Bernie Madoff is dead: Where does that leave his victims' cases?
According to the criminal complaint for his Dec. 11, 2008 arrest, Madoff confessed to his sons on the previous day that his business was a "giant Ponzi scheme."
By Michael A. Mora|April 16, 2021 at 02:06 PM|The original version of this story was published on Daily Business Review
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Bernie Madoff, the architect of one of the largest Ponzi schemes in American history, which defrauded tens of thousands of investors of more than $65 billion, died in prison Wednesday at age 82.
Madoff was a fixture on Wall Street for decades, including presiding as the one-time chairman of the Nasdaq Stock Market. But when the 2008 financial crisis hit, many of his clients sought to liquidate their investments. That was a problem because without any new investments coming in with an amount sufficient to cover those liquidation claims, Madoff’s fraud was uncovered.
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