Bernie Madoff, the fraudster who founded the world’s largest network of Ponzi pyramids, is dead. Bernie Madoff died in prison at the age of 82.
Madoff went to jail for building the largest pyramid chain in history. Bernie Madoff died in federal prison.
Madoff died of natural causes at the Federal Medical Center in Butner, North Carolina.
Last year, his lawyers filed a lawsuit to release 82-year-old Madoff from prison for the Covid-19 outbreak, and the request was denied.
Bernie Madoff has recently suffered from kidney disease and other chronic medical conditions.
Bernie Madoff went to jail in 2009. He went to prison for nearly 150 years for defrauding thousands of people. He was once the king of Wall Street. Madoff had created the largest known chain of happiness. Thus, he signed a fraud of approximately 65 billion dollars.
THE BIGGEST CORRUPTION IN WALL STREET HISTORY
In Washington, he was an expert sought after by market regulators who for years sought advice on a number of regulatory rules. He also took part in the Market Information Advisory Board, which has been operating since 2000 to protect investors. It turns out that Madoff has defrauded everyone, big and small.
Financial experts have frequently expressed concern about Madoff’s activities over the past 10 years, including a letter to the SEC accusing Madoff of running the Ponzi Game in early 1999. However, it turned out that until its corruption, the SEC did not routinely review Madoff’s investments.
Madoff’s victims include hedge funds, banks, Jewish foundations, as well as wealthy and small investors in North and South America and Europe. Along with Florida retirees, actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel were among those who lost money to Madoff.
WHO IS BERNIE MADOFF? WHAT IS THE PONZY SYSTEM?
It is a fraudulent form of investment first applied by Charles Ponzi in 1910. Ponzi system, or “Chain of Happiness”. A fraudulent method where people included in this system are paid with their own investments or money from subsequent participants.
It is the system that promises to always provide above-average earnings. First, it ensures that expectations are met. In this case, new investors use their money by paying old investors. Accordingly, the ponzi system develops.
It creates the impression that the person has caught a great opportunity for the first time. It provides confidence. The collapse of the system now begins with the pyramid becoming too big and unstable. If there are not enough new participants in the Ponzi system, which basically needs new participants, the chain will collapse.