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December 11, 2008
Madoff Story is Staggering
The revelations around Bernard Madoff today are staggering. Truly. This is the sort of thing that makes you wonder what is real anymore in markets, and what isn’t.
Bernard Madoff, founder and president of Bernard Madoff Investment Securities, a market-maker for hedge funds and banks, was charged by federal prosecutors in a $50 billion fraud at his advisory business.
Madoff, 70, was arrested today at 8:30 a.m. by the FBI and appeared before U.S. Magistrate Judge Douglas Eaton in Manhattan federal court. Charged in a criminal complaint with a single count of securities fraud, he was granted release on a $10 million bond guaranteed by his wife and secured by his apartment. Madoff’s wife was present in the courtroom.
“It’s all just one big lie,” Madoff told his employees on Dec. 10, according to a statement by prosecutors. The firm, Madoff allegedly said, is “basically, a giant Ponzi scheme.”
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