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.
29 Scams, Hoaxes and Frauds for Bernard Madoff
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29 Scams, Hoaxes And Frauds For Bernard Madoff
By: Jeremy Gutsche - Published: Dec 14, 2008