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Bernie Madoff Dies In Prison While Serving 150-Year Sentence

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CBS4's Jessica Vallejo shares the details.

Video Transcript

- And now at 5:00, infamous Ponzi schemer Bernie Madoff has died at the age of 82. Madoff died this morning at the federal Medical Center at the prison in Butner, North Carolina. He was serving a 150-year sentence for swindling thousands of clients out of billions of in investments over decades. CBS 4's Jessica Vallejo has reaction to his death.

JESSICA VALLEJO: The mastermind behind the Ponzi scheme, Bernie Madoff, has died while serving life in prison in North Carolina. He was sentenced to 150 years. The 82-year-old is believed to have passed from natural causes.

DANIEL STERMER: There is some still-pending matters that are out there. Some of them have been resolved. Some of them are still in litigation phases.

JESSICA VALLEJO: Madoff was involved in the biggest investment fraud in US history. Back in 2009, he shocked the world when he pled guilty to running a Ponzi scheme that prosecutors said he stole thousands out of their life savings. For decades, Madoff had defrauded as many as 37,000 people, earning close to $65 billion. Victims are now left with questions about lawsuits but attorney, Daniel Stermer says his death makes no difference.

DANIEL STERMER: Mr. Madoff's passing is a moment in time, but yet it's not going to have any real impact on the litigation or the settlements reached.

JESSICA VALLEJO: Before Madoff pled guilty, he called many of his victims greedy. Stephanie [? Holia, ?] who we spoke to in 2011 said he has stolen all her retirement money.

- He was living off the money that he stole from us.

JESSICA VALLEJO: As the scheme was unfolding, [? Holia ?] said--

- I'm not sure how he suffered. Did he suffer on his yacht in the French Riviera? Did he suffered traveling to the top resorts in the world?

JESSICA VALLEJO: Local philanthropist Norman Braman was another individual impacted by this scheme. Madoff stole millions from Braman after hearing of Madoff's death Bremen told CBS 4 News "that's past history. It was over a long time ago for me. I can't change what has already happened, so I never look back. It is not in my nature."

And according to Madoff's attorney, he says he was being treated for kidney failure. Now last year, his attorney did file court papers to release the 82-year-old during this pandemic. But that was denied. In Dural, Jessica Vallejo, CBS 4 News.