Bernie Madoff, architect of the nation’s biggest investment fraud, dies at 82

Bernard Madoff, architect of the biggest investment fraud in U.S. history, ripping off tens of thousands of clients of as much as $65 billion, has died, The Associated Press reported Wednesday. He was 82. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Bernard Madoff, mastermind of the biggest investment fraud in U.S. history, ripping off tens of thousands of clients of as much as $65 billion, died Wednesday. He was 82.

His death at the Federal Medical Center in Butner, North Carolina, was confirmed by the federal Bureau of Prisons.

Madoff died apparently from natural causes, the AP reported earlier, citing an unidentified person familiar with the matter. He would have turned 83 on April 29.

Madoff was serving a 150-year sentence at the prison, where he had been treated for what his attorney called terminal kidney disease. His request for compassionate release from prison was denied in June.

He pleaded guilty in 2009 to a scheme that investigators said started in the early 1970s and defrauded as many as 37,000 people in 136 countries over four decades by the time Madoff was busted on Dec. 11, 2008 — after his two sons turned him in. Victims included the famous — director Steven Spielberg, actor Kevin Bacon, former New York Mets owner Fred Wilpon, Hall of Fame pitcher Sandy Koufax and Nobel Peace Prize winner Elie Weisel — and ordinary investors, like Burt Ross, who lost $5 million in the scheme.

Madoff insisted the fraud did not begin until the early 1990s, when, he said, “the market stalled due to the onset of the recession and the Gulf War.”

In a 2013 email to CNBC from prison, Madoff claimed the break in the market that started the Great Recession led to his scam.

“I thought this would be only a short-term trade which could be made up once the market became receptive,” he wrote. “The rest is my tragic history of never being able to recover.”

In fact, investigators said, Madoff did not execute a single trade for his advisory clients for years. Rather than employing a so-called split-strike conversion strategy as he claimed, he simply deposited investors’ funds in a Chase bank account, paying off new customers with funds from earlier customers — a classic pyramid scheme — and providing his clients with falsified account statement. The investment “returns” shown on those statements — some $50 billion in all — were pure fiction.

The scandal at Bernard L. Madoff Investment Securities shattered investor confidence, which was already damaged by the financial crisis. And it led to sweeping changes at the Securities and Exchange Commission, which missed the fraud for years despite repeated warnings, including from independent investigator Harry Markopolos, who set out to analyze Madoff’s improbable returns and pronounced them fraudulent as early as 2000.

A subsequent investigation by the agency’s inspector general, H. David Kotz, found that rather than following up on clear evidence of fraud, SEC enforcement staffers decided to take Madoff’s word that his operation was legitimate.

“When Madoff provided evasive or contradictory answers to important questions in testimony, they simply accepted as plausible his explanations,” Kotz wrote.

In early 2020, Madoff asked a judge to release him from prison, saying he was in the end stages of kidney disease and was too old for a transplant.

“You know there hasn’t been a day in prison that I haven’t felt the guilt for the pain I caused on the victims and for my family,” he told The Washington Post at the time. He said his goal was to explain his actions to his grandchildren.

“You know I lost both my sons, and my wife is not really well. So it’s horrible,” he told the Post. “I was very close with my family. I made a terrible mistake. And you know I suffer with it. I’ll suffer with it when I get out.”

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100+ comentarios:

rRobert Smith
rRobert Smith:
75% OF ALL FUNDS WHERE RETURNED.....hardly anyone ever mentions that.
AP
AP:
Cramer’s mentor. Madoff isn’t the first, there will be more to fall in Wall Scam. Gabe Plotkin shaking in his boots.
Juliejulez
Juliejulez:
One of the greatest schemers in history. He didn't get over on me. He only educated me to not fall for the thousands of schemers digging into my pockets.
Johnny Banana
Johnny Banana:
Love how CNBC made the thumbnail look like he deserves to be remembered in a positive light. Enough corruption to go around.
Avid Observer
Avid Observer:
Hell's Frontdesk Rep: Checking in? You're in dungeon 13. Just at the end of the hallway next to the toilet.
Mr. D.
Mr. D.:
Finally, something the mainstream media can tell the truth about instead of all their usual lies.
William B
William B:
Robin William's stand up nailed it...on Madoff.
Just his name alone...would you not question giving him any of your $$$$$. The rest is a hard lesson.
Cassedy Conell
Cassedy Conell:
"There is a way that appears to be right,  but in the end it leads to death. Proverbs 14:12
"Better a little with the fear of the Lord than great wealth with turmoil." Proverbs 15:16
Alperic27
Alperic27:
He represents ‘American Finance at its best’ ... nowhere else on the planet could something like this happen...
Helen coe
Helen coe:
At least they didn't let the crook out because of covid
Charles Drake
Charles Drake:
When you use your smarts for evil
Kurt Guntheroth
Kurt Guntheroth:
Talk about fate and destiny, I mean the sheer irony is unbelievable. Bernie " made off " with the money!
Mike Jorsch
Mike Jorsch:
I remember the story of the French investor who lost a billion slit his wrists over a trash can
adrian lloyd
adrian lloyd:
Not the SEC's finest hour.A regulatory failure that happens far too often in financial circles.
Steven L
Steven L:
3:26 loved it when the cameraman pushed him away with disgust for a picture-taking
Taz D
Taz D:
Was that the time when Cramer famously shrieked, "THEY KNOW NOTHING!"?
John S
John S:
Death at 82. He got off easy having not finished his 150 year sentence. His living victims are still feeling the burn.
Evan Afshin
Evan Afshin:
Jim Cramer doesn't even know what diamond hands means lol. Then says "YOLO." What a sad old tryhard.
Marc P
Marc P:
The way you have the thumbnail set up like he was someone special, is wrong
Michael Seidenberg
Michael Seidenberg:
A Man with a Briefcase can steal more than a man with a Gun. Don Henley
Mister Big
Mister Big:
RIP Bernie! You're a great teacher for those GREEDY people. You had a taste of wealthy life!
Edward Falcus
Edward Falcus:
I should imagine that bernies favourite song was My Way, having said that i wonder if frank was ever tempted to invest a few bucks!
The Ultimate Reductionist
The Ultimate Reductionist:
So.... how many of y'all taking time off from work to go to Bernard Madoff's funeral?
Will he get a royal state funeral like the Duke of Edinburgh?
Black Foot
Black Foot:
The more you news reporters talk about it the longer it’s going to hurt the people who he used leave it alone the man is gone no one will be able to get at him
Hellalujah Chorus
Hellalujah Chorus:
Beware of geeks bearing grifts. 🐴💸
Dark Angel
Dark Angel:
an honorable mention to Riad Salemeh, a close second.
Adriana Apostolescu
Adriana Apostolescu:
"Inability to see"... well said. Mr.
Ben Hueng
Ben Hueng:
He was a legend, even though it was on the bad side
EshmunVideoChannel
EshmunVideoChannel:
The entire market is a Fed fuelled Ponzi bubble.
Jay Willey
Jay Willey:
Ok Jesus, so here’s how it works..... if you give me a million now, we are projecting returns of 14% over the next fiscal quarter.......
Ferdy R
Ferdy R:
Hypocrisy at its best from CNBC! we all know that JP Morgan was in in line with Bernie Madoff with stiffing people, JP Morgan Chase paid a fine of 2. something Billion $ !
Luntershaptop Fukinov
Luntershaptop Fukinov:
Too funny how the only one who made out from this democrat campaign contributor’s scams, was Hillary and her NY senate campaign..
reset this
reset this:
Didn't seem to be much of a scheme, he must have known he would get caught.
Francis Mausley
Francis Mausley:
As in the puppet masters box after the spectacle of a show- "Erelong these outward trappings, these visible treasures, these earthly vanities, these arrayed armies, these adorned vestures, these proud and overweening souls, all shall pass into the confines of the grave, as though into that box." ~ Baha'u'llah, Baha'i Faith
John R
John R:
Fascinating people. I wish my family was like that.
Ka-Pow!
Ka-Pow!:
I guess he won't be able to serve the full 150 year sentence now.
Psalm 91
Psalm 91:
Funny, but when they write about Ray Dalio's record they often compare it to Madoff's. Also, he is a genius and it's the culture that makes Bridgewater successful.
I Know Nothing
I Know Nothing:
But I liked Weekend at Bernie’s
Steven Turner
Steven Turner:
his deal dont hold a candle to the ponzi schem we are in right now
Justin Cross
Justin Cross:
Best Ponzi schemes
1. The Fed
2. Bernie Madoff
3. Bitconnect
clovis Frank
clovis Frank:
You know, I think he's down there right now, screaming up at us. And I think he's in severe pain.
Ajwadd Anwarr
Ajwadd Anwarr:
why is this news?? Hell I still don't know how he did it though lol.
Will78
Will78:
RIP little angel
Nicholas Dautel
Nicholas Dautel:
Wells Fargo was grieving today and had their American flag at half mast. They will now make Bernie Madoff their official Mascot.
ECONOMICS
ECONOMICS:
Biggest investment fraudster died yesterday, the biggest monetary fraudster - THE FED - lives on. Epic.
RADAR PLEX
RADAR PLEX:
Corruption and greed.
Ninja Black
Ninja Black:
Definitly one of my financial heroes along with Jordan Belfort and Joel Osteen
Gary Sanchez
Gary Sanchez:
WATCH MORE VIDEO F.U.L.L H.D 💓 CLICK HERE : 18cams.xyz



!💖🖤❤️今後は気をライブ配信の再編ありがとうです!この日のライブ配信は、かならりやばかったですね!1万人を超える人が見ていたもん(笑)やっぱり人参最高!まさかのカメラ切り忘れでやら1かしたのもドキドキでした,. 💖🖤在整個人類歷史上,強者,富人和具有狡猾特質的人捕食部落,氏族,城鎮,城市和鄉村中的弱者,無`'守和貧窮成員。然而,人類的生存意願迫使那些被拒絕,被剝奪或摧毀的基本需求的人們找到了一種生活方式,並繼續將其DNA融入不斷發展的人類社會。. 說到食物,不要以為那些被拒絕的人只吃垃圾。相反,他們學會了在被忽視的肉類和蔬菜中尋找營養。他們學會了清潔,切塊,調味和慢燉慢燉的野菜和肉類,在食品市場上被忽略的部分家用蔬菜和肉類,並且學會了使用芳香的木煙(如山核桃,山核桃和豆科灌木 來調味g食物煮的時候1&!/ 1618585298
Erwin Hardy
Erwin Hardy:
They are all Con men "Wall Street"!!!!
vervegrande
vervegrande:
Hindsight is 20/20.
Ali B
Ali B:
A lot of spacs and ipos hitting the market today fall under the same category in my opinion but again wtf do I know
Cassandra Yorgey
Cassandra Yorgey:
Wow, Cramer doesn’t even know what “Diamond Hands” means, hilarious 🤣

For anyone wondering it doesn’t mean “magic touch”, it means we held our bags so long they turned to coal, but instead of selling we held them longer and tighter until they turned to diamonds. DH means we don’t sell, pure and simple. Our hands our diamonds because we keep holding and can’t be broken.

Take your curse of Midas boomer theories away from our vocabulary. We do not like misinformation spread about us and it makes us convinced Cramer doesn’t know ANYTHING about anything, let alone investing. We will literally never listen to this man seriously if he doesn’t stop spreading misinformation about us. There’s already a significant portioning people who literally just do the opposite of what Cramer says, or won’t TOUCH a stock if Cramer mentions it. Y’all need damage control on Old Man Cramer if you want new investors after the boomers.
Mr. Serrão
Mr. Serrão:
The day Madoff dies, Coinbase goes LIVE!!!!
Selmer Reference54
Selmer Reference54:
RIP Bernie!
NOTADOCTOR
NOTADOCTOR:
Common criminal. I bet he did not plan on living 12 years in prison. And forget about his "victims" they knew it was too good to be true.
Pierre C
Pierre C:
A shame that he served only 8.6% of his sentence...
Mike Walters
Mike Walters:
The stories that will come out of current market schemes will make ol bernie look like a petty criminal
Josh Borja
Josh Borja:
He would have been a great politician!
andreasantoni
andreasantoni:
You see, Bernie is one Hell of a Madoff artist.
Gilberto Salas
Gilberto Salas:
such good news
Ken Banwart
Ken Banwart:
Haha
A. S
A. S:
These lot talking as if they didn't have a clue, yeah right.
Serge Aylwin
Serge Aylwin:
May he rest where it is red and very hot!
Rocky Marciano
Rocky Marciano:
The ONLY mistake Bernie Madoff made was that he screwed up the rich and famous, a very different story from the "normal" billionaires who do business as usual, those businessmen who thrive only by screwing the poor and that once they have triggered the implosion of a bubble, in a blink of an eye they become beneficiaries of federal bailouts with taxpayer's money.
Demonwater Demonwater
Demonwater Demonwater:
man i am so good at making video games tho
Sylvia
Sylvia:
Having confessed market manipulator and frantic weasel, Jim Cramer commenting on a Madoff and his scheme is rich. Does he have kompromat on CNBC execs or what?
Ohboy Peach
Ohboy Peach:
i remember crazy stuff
J Paul
J Paul:
Cramer seems upset. But you should see Jerry and George!
Y Camara
Y Camara:
Rest in peace
Joe McSilver
Joe McSilver:
I celebrate this man. Why? He forced the whole nation look in the mirror. And not a few saw the face of an idiot there.
From time to time the world needs a guy like Bernie Madoff.
thorian black
thorian black:
Can't take it with you
dalelovesimba
dalelovesimba:
Bernie said I thought that the world would end and I would never have to worry about it! That was my plan too😂
SHOPQEYS
SHOPQEYS:
INVESTORS THOUGHT THEY HAD AN EXCLUSIVE "PRIVILEGED" DEAL. GREEDY INVESTORS GOT, GOT. BOOOHOOO!
Les Sanders
Les Sanders:
Let's see if he can scam ALMIGHTY GOD out of an Eternal Damnation Judgement
Steve Fettuccine
Steve Fettuccine:
good!
WE TOGETHER
WE TOGETHER:
Thank you Harry Markopolos for calling out the trash
James Latief
James Latief:
Still not as a good of a scam artist as the Federal Bank.
LGC Gaming
LGC Gaming:
There was another guy who was tied to Bernie Madoff and I think everybody here knows exactly who I'm talking about
5PercentTint
5PercentTint:
I feel bad for all the lives lost in relation to his actions but it’s crazy to think they will let drug dealers and violent offenders out of jail for COVID but left him in a cage.
Omar Farique
Omar Farique:
If you search 'Bernie Madoff died" in Google you will see that Google says that Bernie Madoff is an American financier 😂😂😂
Dan The Man
Dan The Man:
I wonder if he died with that stupid smirk on his mug?
TheKidFromCleveland
TheKidFromCleveland:
Hey I just watched Simon's Biographics on him The other day! Ha small world eh
1Smoking Lizard
1Smoking Lizard:
Bernie sure made-off with the devil huh
harold davis
harold davis:
Remember the first Market Crash? Yeah those people didn't remember all those other people that got took by the very few. The bigger the LIE the more people who believe it.
Wizardof87 1987
Wizardof87 1987:
Finally justice after he Madoff with all our money!!
Chad Cappadona
Chad Cappadona:
I feel bad for alot of people that lost money except for the wilpons
Bob Dollar 937
Bob Dollar 937:
Bernie Madoff's death made a bed available that I would like to see Donald Trump occupy.
Charley Howard
Charley Howard:
Is he dead as is Jeffery Epstein is 'dead' ? Or is he in Israel as well ?
Adam Bernhardt
Adam Bernhardt:
One less small hat is great
Debra Garner
Debra Garner:
Its now a MAD-OFF! LOL GUYS!
Robert Rachwal
Robert Rachwal:
George Washington died again..
Morris Ritchie
Morris Ritchie:
The old saying goes if you can’t say something nice about someone who has passed away, then say nothing. OK, I will say nothing.
Savid Watkins
Savid Watkins:
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done

Every gambler knows
That the secret to survivin'
Is knowin' what to throw away
And knowin' what to keep
'Cause every hand's a winner
And every hand's a loser
And the best that you can hope for
Is to die in your sleep"
Vlad
Vlad:
RIP Madoff !!! :(
Milliard R Syverain
Milliard R Syverain:
When was Bernie madoff ´s funerals ?
Kevin
Kevin:
RIP
Snapdragon Razor
Snapdragon Razor:
guess network marketing companies learn from madoff himself lol
Photoshopuzr
Photoshopuzr:
Anything with money is a pozi scheme, why go into anything if your not expecting more money in return. 🤣🤣🤣🤣 he just did it the messy way. Nobody is going to jail for turning some digital coins into dollars and cents, that's just fine because nobody is loosing there homes or something else that can be called hey you dropped the ball. This world is crazy.
Roger Nevez
Roger Nevez:
Did he returned all the money he lost from his victims ???
Debra Garner
Debra Garner:
It was other greedy people,that keep this gig going! Trying to get more for the buck! Still hapeningg today!