. He has a passion for film and television.

Recent Posts

Golf Influencer Paige Spiranac Addresses Rumors She Did ‘Favors’ To Advance Golf Career

Golf influencer Paige Spiranac has come forward to address the rumors of engaging in "favors" to advance…

4 hours ago

Newly Released JFK Files Reveal That KGB Thought Lee Harvey Oswald Was ‘A Poor Shot’ Who Couldn’t Be Controlled By Anyone

The latest release of secret government files relating to former President John F. Kennedy's death has…

4 hours ago

N.Y. Yankees Star Brett Gardner’s 14-Year-Old Son’s Cause Of Death Reversed By Authorities In Costa Rica

In Gardner and Jessican’s statement, they shared, “Miller was a beloved son and brother and…

5 hours ago

EXCLUSIVE VIDEO: Olympic Gold Medalist Bart Conner Reveals How He Acted In Cult Film ‘RAD’  While On Crutches

Speaking about the dangers of gymnastics and how that impacted his role in 'RAD', Conner…

8 hours ago

Ashley St. Clair Accuses Elon Musk Of ‘Substantially’ Reducing Child Support In Retaliation For Suing For Sole Custody

Conservative influencer Ashley St. Clair has come forward with accusations against tech billionaire Elon Musk…

11 hours ago

‘Happy Endings’ Star Eliza Coupe Hits Back At Fans Who Criticized Her ‘Sad’ Appearance At Premiere

Actress Eliza Coupe responded to fans who criticized her appearance at the premiere of the…

12 hours ago