March 12, 2009: When Bernie Madoff Pleaded Guilty to the Largest Ponzi Scheme Ever
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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