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March 12, 2009: When Bernie Madoff Pleaded Guilty to the Largest Ponzi Scheme Ever
Manage episode 501058925 series 3673276
In this gripping episode of This Week in Wall Street History, host Todd M. Schoenberger revisits a dark day for financial markets. On March 12, 2009, Bernard “Bernie” Madoff—once a revered figure on Wall Street—pleaded guilty to 11 federal felonies including securities fraud, money laundering, and perjury—admitting he operated the largest Ponzi scheme in history, defrauding clients of nearly $65 billion.
This confession marked a turning point in Wall Street regulation and investor trust. Madoff’s conviction led to significant legal reforms and underscored the need for systemic oversight to prevent similar disasters. Over the decade-long recovery process that followed, more than $13 billion has been reclaimed for victims—an extraordinary effort in restitution and financial accountability.
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