On This Day in American History |
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On December 11, 2008, financier Bernard Madoff is arrested in his New York apartment after being charged with running a giant Ponzi scheme worth an estimated $65 billion. Madoff lured victims by consistently showing them high and fraudulent returns on investments. When the economy crashed in 2008, Madoff’s pyramid scheme began to fall apart. In March of 2009, Madoff pleaded guilty to 11 felonies, including securities fraud, money laundering and perjury. He was later sentenced to 150 years in prison. |
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