Financier Bernard Madoff, convicted of fraud, has died

The most prominent financial and financial investor in New York Before falling into
Forgery In the aftermath of the 2008 crisis,
Bernard Madoff He passed away at the age of 82, we learned on Wednesday. He was sentenced in 2009 to 150 years in prison, and he was serving his sentence in a North Carolina prison,
United State.

The cause of death was not revealed

After the stock market crash at the start of the 2008 school year, his hoax came to light. It was following the fraudulent method known as the Ponzi scheme, which involves researching the finances of its new clients to pay or compensate the older investors. It is the biggest fraud in history.

A spokesman for Butner Prison, in North Carolina, declined to reveal the cause of death. In 2020, Bernie Madoff requested his early release on medical grounds, which was denied in June. He said he was terminally ill with kidney disease and had only 18 months to live.

Hierarchical fraud

Coming from a modest Jewish family in Queens, New York, Bernard Madoff founded a brokerage firm while still in college in the late 1950s and personified a new generation of financiers, more modern, that took advantage of the development of information technology.

Becoming a Wall Street figure, he offered, in addition to brokerage services (buying and selling of securities on behalf of clients), an investment vehicle, which quickly became successful. A growing number of institutional investors as well as high net worth individuals have entrusted her with billions of dollars in management, lured by the promise of a high and above all stable return, in an unpredictable financial world by definition.

The sums demanded by investors who took legal action after the scandal was resolved amounted to more than $ 17 billion. Including hypothetical profits Bernie Madoff boasted of, losses totaled $ 65 billion.

The recovery fund aims to compensate victims of this hitherto unprecedented fraud by about $ 2.7 billion.