Bernie Madoff

About Bernie Madoff

Bernie Madoff operated the largest Ponzi scheme in history, estimated at 65 billion in paper wealth. Madoff was arrested on December 11, 2008, after his sons turned him in. The fraud may have begun as early as the 1980s. Madoff promised consistent returns of 10 to 12 percent annually regardless of market conditions. He produced fake account statements showing fabricated trades. The SEC investigated Madoff multiple times but missed obvious red flags. Harry Markopolos repeatedly warned the SEC that Madoff was a fraud. Madoff was sentenced to 150 years in prison. He died in prison in 2021 at age 82. The court appointed trustee recovered approximately 14 billion for victims over 12 years. Investors who withdrew money before the collapse were forced to return it through clawback lawsuits.