Exposure and punishment
The ones who finally exposed the scam were Bernard Madoff’s sons, Andrew and
Mark Bernard, who after they found out that the company was based on a Ponzi
scheme reported it to the authorities. This resulted in the arrest of Madoff on
December 11th, 2008. He was accused of fraud and the embezzling of up to 65 billion
dollars. He pled guilty to all charges, including money laundering, mail fraud and
making false filings, and in June 2009, Madoff was sentenced to serve 150 years in
prison [6].