Madoff arrested over alleged $50b fraud
Saturday, 13 December 2008
NEW YORK, Dec 12: Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged Thursday with allegedly running a $50 billion Ponzi scheme in what may rank among the biggest frauds ever. The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that US prosecutors said racked up $50 billion of fraudulent losses. — Reuters