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BERNARD MADOFF: THE LARGEST FINANCIAL SCAM OF HISTORY.
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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard 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 Ponzi scheme.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman until his arrest. The firm employed Madoff’s brother Peter as a senior managing director and chief compliance officer, Peter’s daughter Shana Madoff as rules and compliance officer and attorney, and Madoff’s sons Andrew and Mark. Peter was sentenced to 10 years in prison, and Mark committed suicide by hanging exactly two years after his father’s arrest.

Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history. On June 29, 2009, he was sentenced to 150 years in prison with restitution of $170 billion.

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