Part 7/11:
The financial crisis of 2008 marked the downfall of Madoff's empire. As clients rushed to withdraw their investments, the influx of new money dwindled, and the entire structure crumbled. On December 10, 2008, Madoff admitted to his sons that his asset management was nothing more than a Ponzi scheme and, thereafter, he was reported to the authorities. His confession was the catalyst for investigations that would unveil the sophisticated scam.