The New York City man behind the largest Ponzi scheme ever has passed away today. Bernie Madoff was serving 150 years in prison for defrauding investors out of some 65 billion dollars. The Queens native died in prison after suffering from multiple medical conditions. Tens of thousands of people and organizations were victims of his massive Ponzi scheme. They include former Mets Owners Fred Wilpon and Saul Katz and Hollywood stars Steven Spielberg and Kevin Bacon. Madoff’s scheme came to light during the 2008 financial crisis. New York City Mayor Bill de Blasio reacted to his death.
“The day someone passes is not a time to dance on a grave, but let’s just be honest, many many people were hurt by his actions and it’s time to hopefully turn the page and move forward.”
Madoff started his own financial firm in his early 20’s and was chairman of the Nasdaq at one point. Madoff was 82 years old.