Ponzi schemer Bernie Madoff dies in prison at 82

Scott Thompson
·1 min read
Bernie Madoff
Bernie Madoff

Bernie Madoff, the man who was the architect behind the biggest Ponzi scheme in history, has died in federal prison at 82, the Federal Bureau of Prisons confirmed on Wednesday.

Madoff died at the Federal Medical Center in Butner, N.C.

Madoff's scheme was estimated at $64.8 billion by prosecutors in 2009, which led the investment advisor to be sentenced to the maximum 150 years in prison following his initial arrest in 2008.

Former Mets majority owner Fred Wilpon was among the many investors who said they were duped by Madoff. Other notables were Steven Spielberg, Larry King, Kevin Bacon and Hall of Famer Sandy Koufax.

When the stock market crashed in 2008, Madoff's scheme began to unravel when investors wanted large sums of their money back that he didn't have.

Madoff told his sons of his scheme, which led to them turning their father in to the FBI on Dec. 10, 2018.