Bernard (Bernie) Madoff is a trader and has been convicted as a frauder.
Madoff ran a sophisticated ponzy scheme where people were paid profits from the money new investors where bringing. Amongst his long list of clients were very rich and famous people.
Several people rang an alarm bell before the ponzy scheme was detected.
Mainly because the returns realised by Bernie were uncorrelated with the markets.
In bood and bad markets Madoff realised steady good results.
Several investigations run by the SEC could not reveal the fraud.
Only in December 2008 did the bubble burst.
The first warning was raised in 1999.
