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Top Broker Accused of $50 Billion Fraud
Sons Turned In Madoff After He Allegedly Told Them His Investment Advisory Business for the Wealthy Was 'Giant Ponzi Scheme'

Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called "a giant Ponzi scheme."

The Securities and Exchange Commission, in a civil complaint, said it was an ongoing $50 billion swindle, and asked a judge to seize the firm and its assets. "Our complaint alleges a stunning fraud that appears to be of epic proportions," said Andrew M. Calamari, associate director of enforcement in the SEC's New York office.

In a separate criminal complaint, Federal Bureau of Investigation agent Theodore Cacioppi said Mr. Madoff's investment advisory business had "deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in losses of approximately billions of dollars."

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Fri Dec 12th, 2008 at 03:21:54 AM EST
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Calamari vs Madoff vs Ponzi.

Another day in paradise.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Dec 12th, 2008 at 04:01:46 AM EST
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A stunning fraud. Oh my word.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Dec 12th, 2008 at 05:07:26 AM EST
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