Washington: Bernard L Madoff, the mastermind of the Ponzi scheme breathed his last on April 14. The 82-year-old disregarded investor was a reviled symbol of Wall Street greed and one of the most sought-after stockbrokers in high finance.
For years, “Bernie” Madoff was regarded as an investment sage. He had clients, homes and boats strewn about exclusive enclaves around the world. Leveraging the clout, he had amassed as a legitimate trader, and eventually fleeced thousands of investors who entrusted to him.
His clients included Holocaust survivor and Nobel laureate Elie Wiesel, filmmaker Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick, U.S. Sen. Frank R. Lautenberg, D-N.J., and scores of retirees and other private individuals.
For at least 16 years, Madoff ran a scam in which he paid existing investors with money from new clients. In 2008, as a financial crisis crippled the U.S. economy, investors began seeking withdrawals of funds that Madoff never owned. On Dec. 10, 2008, Madoff informed his sons, Mark and Andrew Madoff, about the scam after which they turned their father into the authorities.
He was arrested from his penthouse in New York. The court-appointed Irving H. Picard, for liquidation of the firm and compensation for the victims. The mastermind was sentenced to 150 years of prison.