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8 of the most notorious Ponzi schemes in US history
8 of the most notorious Ponzi schemes in US history CNN 2 hrs ago By Breeanna Hare and Marika Gerken, CNN © Mario Tama/Getty Images Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday.crin (Photo by Mario Tama/Getty Images) An East Coast businessman lures in more than two dozen investors with promises of lucrative profits — when in reality those profits don't exist, and he's using money from new investors to pay back previous ones. But in this particular case, his name isn't Bernie Madoff. It's Ian Bick.
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Bernie Madoff, infamous Ponzi schemer, has died
Bernie Madoff, infamous Ponzi schemer, has died CNN 1 hr ago By Chris Isidore and Aaron Smith, CNN Business © Mario Tama/Getty Images Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday. (Photo by Mario Tama/Getty Images) Bernard Madoff, whose name became synonymous with financial fraud, died while serving a 150-year sentence in Federal Prison. He was 82 years old. His death Wednesday at the Federal Medical Center in the prison in Butner, North Carolina, was confirmed by the US Bureau of Prisons. A cause of death was not released.
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Read CNN Business' last interview with Madoff
Read CNN Business' last interview with Madoff CNN 1 hr ago By Aaron Smith, CNN Business © Jin Lee/Bloomberg/Getty Images Bernard Madoff, founder of Bernard L. Madoff Investment Securities LLC, leaves federal court in New York, U.S., on Tuesday, March 10, 2009. Madoff, 70, will plead guilty on March 12 that he directed a fraud that totaled as much as $64.8 billion, the largest Ponzi scheme in U.S. history, his lawyer Ira Sorkin said in a court hearing today. Madoff, free on $10 million bail, faces life imprisonment. (Photo by Jin Lee/Bloomberg via Getty Images) Editor's note: This story was originally published on May 16, 2013 and has been updated with Madoff's death.
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