Death - billionaire fraudster Bernard Madoff dies

The former star investor Bernard "Bernie" Madoff was sentenced to 150 years in prison in 2009 for a huge financial fraud. Now Madoff has died at the age of 82 in federal prison, as reported by the US broadcaster CBS and the Washington Post, citing the prison authorities.

For years, Madoff had cheated investors by an estimated 65 billion dollars (54 billion euros) with the help of a sophisticated pyramid scheme and fantastic return promises. He was arrested in December 2008 at the height of the financial crisis and sentenced in June 2009. He has been in prison ever since.

Madoff had pleaded guilty to eleven counts, including fraud and money laundering. For decades, he had faked investors supposedly dream profits from money from new investors. When the hoax was exposed in the financial crisis, many lost all their savings. At the trial Madoff confessed that he had never invested the sums entrusted to him. His victims included banks, individuals and charities from around the world.

 

"Madoff victims" also in Austria

In Austria, too, there were “Madoff victims”, namely a relatively large number of people who made claims. Only from the USA, Germany, France and Switzerland came more cases. From 2009 there were investigations in connection with Madoff about the former Viennese bank Medici and its ex-co-owner Bank Austria. The bank managed funds through which money flowed to Madoff. According to the National Bank, investors in this country lost 350 million euros.

The family of Sonja Kohn, founder of the now defunct Bank Medici in Vienna, lost $ 11,5 million (then 8,51 million euros) to the US billionaire fraudster Bernard Madoff. The former Bank Medici, badly hit by the fraud affair, was founded in 1984 by the banker Kohn. The investment banker was considered a brilliant networker who, according to the "Financial Times", Madoff is said to have met back in the 1980s. The private bank also did the main business with funds - allegedly more than 3 billion dollars were invested in Madoff. Bank Austria and Bank Medici finally paid $ 500 million into the Madoff mass pot.

In an interview with the Washington Post in February 2020, Madoff complained of being terminally ill and applied for early release in the corona pandemic, which was not granted. His attorney stated at the time that Madoff had fatal kidney disease and was likely to be less than 18 months old. (apa)