Bernard Madoff exits Manhattan federal court in 2009. Photo: Louis Lanzano/AP
Bernie Madoff, the architect of one of the largest Ponzi schemes in American history, which defrauded tens of thousands of investors of more than $65 billion, died in prison Wednesday at age 82.
Madoff was a fixture on Wall Street for decades, including presiding as the one-time chairman of the Nasdaq Stock Market. But when the 2008 financial crisis hit, many of his clients sought to liquidate their investments. That was a problem because without any new investments coming in with an amount sufficient to cover those liquidation claims, Madoff's fraud was uncovered.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
