Tuesday, May 30, 2023

Bernard Madoff, the tragic end of the largest pyramid scam in history

Bernard Madoff pulled his family after he revealed the large scale fraud he carried out in the United States. Photo: composite LR/AFP

In 2008, a scandal rocked Wall Street when the largest pyramid scheme in history was revealed, headed by the famous financier Bernard Madoff. She has given so much money to celebrities, businessmen and royal personalities that she has lost an estimated 65,000 million dollars, according to the United States authorities.

This all came to light when, in the midst of the economic recession, his investors asked him to withdraw the money they had once given him. However, the 7 billion dollar request could not be covered by Bernardo.

Actor Kevin Bacon and his wife Kyra Sedgwick lost almost their entire fortune to Bernard Madoff. Photo: composite LR/AFP

The defendant was convicted of fraud, money laundering, false testimony, perjury and fraudulent presentation of documents, for which he received a sentence of 150 years in prison. Although it was a terrible shame, for she was going to be the most important boss of NASDAQ.

attempted death

When the scam was discovered, the Madoff family received strong judicial and media support, which led Bernard and his wife to end their lives in a cell where they were both serving preventive detention.

Ruth Madoff divorced Bernard after the death of one of her children. Photo: NBC New York

“I don’t know whose idea it was, but we were both sad about everything that had happened. (…) Let’s calculate how many catapots to take and I think we’ll both leave that place relieved. All I can say is, very impressive. I was happy to get up in the morning,” Ruth Madoff would tell Vanity Fair years later.

Rejection of children

The biggest blow Bernard Madoff received was the divorce of his two children after the disclosure of the Ponzi scheme he had. Because of his disgraceful involvement, Mark and Andrew Madoff decided to change Morgan’s last name.

Mark Madoff, the eldest son of the former financier, died in his bedroom in New York. Although the culprit was not found, the man’s social circle turned his back and he could not work. “He was an innocent victim of his father’s crimes,” said the lawyer. Likewise, his widow warned Bernard not to enter his funeral.

Andreas and Marcus Madoff completely distanced themselves from their father after the fraud they orchestrated became apparent. Photo: 60 minutes / YouTube

On the other hand, the health of Andrea Madoff’s son was seriously damaged, when the cancer took on a greater force with the family scandal that he began to suffer.

Speaking to the press, he said that he could not find a way to justify what his father had done, and therefore felt that he could not forgive him. Andrew died of lymphoma in 2014. Before losing his life, he asked that Bernardo not be allowed to attend his funeral.

only death

At 82 years old, Bernard Madoff died on April 14, 2021 of natural causes. The only survivor of his family, Snow brought the distress of the fraud, his ex-wife Ruth, who filed for divorce after the death of their son.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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