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Today in History: Bernie Madoff arrested in historic Ponzi scheme scandal

12/11/2025

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Summary

Story summary

On December 11, 2008, Bernie Madoff was arrested for orchestrating a $64.8 billion Ponzi scheme, the largest in history. Madoff, a former chairman of the Nasdaq, misled investors by using funds from new investors to pay returns to earlier ones, creating an illusion of profitability in his asset management business.

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Story summary

On December 11, 2008, Bernie Madoff was arrested for orchestrating a $64.8 billion Ponzi scheme, the largest in history. Madoff, a former chairman of the Nasdaq, misled investors by using funds from new investors to pay returns to earlier ones, creating an illusion of profitability in his asset management business.