The 10 Biggest Corporate Frauds in the US

No. 3 Bernie Madoff (2008)

Bernie Madoff, a financial investor who had founded Bernard L. Madoff Investment Securities LLC, performed one of the largest schemes ever done by an individual. Along with his accountant, David Friehling, and Frank DiPascalli, Madoff tricked investors out of $64.8 billion through a Ponzi scheme: investors were paid returns out of their own money or that of other investors rather than from profits. Madoff was caught when he told his sons about the scheme, and they reported it to SEC. He was convicted to 150 years in prison and $170 billion in restitution.