Bernie Madoff was a money manager responsible for one of the largest financial frauds in modern-day history. Bernie Madoff's Ponzi scheme defrauded thousands of investors out of tens of billions of dollars. Investors put their trust in Madoff because he created a front of respectability, his returns were high but not outlandish, and he claimed to use a legitimate strategy. Bernie Madoff was arrested on Dec. 11, 2008. In 2009 Madoff was sentenced to 150 years in prison and forced to forfeit $170 billion as restitution.