"In today's regulatory environment, it's virtually impossible to violate rules...it's impossible for a violation to go undetected, and certainly not for a considerable period of time."

—Well-known investment guru Bernard Madoff, Oct. 27, 2007.

Madoff was arrested in December, 2008 for allegedly running a $50 billion Ponzi scheme, the biggest financial scam in history. Madoff allegedly misled hundreds of investors around the world for years.

CNBC