September 21, 2021

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Bernie Madoff earned $710 in jail after Ponzi fraud conviction

Bernie Madoff leaves federal court docket in New York on March 10, 2009.

Jin Lee | Bloomberg through Getty Photos

Some folks may argue that Bernie Madoff was grossly overpaid even at simply 24 cents per hour for working as an orderly in jail.

Madoff, the late Ponzi scheme king who ripped off 1000’s of individuals for billions of {dollars}, earned simply $710 after nearly 3,000 hours of labor whereas serving 12 years in a North Carolina federal jail earlier than dying of kidney failure in April, newly launched data present.

And when he died at age 82, Madoff didn’t depart behind a lot in the best way of private property: eight AAA batteries, 4 paperback non secular books, a Casio calculator, 4 packages of popcorn, one package deal of ramen soup, a field of gefilte fish and never an entire lot extra.

The Bureau of Jail data, first reported by the net publication The Metropolis, additionally reveal that whereas Madoff typically acquired constructive opinions for his efficiency as an orderly, at one level a supervisor famous he “wants nearer supervision than most,” and was “not very reliable.”

That definitely was the case when Madoff was operating Bernard L. Madoff Funding Securities in New York, the place for many years he lived an expensive way of life as he stored shoppers proud of constant funding returns on their portfolios.

These returns turned out to be a sham.

In 2008, federal prosecutors charged Madoff with operating the biggest Ponzi scheme in historical past, having used cash from some buyers to pay purported income to different folks.

Madoff’s sons, Mark and Andrew, had knowledgeable authorities that he had confessed to them that his enterprise was a whole fraud.

Madoff pleaded responsible in 2009 in Manhattan federal court docket to 11 felonies and was sentenced to 150 years in jail.

Mark Madoff killed himself at age 46 in 2010, two years to the day of this father’s arrest. Andrew Madoff died 4 years after that of lymphoma at age 48.

Whereas in jail in Butner, North Carolina, Madoff labored as an orderly first in a bit of the lock-up devoted to instructional applications. He later requested to be moved to work within the chapel space, The Metropolis famous in its report.

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Final yr, Madoff’s lawyer revealed in court docket filings that the sociopathic swindler was terminally ailing with kidney illness, as he requested a decide to grant Madoff early launch on compassionate grounds.

Manhattan federal Choose Denny Chin shot down that request in June 2020, noting that Madoff had dedicated “some of the egregious monetary crimes of all time” and that “many individuals are nonetheless affected by it.”

About 500 victims wrote to Chin opposing Madoff’s launch.

Considered one of Madoff’s victims had written Chin, “I consider with all my coronary heart that my husband can be alive in the present day if he had not needed to cope with the stress and emotional despair that the lack of nearly all our cash had on our household.”

In December, the Justice Division introduced that the Madoff Sufferer Fund had distributed a complete of $3.2 billion to nearly 37,000 folks defrauded by Madoff. That greenback quantity equals greater than 80% of complete losses incurred by the victims.

The fund’s cash comes from the restoration of belongings linked to Madoff. The fund tasks to finally return a complete of greater than $4 billion in belongings.

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