Bernard Madoff, founder of Bernard L. Madoff Investment Securities was arrested for his creation of a $50 billion dollar pyramid scheme. Essentially, Bernard Madoff was operating a ponzi scheme that tricked small investors and commercial banks. Even Geneva-based banks lost more than $4 billion in Madoff’s scheme.
Bernard Madoff isn’t the first investor to pull off a massive pyramid scheme, but with $50 billion he’s probably the most ‘accomplished’ in his art of trickery.
On this occasion, we’re featuring 29 other spectacular scams, hoaxes and frauds.
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