Bernie Madoff

Bernie Madoff was an American financier and former chairman of NASDAQ who ran one of the largest Ponzi schemes in history. He promised unusually high and consistent returns on investments, attracting thousands of clients. In reality, he was using new investors' money to pay earlier ones, rather than investing it. His scheme collapsed in 2008 during the financial crisis, leading to billions in losses for investors. Madoff was arrested, pleaded guilty to fraud, and was sentenced to 150 years in prison. His case highlights the importance of regulatory oversight and due diligence in investing.