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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.
Madoff was successful from the beginning, and his capital account began mounting: By 1967 he was reporting $127,517 to the SEC. In 1969 it had reached $555,157, and in 1973 it was listed as $1.1 million. By this point Madoff had also been quietly managing money for years.