Bernie Madoff net worth: Fraudster who stole billions dies – what was he worth on death?

Written by Administrator

Bernie Madoff was jailed in 2009 after pleading guilting to defrauding thousands of clients to the tune of billions of dollars. He was serving a 150-year sentence.

Bernie Madoff ran a Ponzi scheme, thought to have been the largest in world history.

A Ponzi scheme is a type of fraud in which profits are paid to investors with money from new investors.

While investors believe a legitimate business is behind the money, it is actually just coming from newer investors, who also believe the investment is legal and legitimate.

The schemes are able to run because investors will so rarely ask to withdraw their entire investment and few will ask for payment unless suspicious.

Madoff ran the scheme by depositing all supposed investments from clients into his own personal business account, which he held with Chase Manhattan Bank.

When clients asked for money he simply gave it to them from the account.

He claimed he always intended to use the money for trading but it proved “difficult, and ultimately impossible”.

Madoff pleaded guilty to securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC – in total 11 federal felonies.

He apologised to those he stole from in a statement.

Madoff said: “I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.

“This was something I will live in for the rest of my life. I’m sorry.”

Judge Denny Chin denied Madoff compassionate prison release in June 2020.

The judge said he committed “one of the most egregious financial crimes of all time.”

Madoff married his wife Ruth in 1959, and the couple had two sons, Mark and Andrew, both of whom he outlived. Mark died by suicide in 2010 and Andrew of lymphoma in 2014.

Madoff and Ruth divorced in 2000. Ruth is 79 years old and lives in Queens, New York.

Source link

About the author