Madoff Ponzi Scheme

About Madoff Ponzi Scheme

Bernie Madoffs Ponzi scheme, revealed in December 2008, was the largest financial fraud in history. Madoff had promised consistent returns of 10 to 12 percent annually. In reality, he was paying old investors with new investor money. The fraud lasted at least 20 years and cost investors 65 billion on paper, 17 billion in actual cash. Madoff was turned in by his own sons. He was sentenced to 150 years in prison and died in 2021. The SEC had received tips about Madoff but failed to investigate properly. The scandal devastated charities and foundations that had invested with Madoff.