Bernard Lawrence Madoff at one time served as a chairman of the NASDAQ stock exchange. He admitted to operating the largest private Ponzi scheme in history.
In 2009, Madoff was sentenced to 150 years in prison. He ran a Ponzi scheme worth about $64.8 billion. On December 11, 2008, he confessed that his investment business was all one big lie, a Ponzi scheme costing investors billions of dollars.
He used it to lure investors in. As many other schemes, this one was run by a central operator, using money from new and incoming investors to pay off the promised returns to older investors.
This documentary explores how Madoff became the poster child for Wall Street gall, greed, and corruption.
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