Bernie Madoff, Financier Behind Notorious Ponzi Scheme, Dies At 82

Bernard Madoff, shown here in 2009, died Wednesday in a federal prison facility in North Carolina.
Bernard Madoff, shown here in 2009, died Wednesday in a federal prison facility in North Carolina.
Louis Lanzano/AP

Bernie Madoff, the financier who orchestrated one of the largest Ponzi schemes in history, has died. He was 82.

He died Wednesday at the Federal Medical Center in Butner, N.C., the Federal Bureau of Prisons confirmed, and had been serving out a 150-year sentence.

As a money manager, Madoff defrauded thousands of investors out of tens of billions of dollars. The former NASDAQ chairman pleaded guilty to 11 criminal counts in 2009 at the age of 71.

His lawyer had filed a motion for compassionate release in February 2020, saying Madoff was suffering from end-stage renal disease and other chronic medical conditions with a life expectancy of less than 18 months.

This is a developing story and will be updated.

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