“Bernie” Madoff is a former stockbroker and financier who perpetrated what is considered to be the largest stock fraud scheme in American history. Madoff was a former chairman of the NASDAQ stock market and was on the board of governors of the NASD. In 2009, Madoff was arrested on 11 felony counts of turning his wealth management business into a giant Ponzi scheme. It is believed that investor losses were nearly $65 billion. Madoff was sentenced to 150 years in prison for his crimes. His bankruptcy proceeding was substantively consolidated with the liquidation proceeding relating to his former investment firm. Both continue to be administered for the benefit of creditors and investors.