Which investment firm did Bernard Madoff run in the world’s largest Ponzi scheme?

Bernard Madoff ran Bernard L. Madoff Investment Securities in the world’s largest Ponzi scheme.

Madoff founded the Wall Street firm in 1960 and built a respected reputation as a market maker. Its legitimate brokerage operations helped the business appear credible while a separate investment-advisory operation fabricated account statements and returns.

The scheme collapsed during the 2008 financial crisis, when too many clients sought withdrawals at once. On December 10, 2008, Madoff’s sons reported him to federal authorities after he admitted that the investment business was an enormous fraud.

Madoff pleaded guilty in March 2009 and received a 150-year prison sentence. Estimates of losses varied depending on whether they counted fictitious account balances or actual principal, so figures often differ in news reports.