It tried to distinguish itself from competitors with knowledgeable customer service and was known for advertising slogans such as "Gregg's got it" and "Price and Advice.
According to the original federal charges, Madoff said that his firm had "liabilities of approximately US$50 billion". Madoff's business, in the process of liquidation, was one of the top market makers on Wall Street and in 2008, the sixth-largest.
Madoff's personal and business asset freeze created a chain reaction throughout the world's business and philanthropic community, forcing many organizations to at least temporarily close, including the Robert I.
On March 12, 2009, Madoff pled guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history.
On June 29, 2009, he was sentenced to 150 years in prison with restitution of $170 billion. Securities and Exchange Commission (SEC) has also come under fire for not investigating Madoff more thoroughly; questions about his firm had been raised as early as 1999.
HHGregg, an Indiana retailer that once aspired to take Circuit City's place as the second largest home electronics retailer in the United States, will vanish from the Midwestern suburban landscape where it's been a staple after failing to find a buyer to take it out of bankruptcy.