The Charles Ponzi Scheme earned its fame as the largest Ponzi scheme in history after the Charles Ponzi scheme baited investors with a 50% return on investment within a period of 90 days.
A Ponzi scheme is a fraud arrangement that lures investors in paying older investors with investment from newer investors. Usually, the scheme seems very sustainable but only as long as new investors continue to contribute and most investors do not demand a full refund.
Well, the originator behind the Charles Ponzi scheme, which left many at their wit’s end, Bernie Madoff is terribly ill and is currently pleading for a reduced sentence as he has just 18 months to live from the U.S President, Donald Trump.
Madoff pleaded guilty to 11 crimes swindling billions of dollars from several thousands of investors across several decades. He was sentenced to 150 years in prison and has now served 11 of the years at a 150-year prison sentence in North Carolina.
He has currently been moved to the palliative care centre within the prison, refused to undergo dialysis treatment and is now confined to a wheelchair.
In an interview with The Washington Post, Madoff discloses the following
“There’s no cure for my type of disease. So, you know, I’ve served. I’ve served 11 years already, and, quite frankly, I’ve suffered through it,” Madoff told the newspaper.
Some who had their fingers terribly burnt still have no sympathy for Madoff citing how Madoff ruined many people’s lives because of his scheming and as such deserved no leniency.
If Bernie Madoff is set free, he would survive on mostly social security and Medicare benefits. he also disclosed plans to live with a friend should he be released.
Two of Madoff’s sons died during his time in prison, one committed suicide on his father’s arrest anniversary while the other fatally to cancer.
