Bernard Madoff was an American financier and former chairman of the NASDAQ stock exchange, known for orchestrating one of the largest Ponzi schemes in history. His investment firm promised consistent, high returns, attracting thousands of investors, including individuals and charities. Madoff's scheme collapsed in December 2008, revealing that he had defrauded clients of approximately $65 billion. Following the scandal, Madoff was arrested and charged with securities fraud. In 2009, he pleaded guilty and was sentenced to 150 years in prison. The fallout from the scandal led to significant changes in regulations governing the financial industry and increased scrutiny of investment practices.