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NEW YORK (CBSNewYork/AP) – Bernie Madoff, the infamous financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a federal prison.
A law enforcement official confirmed Madoff’s death to CBS News. It was first reported by the Associated Press.
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Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes.
Last year, Madoff’s lawyers filed court papers to try to get the 82-year-old released from prison in the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.
In 2019, Madoff’s attorneys had also asked former President Donald Trump for a reduction in his sentence. None was given.
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Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades.
A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff’s business. At the time of his arrest, fake account statements were telling clients they had holdings worth $60 billion.
Check back soon for more on this developing story.
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(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
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