Bernard Madoff $50 Billion Ponzi Scheme

[teapeebubbles]

Feds confine Bernie Madoff to his $7 million penthouse until trial.

http://www.nydailynews.com/news/ny_crime/2008/12/20/2008-12-20_feds_confine_bernie_madoff_to_his_7_mill.html


Ex-Nasdaq chairman Bernard Madoff arrested on fraud charge

Updated Thursday, December 11th 2008, 11:57 PM

Bernard Madoff

The manager of an exclusive hedge fund for the mega-rich and a pioneering force on Wall Street was arrested Thursday and charged with running a $50billion Ponzi scheme in what may rank among the biggest frauds ever.

Bernard Madoff, 70, a former president of the Nasdaq who helped regulators make the rules in the early days of electronic trading, managed a fund for a handful of billionaires.

Now nearly all the money is gone, according to investigators.

http://www.nydailynews.com/money/2008/12/11/2008-12-11_exnasdaq_chairman_bernard_madoff_arreste.html