The man behind the infamous Ponzi Scheme, Bernie Madoff that spearheaded the sweeping reforms of the US Securities and Exchange Commission twelve years back, has unfortunately passed away.
Bernie who managed to defraud investors of a cumulative $65 billion at the time from wealthy merchants, died of natural causes at 82. He was serving a 150-years life-long sentence, of which he had served 11 years.
The scheme fronted as an investment company stayed sustainable as long as it could return old investors money with new investors commitment. Madoff had promised his investors a 50% return on investment after 90 days. He finally confessed to his family about his crimes and pleaded guilty to 11 felony charges in March 2009.
Early this year, Madoff pleaded for a reduced sentence due to his failing health as he claimed he had only 18 months left to live but unfortunately passed away just two months later.