Bernie Madoff conned Steven Spielberg out of £250,000 during biggest fraud in US history
The disgraced Wall Street financier died in prison today at 82. Madoff was serving 150 years after he pleaded guilty in 2009 to running a Ponzi scheme, which paid investors with money from new clients rather than profits. The firm was investigated eight times by the US Securities and Exchange Commission because it made exceptional returns, but when the 2008 financial crisis struck, investors tried to withdraw roughly $7billion (£5.08billion).
Madoff confessed to his son that he could not find the money to cover it, and they went to the authorities.
The list of those scammed included actor Kevin Bacon, Hall of Fame baseball player Sandy Koufax and Mr Spielberg.
The Hollywood legend’s foundation invested nearly 70 percent of its dividend and interest income in 2006.
According to The Telegraph, it was hit by a loss of approximately $340,000.