Ernie Madoff, 71, was convicted of operating a Ponzi scheme and defrauding thousands of investors. He pleaded guilty in March to 11 counts, including fraud, money laundering and perjury, and was sentenced to 150 years in prison. Prosecutors have said it was the largest investor fraud ever committed by one person, amounting in billions of dollars stolen from investors. Madoff once owned million dollar estates in Manhattan, Montauk on New York’s Long Island; Palm Beach, Florida; and in Cap d’Antibe, France.
Although Ernie Madoff is serving time in prison, he has been hit with a lawsuit. Attorney are meeting with Madoff to get as much money back from responsible parties. Allegations say during the mid-1970s, Madoff began sending employees to buy drugs for company use and he was fond of escorts and masseuses, and used money stolen from investors to pay them, according to the complaint. Madoff allowed company parties consisted of topless strippers, and some employees had affairs in places such as Madoff’s own office, the lawsuit claims.
This is a very sad way to live the rest of your life in prison while being accused of purchasing cocaine and allowing illicit sex pleasures in his place of business. All of the billions Ernie Madoff stole from people to operate his illegal investment business, is coming back to haunt him. Possibly, if he is really remorseful for what he has done, maybe deep down inside he will find peace.