Here is a quick mix tape related to Bernie Madoff:
Bernie Madoff is expected to plead guilty to eleven charges related to securities fraud and money laundering that could land him in Prison for the rest of his life. However it's important to note that he isn't pleading guilty to charges related to the Ponzi scheme, so this case could still have more legs. Beyond the additional charges and the financial impact on the people who lost money on this scheme, this case is likely to have a lasting impact with respect to regulation, changes to the way money managers invest in hedge funds, etc.
Here are some additional resources:
A statement on the case issued yesterday by the DOJ.
An interactive timeline of the case from the FT.
A Blog from the FT's John Gapper that proposes that the Ponzi scheme be renamed a "Madoff scheme", as our financial villain du jour appears to have outdone Mr. Ponzi with relative ease.
Disclosure: at the time of publishing the author didn't own a position in any of the companies mentioned in this article; the ideas expressed are solely the opinions of the author and shouldn't be viewed as financial or investment advice.