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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.
December 10, 2008 - Bernard Madoff allegedly confesses to employees of his company that the asset management portion of his firm is actually a large Ponzi scheme. Madoff says the business had lost about $50 billion and that he plans to turn himself in to authorities in a week. December 11, 2008 - Madoff is arrested on one count of securities fraud for allegedly operating a multibillion-dollar Ponzi scheme from his investment advisory business. He is released on $10 million bail.