He was one of the biggest crooks in the financial world. Bernard Madoff died in prison at the age of 82, according to an AP source. For decades, he had made his investors believe that they were putting their money in safe funds with stable returns.
An estimated 37,000 people defrauded by the so-called “Magician of Wall Street” are in 136 countries, including a large number in Switzerland. After pleading guilty, he was sentenced to 150 years in prison. His fraud had reached a total of 65 billion dollars (nearly 60 billion francs).
Denounced by his sons
The affair had exploded at the end of 2008. Discovering the extent of the fraud, his two sons had then denounced it. Bernie Madoff had admitted his pyramid fraud – airplane game or ponzi scheme – by which he paid his old investors with the money received by the new ones. The funds were, in fact, for the most part never invested.
In an obituary, CNBC recalls that Bernie Madoff had among his clients celebrities such as Steven Spielberg, Kevin Bacon or the winner of the Nobel Peace Prize Elie Wiesel.