2009day.year
Financier Bernie Madoff pleads guilty to one of the largest frauds in Wall Street's history.
Financier Bernie Madoff pleads guilty to orchestrating one of the largest Ponzi schemes in Wall Street history, defrauding investors of billions of dollars.
On March 12, 2009, Bernard L. Madoff admitted guilt in federal court for masterminding a staggering Ponzi scheme. Prosecutors detailed how Madoff lured investors with consistent, above-market returns, using new contributions to pay earlier backers. Over decades, his scheme defrauded individuals, charities, and institutional investors of an estimated $65 billion in paper wealth. The magnitude of the fraud shocked the financial community and prompted widespread calls for regulatory reform. Victims ranged from pension funds and university endowments to everyday retirees who lost life savings in the scandal. Madoff's plea agreement spared him the possibility of trial but guaranteed a lengthy prison sentence. In June 2009, he was sentenced to 150 years in prison, and courts moved to liquidate his remaining assets to compensate victims. The case exposed weaknesses in securities oversight and underscored the danger of unchecked investment promises.
2009
Bernie Madoff
largest frauds
Wall Street