Who is Bernie Madoff?

"Bernie Madoff, mastermind of the nation's biggest investment fraud, dies at 82". CNBC. ^ a b "Disgraced financier, Ponzi scheme architect Bernie Madoff dies in prison". The Jerusalem Post. Reuters. April 14, 2021. ^ a b Rothfeld, Michael; Baer, Justin (April 14, 2021).

Was Bernie Madoff a Ponzi scheme?

In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.

Why did Investors Trust Bernie Madoff?

Bernie Madoff's Ponzi scheme, which ran for decades, defrauded thousands of investors out of tens of billions of dollars. Investors put their trust in Madoff because he created a front of respectability, his returns were high but not outlandish, and he claimed to use a legitimate strategy. In 2009 Madoff was sentenced to 150 years in prison.