Bernard Madoff

Bernard Madoff was an American financier and former chairman of the NASDAQ stock exchange, known for running one of the largest Ponzi schemes in history. Madoff promised high and consistent returns, attracting billions in investments. However, instead of legitimate trading, he used new investors' funds to pay earlier investors, creating the illusion of profitability. In 2008, during a market downturn, Madoff confessed to his sons that his investment business was a fraud, leading to his arrest. He was sentenced to 150 years in prison, and his scheme caused significant financial losses for thousands of investors worldwide.