Former NASDAQ Chairman Madoff Arrested for Massive Investment Fraud Scheme
A longtime Wall Street insider has been arrested on charges he was the mastermind of what federal investigators are calling the largest investment fraud scheme ever carried out by a single person.
Bernard L. Madoff, 70, was charged in December 2008 with securities fraud in connection with a criminal operation that cost investors more than $50 billion, according to authorities.
Madoff is the founder of Bernard L. Madoff Investment Securities LLC., a leading Wall Street securities firm, but the alleged crime involves his separate handling of investments for a handful of clients who had a total of $17.1 billion in assets under Madoff’s control.
Madoff reportedly admitted to his employees in secretly taped conversations that his handling of the investments was “all just one big lie” and it was “basically, a giant Ponzi scheme,” according to the complaint filed in court.
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