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Bernie Madoff

began his brokerage firm (Ponzi Scheme) in 1960 and grew it into one of the largest on Wall Street.While doing so, he began investing money as a favor to family and friends, though

he was not licensed to do so. Over a period of fi fty years, these side investments became

an investment fund that mushroomed into a $50 billion Ponzi scheme. Bernie

pled guilty without a trial on March 12, 2009, and was sentenced to 150 years in prison. Thousands of wealthy clients, philanthropic organizations, and middle-classpeople whose pension funds found their way into Bernie's investment fund lost theirlife savings.

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11y ago

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