The Bernie Madoff Ponzi Scheme: $65 Billion Fraud

For nearly two decades, Bernie Madoff operated the largest Ponzi scheme in history, defrauding investors of $65 billion.

THE SCHEME: Madoff promised consistent 10-12% annual returns using a fake "Split-Strike Conversion" strategy. He simply paid old investors with new investors' money.

THE WHISTLEBLOWER: Harry Markopolos submitted five detailed complaints to the SEC between 1999-2008. The SEC investigated multiple times and found nothing.

THE COLLAPSE: In December 2008, Madoff confessed to his sons, calling it "one big lie." They called the FBI. He was arrested the next morning.

THE VICTIMS: Thousands including Steven Spielberg's foundation, Elie Wiesel's charity, Kevin Bacon, Sandy Koufax, and many elderly retirees.

FAMILY TRAGEDY: Son Mark committed suicide on the second anniversary of his father's arrest. Son Andrew died of cancer in 2014.

Madoff died in prison in April 2021, age 82.

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