“Bernie, up until his death, lived with guilt and remorse for his crimes,” his lawyer, Brandon Sample, said in announcing Madoff’s death. “Although the crimes Bernie was convicted of have come to define who he was, he was also a father and a husband. He was soft spoken and an intellectual. Bernie was by no means perfect. But no man is.”

Madoff’s level of remorse has always been in question. Even from prison, Madoff has said in recent years that he ran a proper business for decades and that his biggest early investors were to blame for his crimes by demanding unrealistic returns. He could have proved as much, he argued, if he’d gone to trial.

The people who put him behind bars don’t buy it.

“Madoff is a good example of the extent to which people who are involved in fraud can often be so deeply invested in their own lies that where the truth ends and the lie begins gets obscured even for them,” said Randall Jackson, a former assistant U.S. attorney in Manhattan who prosecuted Madoff. “I have no doubt Bernie completely understood that his activities were massively fraudulent for many decades and the sum total of his life was an enormous lie.”

‘Obsessed Over Drugs’
Julian Moore, another former assistant U.S. attorney who was one of the lead prosecutors on the case, said Madoff’s death and the conviction of his top aides “may be closure for some” but still isn’t adequate justice. The government can help prevent a recurrence by being more equitable in its enforcement priorities, he said.

“While the nation obsessed over the war on drugs and disproportionately and unfairly prosecuted minorities, white collar defendants like Madoff ran free until the financial collapse of 2008 revealed the emperor had no clothes,” Moore said.

To Shapiro, the California real estate investor, it’s even starker.

“When I wrote to Judge Chin I said he murdered people,” Shapiro said of a letter he filed for the federal judge who oversaw Madoff’s case. “People died, and those people died penniless. He ruined so many lives. He was a murderer, in my mind.”

And “brilliant” in his deception, Shapiro said, wondering at Madoff’s “perfect setup.”

“You had to beg him to take your money,” he said.

Huge Blow To SEC
The Herculean effort to recover cash for the victims through litigation in bankruptcy court has so far repaid nearly 70% of valid claims—a far better outcome than many expected when the fraud was fresh. Even so, the process has dragged on, creating uncertainty for many and a blizzard of paperwork for others. It has been overseen by New York lawyer Irving Picard, the trustee for Madoff’s company in court. He recovered the funds by suing hundreds of customers who withdrew more money from their accounts than they deposited, spending profits that existed only on paper.