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TIMOTHY A. CLARY/AFP/Getty Images
Year made public: 2008
Estimated Losses: $65 billion
Madoff was sentenced on June 29 to 150 years in prison, after pleading guilty on March 12 to federal charges that include fraud and money laundering. He lured many high-profile investors by promising to beat the market through a slow and steady investment strategy. But Madoff actually engaged in an elaborate Ponzi scheme. As the markets tumbled late last year, alarmed investors asked to pull their money out. Madoff couldn't come close to providing the $7 billion requested and was turned in by his sons.