According to a source quoted in an Associated Press report, Madoff died from natural causes at the Federal Medical Center in North Carolina on Wednesday. Last year Madoff’s legal team attempted to get Madoff released from prison due to the pandemic, though their request was ultimately denied.
A trustee has thus far recovered more than $13 billion of the total estimated $17.5 billion that various investors put into Madoff’s business, which was part of what is widely referred to as the biggest Ponzi-style scheme on record.
In March of 2009, Madoff pleaded guilty in Manhattan federal court to 11 felony counts in connection with the Ponzi scheme. The offenses included securities fraud, investment adviser fraud, mail fraud, wire fraud, a trio of money laundering charges, false statements, perjury, false SEC filings, and employee benefit plan theft.
“Today is one step in an ongoing investigation,” Lev L. Dassin, then-Acting U.S. Attorney for the Southern District of New York, said at the time. “While we do not agree with all the assertions made by Mr. Madoff today, his admissions certainly establish his guilt. We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr. Madoff, as warranted.”
In June 2009, Madoff was sentenced to 150 years in prison. Denny Chin, then-U.S. District Judge, said when announcing the sentencing that Madoff’s actions constituted not only “a bloodless crime” but also an “extraordinarily evil” plot with a “staggering human toll.”