Bernie Madoff Says He’s Dying and Seeks Early Prison Release

Last year, Mr. Madoff filed a petition for clemency with the Justice Department, seeking to have his sentence commuted by President Trump.

Mr. Madoff has been incarcerated at a federal prison in Butner, N.C., since July 2009, after he pleaded guilty to 11 counts of financial crimes, including fraud, money laundering, perjury and theft. He received the maximum possible sentence.

He was accused of using his investment firm to steal billions from his clients, cheating many of them out of their life savings. Rather than investing their money, Mr. Madoff spent it on family and friends. He then took in money from additional investors to pay earlier ones in an effort to cover up his fraud.

In 2008, Mr. Madoff told his sons, both of whom have since died, that his investment advisory firm, Bernard L. Madoff Investment Securities, had committed enormous fraud. His family notified federal agents, who arrested him the next day.

Article source: https://www.nytimes.com/2020/02/05/business/bernie-madoff-prison-release.html?emc=rss&partner=rss