Bernard Madoff

Bernard Madoff is a longstanding leader in the financial services industry, he was the former chairman of the Nasdaq Stock Market, He remained a member of Nasdaq OMX Group Inc's nominating committee.

Bernard Madoff is a powerful adviser on Wall Street who got arrested on the 11th of December 2008, He was charged for allegedly running a $50 billion Fraud Ponzi scheme.

Bernard Madoff founded in 1960 the market-making firm, Bernard L. Madoff Investment Securities LLC.

Bernard Madoff might faces up to 20 years in prison and a fine of up to $5 million.

By definition, a Ponzi scheme is basically a pyramid-type loop in which very high returns are promised to early investors who are placed at the bottom of the pyramid; those people get paid off with money put up by later investors or contributors to the chain.

Bernard Madoff $50 billion is one of the biggest frauds in history. Another big fraud in history is considered that of Enron who filed for bankruptcy in 2001, it had $63.4 billion assets in fraud.

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