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.