Bernard Madoff, Madoff Investment Securities

That old saying "if it sounds  too good to be true, it probably is" applies. Madoff conned thousands of investors out of $50 billion by promising returns of more than 10 percent to more than 40 percent over 20 years. His Ponzi scheme fell apart in December 2008 and by March 2009 he had pleaded guilty to 11 felony counts, including securities fraud, money laundering and perjury. Write to him c/o Butner Federal Correctional Complex in North Carolina for the next 150 years or so.<br>
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<i> <a class="taxInlineTagLink" id="PEBSL00014862" title="Bernard Madoff" href="/topic/crime-law-justice/crime/bernard-madoff-PEBSL00014862.topic">Bernard Madoff</a> leaves federal court in 2009 in New York City. (Photo by Mario Tama/Getty Images)</i>

( Mario Tama/Getty Images / June 26, 2011 )

That old saying "if it sounds too good to be true, it probably is" applies. Madoff conned thousands of investors out of $50 billion by promising returns of more than 10 percent to more than 40 percent over 20 years. His Ponzi scheme fell apart in December 2008 and by March 2009 he had pleaded guilty to 11 felony counts, including securities fraud, money laundering and perjury. Write to him c/o Butner Federal Correctional Complex in North Carolina for the next 150 years or so.

Bernard Madoff leaves federal court in 2009 in New York City. (Photo by Mario Tama/Getty Images)

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