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Bernie Madoff

Bernie Madoff is well known for being the biggest Ponzi scheme scammer in the history because he amassed about $65 million from the investors. Madoff started his securities company in the year 1960 on Wall Street, New York. Madoff started his scheming in the early 1970’s to swindle the investor’s money from the penny stocks. “Madoff and his accomplices developed a computer program during 1990s which quotes the selling value of the stocks even before it is sold by the investors and sometimes even before the investors bought stocks. Madoff managed to buy blue chip stocks with the swindled money.”

In the year 1999, he was suspected when Madoff’s overnight profit didn’t add up, because his firm was rising to billions from millions. He even convinced many Jewish societies in America to invest in his firm which later collapsed by his conviction of fraud. Madoff was convicted in the year 2007 for defrauding $65billion with the Ponzi scheme; and also for his affinity fraud and accounting fraud. He was sentenced to 150 years in prison and was charged with $150 million as restitution fees for the investors.