On December 11, 2008, Bernard Madoff, (aka Bernie Madoff) a major financier and former chairman of the NASDAQ stock exchange, was arrested in New York City for orchestrating a massive Ponzi scheme. This fraudulent operation, which began in the 1990s or earlier, defrauded thousands of investors, including hedge funds, banks, universities, and charities, of approximately $65 billion, making it the largest financial fraud in history....TAP TO READ THE FULL CONTENT | TAP TO READ THE FULL CONTENT
Bernie Madoff | Biography, Ponzi Scheme, & Facts | Britannica
The scheme came to light during the 2008 financial crisis when investors began withdrawing funds faster than new investments could cover. As he sensed imminent collapse of the scheme, Madoff confessed to his sons, who reported him to authorities. The scandal shocked the financial world, as Madoff had maintained a sterling reputation.
Bernie Madoff, disgraced Ponzi schemer, dies at 82 | Reuters
In March 2009, Madoff pleaded guilty to 11 federal felonies and he was sentenced to 150 years imprisonment later that year. However, he died in 2021 at 82 years without finishing his prison sentence.
After his Ponzi saga, other Ponzi schemes sprang up in other countries around the world using various strategies, including MMM and MBA Capital in Nigeria whose owners defrauded people and disappeared, and the authorities have done nothing to bring them to book.
Other key events on this day
1. Pope Francis named ‘Time’ magazine’s ‘Person of the Year’ – 2013
2. Germany and Italy declared war on US – 1941
3. UNICEF founded – 1946
4. Millions stolen from JFK Airport in infamous ‘Lufthansa heist’ – 1978
5. 16‑year‑old climate activist, Greta Thunberg, named Time’s Person of the Year – 2019
6. King Edward VIII abdicated from the British throne – 1936
7. Over 300 pupils were kidnapped from a boys’ secondary boarding school in Kankara – 2020.
