Nature of The Bernard Madoff Scandal
150 years prison sentence
$50 billion loss
Biggest fraud
Bernard Madoff Scandal was sentenced to 150 years in prison after being found guilty for running a multi-billion Ponzi scheme. The Ponzi scheme resulted in approximately $50 billion loss for the investors (Berman & Knight, 2010). This was the biggest fraud to be committed in the history of Wall Street. While he controlled billions of dollars in 2008, he earned $40 per month in 2013 after his imprisonment.