BUSINESS
BUSINESS

Bernard Madoff

Disgraced money manager and former Nasdaq chairman Bernard Madoff was convicted in June 2009 of perpetrating the largest financial fraud in the nation's history. The federal judge who handed down the maximum sentence of 150 years in prison, a term the financier is now serving in North Carolina, said the plot was evidence of "extraordinary evil." Decades in the making, the Ponzi-like scheme is estimated to have cost investors at least $13 billion in actual losses; Madoff had told clients that their accounts were worth some $65 billion. The swindler lived a luxurious life filled with yachts and Hamptons property before being turned in by his children and arrested in 2008. "I live in a tormented state now knowing of all the pain and suffering that I have created," Madoff said just before being sentenced. "I have left a legacy of shame."Associated Press
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