The Bernie Madoff Ponzi Scheme Wall Street's Biggest Scandal #historicfacts

one of the most infamous Financial frauds in American history is the Bernie Madoff Ponzi scheme uncovered in 2008 Bernie Madoff a former chairman of the NASDAQ Stock Exchange and a respected figure on Wall Street orchestrated a massive Ponzi scheme that defrauded investors out of an estimated $65 billion for decades madof promised consistent High returns to his clients many of whom were wealthy individuals Charities and even celebrities however instead of investing the money as promised mtof used funds from new investors to pay returns to earlier investors creating the illusion of a successful investment strategy the scheme unraveled in December 2008 during the financial crisis when Madoff was unable to meet Redemption requests he confessed to his sons who reported him to the authorities leading to his arrest madof was sentenced to 150 years in prison in 2009 but the Damage Done to his victims was immense with many losing their life savings