Ponzi schemer Bernie Madoff has died in a federal prison, believed to be from natural causes


(FILES) A picture taken on January 14,2009 in New York, shows Bernard Madoff leaving US Federal Court after a hearing regarding his bail. The French prosecutor's office opened on May 29,2009 an investigation into allegations of fraud following complaints from investors who say they were harmed in a pyramid scheme orchestrated by US financier Bernard Madoff, legal sources said. AFP PHOTO/ TIMOTHY A. CLARY

NEW YORK (AP): Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died early Wednesday (April 14) in a federal prison, a person familiar with the matter told The Associated Press.

Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorised to speak publicly and spoke to the AP on the condition of anonymity.

Last year, Madoff's lawyers filed court papers to try to get the 82-year-old released from prison in the Covid-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.

A court-appointed trustee has recovered more than $13bil (RM53.7bil) of an estimated $17.5bil (RM72.3bil) that investors put into Madoff’s business. At the time of Madoff's arrest, fake account statements were telling clients they had holdings worth $60bil (RM247.7 bil). - AP

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