Final answer:
Bernard Madoff's Ponzi scheme resulted in losses that vastly exceeded $1 million, with total deceptions amounting to at least $18 billion.
Step-by-step explanation:
The student's question refers to the fraudulent schemes that occurred during the financial crisis of 2008. Among the most notorious was the Ponzi scheme orchestrated by Bernard Madoff. According to the U.S. Securities and Exchange Commission, Madoff's fraud was a multi-billion dollar operation, deceiving investors with losses exceeding $18 billion dollars. Therefore, the answer to the student's question is that there was at least one fraud scheme, specifically Madoff's Ponzi scheme, where losses were in excess of $1 million by a significant margin.