Ponzi scheme fraudster Bernie Madoff dies in prison aged 82

Financier was serving 150-year jail term

Bernie Madoff, the disgraced US financier at the heart of the largest Ponzi scheme in history, has died in prison aged 82, the BBC reports.

Madoff was convicted of defrauding thousands of investors, ranging from celebrities to normal working people, after his £65bn Ponzi scheme collapsed during the financial crisis in 2008. He was sentenced to 150 years in jail in 2009 after admitting the large scale fraud, the report said. His death was announced by the US Bureau of Prisons. London Capital & Finance investors start legal battle for payout - reports Madoff started the Ponzi scheme in the early 1990s. The report added firm was investigated eight times by the US Securities and Exchange Commission because it made "excepti...