Former hedge fund manager Bernie Madoff ran a Ponzi scheme,in which he took money from new investors and used that money to pay earlier investors,all the while pocketing most of the money for himself.In the end,Madoff lost around ________ of his investors' money and ended up behind bars."

Question

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Bernie Madoff's Ponzi scheme caused an estimated loss of $50 billion for his investors, which is the largest Ponzi scheme in history. Madoff was sentenced to 150 years in prison for his fraud.

Former Hedge Fund Manager Bernie Madoff Ran a Ponzi Scheme,in