Here are the financial standards with the biggest estimated losses. Details about the scandals are from Forbes/ Business Week.
Bernard Madoff
Year made public: 2008
Estimated Losses: $65 billion
Madoff 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.
