The early 1990s was the beginning of Burnie Madoff’s grand scheme to wipeout billions of dollars from shareholders in the United States. This scheme of his is known as a Ponzi scheme and can also be known as the biggest fraudulent scheme in the United States. Burnie Madoff was born in 1938 and raised in Queens, New York. In the 1960s he developed his own business which quickly turned into a huge multi-million-dollar business called the Barnard L. Madoff Investment Securities, LLC. This business attracted many well know people and celebrities who put their own money into it as an investment for themselves. In 2008 he admitted that part of his business was in fact ran as a Ponzi scheme. He was later arrested for this Ponzi scheme and sentenced