Former NASDAQ Vice-Chairman Madoff Charged in $50 Billion Fraud at Advisory Firm

No wonder futures are tanking tonight

Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees was a long-running $50 billion Ponzi scheme in what may be one of the largest frauds in history.



“It’s all just one big lie,” Madoff told his employees on Dec. 10, according to the government. The firm, Madoff allegedly said to them, is “basically, a giant Ponzi scheme.”



Madoff was also sued today by the U.S. Securities and Exchange Commission.

Full Article on Bloomberg

This may be very big.

I think this is some of the dirty laundry that the R thread refers to as well as the Enterprise Corruption website.

Urban Survival website takes note of this event as well.


I was going to start a thread on this as well until I found yours.

S and F

The Madoff firm had about $17.1 billion in assets under management as of Nov. 17, according to NASD records. At least 50 percent of its clients were hedge funds, and others included banks and wealthy individuals, according to the records

www.bloomberg.com...


Well I guess some banks and hedge funds are licking the wounds.

Wow.