In December 2008, one of the largest Ponzi schemes surfaced when Mark and Andrew Madoff reported the works of their father, Bernard Madoff, to federal authorities. A Ponzi scheme is an investment scam that promises high rates of return with little risk to investors. The operator generates returns for older investors by attracting new investors. Bernard was arrested on December 11, 2008 and charged with securities fraud. He pleaded guilty to 11 counts and was sentenced to 150 years in federal prison, the maximum possible prison term. According to reports, $17.3 billion was invested in the scam by Bernie's clients and only about $2.48 billion was returned to these victims as of September 2012. Bernie Madoff was once known as a money broker securities, investment and financial advisor. His business, Bernard L. Madoff Investment Securities LLC, started in 1960 with money he earned working as a lifeguard and sprinkler installer during his high school and college years. Saul Alpern, Bernard's father-in-law, helped him by lending $50,000 and referring family, friends and clients to Bernard's services. During this time, Bernard and his company helped found the National Association of Securities Dealer Automated Quotations, or NASDAQ, and later served as chairman of the board of directors of the NASDAQ stock exchange. As the business grew, Bernie began hiring more and more family members to help him with the business. His brother Peter became the compliance officer, Madoff's sons Andrew and Mark worked as traders, and Peter's daughter Shana was the compliance lawyer for the trading division. As for the rest of his team, Madoff hired individuals who were barely educated and would not have been qualified... middle of paper...... he doesn't need "credit" to help the victims." CNBC.com, February 20, 2013. Web. April 9, 2014. Malta, Jordan. “Ex-Madoff employee still out of work." CNNMoney, March 5, 2013. Web. Hilzenrath, David S., Binyamin Appelbaum and Amit R. Paley. “'All Just One Big Lie'” Washington Post, December 13, 2008. Web, April 12, 2014. “Madoff Whistleblower Attacks. SEC for ignoring it. " DealBook whistleblower Madoff attacks SEC for ignoring him. Comments. The New York Times, February 3, 2009. Web. April 12.. 2014. .