Financier Bernie Madoff was arrested in December 2008 after confessing to his sons that his investment advisory business was, in his words, one big lie, a Ponzi scheme that defrauded thousands of investors of an estimated 65 billion dollars in paper wealth over decades, the largest such fraud in history. Madoff pleaded guilty in 2009 and was sentenced to 150 years in prison, where he died in 2021, and the scandal prompted significant reforms to U.S. Securities and Exchange Commission oversight of investment advisers.
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Event TypeFinancial fraud scandal 1 Cross-Tradition Connections
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