Bernie Madoff arrested over alleged $50 billion fraud
Bernie Madoff, a former chairman of the NASDAQ stock market, has been arrested and charged with running a multi-billion dollar hedge fund swindle in New York.
Mr Madoff is alleged to have operated the scheme through his hedge fund business, which was separate from his better-known market-making business, Bernard L. Madoff Investment Securities (BMIS).
Mr Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that he was "finished", according to a criminal complaint filed on Thursday night by the US Attorney's office and the Federal Bureau of Investigations (FBI).
He allegedly went on to say that the business was "a giant Ponzi scheme" – a reference to Charles Ponzi, one of the greatest swindlers in US history – and estimated that the scheme had lost investors $50bn over many years – which would make the hedge fund one of the biggest frauds in history.
www.telegraph.co.uk
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