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Bernie Madoff, Ponzi schemer, has died in federal prison

NEW YORK, NY — Bernie Madoff, a former investment banker who was serving a 150-year prison sentence for investment fraud, passed away in federal prison, CBS News confirmed Wednesday (4/14). He was 82.

Madoff, founder of Bernard L. Madoff Investment Securities LLC, fooled Wall Street for decades with a massive Ponzi scheme that swindled thousands of investors out of their life savings and shattered his family.  He pleaded guilty in March 2009 for orchestrating a $20 billion Ponzi scheme — one of the largest in history.

Madoff died from natural causes in Butner, North Carolina.