Latest update May 30th, 2019 12:49 PM
WALL STREET SCAM EXPOSED
Bernard Madoff, a force to be reckoned with on Wall Street for decades, was arrested and charged thursday (12/11/08) for allegedly running a $50 billion ‘Ponzi scheme’.
Former chariman of the NASDAQ Stock Market, Madoff founded Bernard L. Madoff Investment Securities LLC, but also ran a hedge fund that U.S. prosecutors say racked up $50 billion of fake losses. Of course, Madoff told his employees that the whole thing is a big lie, but the SEC says otherwise: “Our complaint alleges a stunning fraud — both in terms of scope and duration,” said Scott Friestad, the SEC’s deputy enforcer. “We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors.”
Madoff has been carrying on this scheme since 2005 and had been keeping the financial statements for the hedge fund under lock and key. the offices for the hedge fund were even on a seperate floor than the rest of his business. He was released from jail after posting $10 million bond secured by his Manhattan apartment.
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