Bernard Madoff, American hedge-fund investment manager is sentenced to up to 150 years in prison for operating the largest Ponzi scheme in history worth an estimated $65 billion.
Originally arrested on December 11, 2008, he pleaded guilty in March 2009 to 11 federal felonies, including securities fraud and money laundering. He died in prison in 2021.
Approximately, over $15 billion was recovered from Bernie Madoff's Ponzi scheme, with the SIPA Trustee recovering about $14.8 billion and the Justice Department distributing over $4.3 billion to victims, allowing them to recoup nearly 94% of their losses, thanks to extensive legal actions and settlements.
