The Bernard Madoff Ponzi Scheme Scandal

The Bernard Madoff “Ponzi Scheme” scandal was the biggest and lasted the longest financial fraud in the history of the US. Bernard Madoff was a financial adviser, and also the former chairman of the NADAQ. He established his investment firm named “Bernard L. Madoff Investment Securities LLC” in 1960. The Madoff Fraud is a typical “Ponzi Scheme”, in order to attract investors to give money to him, he convinced people to hand over their life saving, and promised them high returns rate, and then he used these money to make payments to those earlier investors. He took the investors for a $65 billion over the course of nearly two decades. In the end, Bernard was sentenced to maximum 150 years prison life and a forfeiture of $170 billion.
This scandal