Bernie Madoff Scamming of America – The $50 Billion Ponzi Scheme
A 2009 History Channel documentary which examines the crimes of Bernie Madoff, the creator of the worlds largest every ponzi scheme. It includes testimony from some of his many victims, compares Madoff’s scheme with other successful Ponzi schemes from history, and features analysis from various Wall Street experts.
Madoff’s Ponzi Scheme was worth a staggering $65 billion with Madoff personally benefiting to the tune of $18 billion. Investors were provided with falsified statements of account and those who withdrew from the scheme were repaid out of new incoming money. The ponzi scheme eventually unraveled in 2008 at the onset of the financial crisis when investors panicked and Madoff had insufficient funds to meet all withdrawal requests. He was reported to the authorities at the end of 2008 by his two sons after he confessed that he had been falsifying returns and was running a Ponzi scheme.