Site icon FoxsportsTv

Bernie Madoff, whose Ponzi scheme screwed the Mets for years, dies in prison


Bernie Madoff, whose Ponzi scheme value buyers billions, died in jail.
Picture: Getty Photographs

Bernie Madoff tried to get clemency from Donald Trump in 2019, and final yr requested to be launched from jail due to kidney illness. He didn’t get the presidential get-out-of-jail-free card, and didn’t get the compassionate launch, however Madoff is now off the hook for the remaining 138 years of his federal jail time period for working a large Ponzi scheme.

Madoff died on Wednesday morning at age 82, as reported by the Related Press, having spent the final 12 years of his rotten life behind bars.

Throughout his profession as a felony, Madoff defrauded buyers for billions of {dollars}, till his large Ponzi scheme was uncovered in 2008. Amongst his purchasers have been Sandy Koufax and the Corridor of Famer’s childhood buddy, former Mets proprietor Fred Wilpon. So deep have been the Mets’ ties to Madoff that Wilpon and Saul Katz, Wilpon’s brother-in-law and accomplice with the Mets, needed to pay hundreds of thousands of {dollars} as a part of the settlement in Madoff’s fraud case.

Whereas Wilpon as soon as thought that his investments with Madoff would cowl the price of issues like Bobby Bonilla’s annual million-dollar funds, the fallout from the Ponzi scheme wound up hamstringing the Mets for years. Lastly, final fall, Wilpon and his household offered the staff to precise billionaire Steve Cohen.

Madoff’s victims have been far wider than simply the wealthy and well-known. His scheme worn out households’ financial savings and crushed charitable foundations. A good businessman as one of many founders of the NASDAQ alternate, Madoff’s facet hustle was working a pretend funding portfolio that defied dips out there, and paid out returns to buyers by merely giving them the money from newer buyers.

Because the Wilpons have been amongst those that really obtained payouts from Madoff — $300 million price — they have been on the hook as a part of the efforts to return cash to buyers who have been defrauded.

Madoff’s crimes drove a few of his victims to suicide, and his son Mark killed himself in 2010, on the anniversary of the fraudster’s arrest. Madoff is survived by his spouse, Ruth, who reached a settlement with the trustee for her husband’s victims in 2019.


Exit mobile version