The madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] in december of that year, bernie madoff, the former nasdaq chairman and founder of the wall … Bernie madoff, a financial investor whose skill and track record was so legendary that people begged to open accounts with his firm, crashed hard in december 2008 when the truth finally came out

Madoff statements accounted for cash balances in an unusual way.