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Madoff Scandal: The Final Minions Meet Their Fate. After more than six years and 15 convictions, the Bernie Madoff Ponzi scheme, which cost his investors an estimated $50 billion, is finally coming to close. Continue Reading Below.
Ex-Nasdaq chairman Bernard Madoff arrested on fraud charge. Bernard Madoff. The manager of an exclusive hedge fund for the mega-rich and a pioneering force on Wall Street was arrested Thursday and charged with running a $50billion Ponzi scheme in what may rank among the biggest frauds ever.