Ponzi scheme fraudster Bernie Madoff dies in prison, aged 82
Ponzi schemer Bernie Madoff has died in a US federal prison, believed to be from natural causes, according to the AP.
He was 82.
Madoff was jailed in 2009 for running a decades-long Ponzi scheme. He has served 11.5 years of a 150-year prison sentence
Last year a judge refused Madoff an early release after it became known he was dying of kidney failure.
During his trial, prosecutors successfully argued that Madoff used his firm Bernard L. Madoff Investment Securities to swindle thousands of individuals, charities, pension funds and hedge funds in a $64.8bn fraud.
A court-appointed trustee estimated Madoff’s customers lost $17.5bn, of which $14.3bn has been recovered.
Madoff was arrested in December 2008 after admitting his fraud to his sons, and pleaded guilty to 11 criminal counts.
Many victims came from the Jewish community, where Madoff had been a major philanthropist.