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Bernie Madoff was an American financier who orchestrated the largest Ponzi scheme in history, collecting about $65 billion that he had no intention of investing.
On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars.
In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Bernie Madoff was an American hedge-fund investment manager and former chairman of the NASDAQ stock market. He was best known for operating history’s largest Ponzi scheme. In 2009 he pled guilty to various charges and was sentenced to 150 years in prison.
On June 29, 2009, Bernard L. Madoff was sentenced to 150 years in prison. Let’s take a moment to understand how his scheme worked.
Arrested for running an elaborate Ponzi scheme in December 2008, Madoff pleaded guilty to 11 felony counts in March 2009. That summer, the 71-year-old was sentenced to 150 years in prison.
The Justice Department announced today that the Madoff Victim Fund (MVF) began its ninth distribution of over $158.9 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme.
Bernard Madoff, Architect of Largest Ponzi Scheme in History, Is Dead at 82. His enormous fraud left behind a devastating human toll and paper losses totaling $64.8 billion. Share full...
Bernie Madoff, the Wall Street financier behind a vast Ponzi scheme that defrauded thousands of investors and stole billions of dollars, died in prison at 82.
Mr Madoff had been serving a 150-year sentence after he pleaded guilty in 2009 to running a Ponzi scheme, which paid investors with money from new clients rather than actual profits. It...