Bernie Madoff, the mastermind behind the largest investment scam in U.S. history, has passed away at 82 while serving a 150-year prison sentence at a federal medical center. He was undergoing treatment for terminal kidney failure.
Madoff shocked the world in 2009 when he admitted to orchestrating a massive Ponzi scheme that defrauded thousands of people of their life savings.
Shortly after the news of Madoff’s death broke, Bobby Bonilla’s name began trending on Twitter. This is a common occurrence every July 1st because the Mets are obligated to continue paying Bonilla $1.19 million annually until 2035.
The former New York Mets star gained attention because in 2000, the Mets owed him $5.9 million following a lackluster performance of four home runs and 18 RBIs. Both parties wanted to sever ties, leading to an unusual agreement. Bonilla and his representatives proposed that the Mets defer payment for 11 years and then make annual payments of $1.19 million from 2011 to 2035.
The Mets’ owner at the time, Fred Wilpon, was associated with Bernie Madoff’s investment scheme and believed he could generate more returns by investing the $5.9 million rather than paying it to Bonilla. Unfortunately, this decision backfired spectacularly.
Madoff’s fraudulent hedge fund collapsed in 2008 after being exposed as a Ponzi scheme.
