7 Haunting Tales From Madoff's Ponzi Scheme And the Bitter Cost of Deceived Trust

2. The Fall of the House of Madoff

The financial crisis of 2008 marked the beginning of Madoff's downfall. When the economy faltered and investors began withdrawing their funds en masse, Madoff’s scheme collapsed. Unable to fulfill withdrawal requests, Madoff eventually confessed to his sons in December 2008, who then reported him to authorities. His arrest sent shockwaves through the financial world, and he was sentenced to 150 years in prison. The damage extended beyond the financial losses—Madoff's family was left shattered. His wife, Ruth, and his two sons had to face the public disgrace, grappling with the overwhelming fallout from the scandal.