NEW YORK, April 14 (Reuters) – Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said. He was 82.
Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.”
COMMENTS RYAN DETRICK, SENIOR MARKET STRATEGIST, LPL FINANCIAL, CHARLOTTE, NORTH CAROLINA
“It’s a harsh reminder of where we’ve been, from the depths of the financial crisis, how bad things got, and the terrible Madoff scandal that hurt so many people.
“It’s interesting it happened the day we had extremely strong financial and bank earnings, which justify this current economic recovery and stock market valuations.” (Compiled by the Global Finance & Markets Breaking News team)
