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Bernie Madoff
Founder of stock brokerage firm
PONZI SCHEME
Market-making operation
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Took away the money from the new investors and give it to old investors
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Lasted almost 2 decades
PONZI SCHEME 2008
Market crashed, investors wanted to cash out returns
PONZI SCHEME 2008
Did not have enough money to give to people
PONZI SCHEME 2008
Confessed to his sons the turned him in
PONZI SCHEME 2009
Pleaded guilty to 11 charges
Bernie Madoff
150 years in prison
Bernie Madoff
To pay 170 billion
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Defrauded approximately 65 billion dollars
Note 
Flashcard (65)