This document contains information about Bernie Madoff, who was born in 1932. He established Bernard L. Madoff Investment Securities LLC in 1960. The company became famous in the 1980s for consistently high returns of 10% or more. However, it was revealed in December 2008 that the returns were part of an elaborate Ponzi scheme that had been operating since the 1970s. The total amount lost in the scam was estimated to be $17 billion.