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Ponzi schemer Bernie Madoff dies in prison
Posted by: pRICE cUBE
Date: April 14, 2021 08:46AM
[apnews.com]

NEW YORK (AP) — Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison early Wednesday, a person familiar with the matter told The Associated Press.

Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

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 Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.

For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients — from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.





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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: mikebw
Date: April 14, 2021 08:56AM
Well, I guess he did his time.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: MrNoBody
Date: April 14, 2021 09:16AM
#61727-054 did 12 years of 150 year sentence @ club fed.
Ripped off his victims again. Good riddance!



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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: mrbigstuff
Date: April 14, 2021 09:37AM
The university I attended lost 20 million dollars of investment with him. There were lots of losers.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: pdq
Date: April 14, 2021 09:45AM
Only tangentially related; in my experience, there are two kinds of financial advisors out there: those that are largely disinterested in you (or incompetent) once they have your money, and thus underperform the average market index fund, and those that significantly over-perform the market, that your friend/BIL/etc hooks you up with.

It’s those last ones that you really need to avoid.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: raz
Date: April 14, 2021 09:56AM
alas, natural causes



--------------

Embarassing myself on the Internet since 1978.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: Fritz
Date: April 14, 2021 10:37AM
boo f'n hoo



!#$@@$#!

If there are spelling issues, please pardon, Owen the cat is sitting on my keyboard.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: cbelt3
Date: April 14, 2021 10:45AM
The greed and criminality inherent in the market did not die with him.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: Billybob
Date: April 14, 2021 11:21AM
Quote
pdq
Only tangentially related; in my experience, there are two kinds of financial advisors out there: those that are largely disinterested in you (or incompetent) once they have your money, and thus underperform the average market index fund, and those that significantly over-perform the market, that your friend/BIL/etc hooks you up with.

It’s those last ones that you really need to avoid.

smiley-laughing001

So true.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: Ammo
Date: April 14, 2021 12:12PM
My (then) next door neighbor was conned by Madoff, although he never said how much he lost. Judging by the palace he moved to next, it may have been a lot.



Where is there dignity unless there is also honesty? - Cicero

Be kind, for everyone you meet is fighting a battle you know nothing about. —Wendy Mass
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: rjmacs
Date: April 14, 2021 12:13PM
Quote
pdq
Only tangentially related; in my experience, there are two kinds of financial advisors out there: those that are largely disinterested in you (or incompetent) once they have your money, and thus underperform the average market index fund, and those that significantly over-perform the market, that your friend/BIL/etc hooks you up with.

It’s those last ones that you really need to avoid.

The second type is called a fiduciary. If you value your investment more than you value your advisor's boat payments, make sure you pick a fiduciary.



rj
AKA
Vreemac, Moth of the Future




Edited 1 time(s). Last edit at 04/14/2021 12:14PM by rjmacs.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: MindMeld
Date: April 14, 2021 12:17PM
Quote
cbelt3
The greed and criminality inherent in the market did not die with him.

This.
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: pdq
Date: April 14, 2021 12:46PM
Quote
rjmacs
Quote
pdq
Only tangentially related; in my experience, there are two kinds of financial advisors out there: those that are largely disinterested in you (or incompetent) once they have your money, and thus underperform the average market index fund, and those that significantly over-perform the market, that your friend/BIL/etc hooks you up with.

It’s those last ones that you really need to avoid.

The second type is called a fiduciary. If you value your investment more than you value your advisor's boat payments, make sure you pick a fiduciary.

Naw, the second type I was talking about was a "Madoff", as in "made-off with my money".
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Re: Ponzi schemer Bernie Madoff dies in prison
Posted by: Buzz
Date: April 14, 2021 03:30PM
It could have only happened to a nicer guy....
==
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