In late 2008, Bernie Madoff was arrested for orchestrating what is still the largest Ponzi scheme in U.S. history. Madoff was sentenced in 2009 to 150 years in prison for money laundering, securities fraud, and perjury, among other crimes. In addition to his sentence, the former investor was ordered to pay back investors $170 billion and the government seized his assets, including yachts, multiple homes, and jewelry, to make these repayments.
Madoff testified that his fraud began in the 1990s and he was caught after confessing his crimes to his sons, who promptly turned their father over to the authorities. In the decades Madoff ran his Ponzi scheme, he was able to con investors out of billions and it comes as no surprise that the rich and the famous were among his victims.
Let’s take a look at some of Madoff’s high-profile victims and their current whereabouts.
Steven Spielberg
Steven Spielberg might be the biggest name out of Madoff’s estimated 40,000 victims. Spielberg invested on behalf of his charity the Wunderkinder Foundation, which primarily supports causes related to the arts — with an emphasis on theater and film — and other progressive causes, according to a comprehensive guide by Inside Philanthropy. It’s generally reported that the amount Spielberg lost was undisclosed but The Telegraph writes that the Wunderkinder Foundation lost approximately $340,000 to Madoff. Spielberg’s…
