Bernard Madoff is a former American investment advisor, financial analyst, and stockbroker who carried out the largest financial fraud in U.S. history. He was accused of operating a multibillion-dollar Ponzi scheme that swindled its investors. Madoff began his career by finding his own firm on Wall Street in 1960 and remained its chairman until he was arrested in 2008. The collapse of global financial industries leading to a recession in the United States caused many investors to be rattled and withdraw their money. Madoff’s inability to dispense the cash threw him in the spotlight and it was eventually revealed that his business was a fraud and a Ponzi scheme. The U.S. Securities and Exchange Commission had conducted several investigations earlier but were finally able to arrest him in December 2008. Madoff pleaded guilty to the federal felonies charged on him. It was estimated that he was involved in fraud since the 1980s and duped his investors of billions of dollars. The losses were estimated to be around $18 billion. The court sentenced Madoff to 150 years in prison in June 2009, which he is currently serving.
