Kevin Bacon fell victim to losing a fortune to Bernie Madoff’s Ponzi scheme that was running in the 90s.
Bernie Lawrence Madoff was an American fraudster and financier.
The Federal Bureau of Prisons has confirmed that he passed April last year while in custody at a federal facility in North Carolina.
Madoff was serving a 150-year sentence following his 2009 criminal case and subsequent conviction.
The controversial figure’s passing brought a lot of mixed reactions.
He famously ran an extensive Ponzi scheme swindling investors out of billions of dollars over many years.
It’s believed he died from kidney failure.
In late 2008, the Madoff investment scandal was a major case of stock and securities.
Madoff, who was an American financier, executed the largest Ponzi scheme in history.
He defrauded thousands of investors out of tens of billions of dollars over the course of at least seventeen years.
Some believe he may have kept the fraud up for longer.
As well as being a financier, he was also a pioneer in electronic trading and chair of the Nasdaq in the early 1990s.
Madoff was born in Brooklyn, on April 29, 1938, to Ralph and Sylvia Madoff.
