Reports Bernard Madoff Arrested For "Giant Ponzi Scheme"
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According to reports from the Wall Street Journal, Bernard Madoff, the founder of Bernard L. Madoff Investment Securities, was arrested by FBI agents this morning and charged with criminal securities fraud.
Allegedly, Mr. Madoff told senior employees that his business was "a giant Ponzi scheme" and he tried to distribute early bonuses to employees of his firm.
The asset-management unit of Madoff Securities is apparently at the center of the scheme, although the firm is best known for its market-making in stocks.
Allegedly, Mr. Madoff told senior employees that his business was "a giant Ponzi scheme" and he tried to distribute early bonuses to employees of his firm.
The asset-management unit of Madoff Securities is apparently at the center of the scheme, although the firm is best known for its market-making in stocks.
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