Bernie Madoff was a former American stockbroker and investment advisor who was convicted in 2009 for running a massive Ponzi scheme, one of the largest financial frauds in history.
Madoff’s scheme involved soliciting money from thousands of investors and promising them high returns on their investments. However, instead of investing their money, Madoff used it to pay off earlier investors, create the illusion of profits, and fund his own lavish lifestyle.
Madoff’s fraud continued for more than 20 years, and his victims included individuals, charities, and institutional investors. His Ponzi scheme eventually unraveled during the 2008 financial crisis, when investors began requesting to withdraw their funds and Madoff could not meet their demands.
In 2009, Madoff was sentenced to 150 years in prison for his crimes, and his assets were seized and sold to help compensate his victims.