Madoff's Alleged $50 Billion Fraud Hits Other Investors

by: Jon Stempel and Christian Plumb, Reuters

Bernard L. Madoff, founder of Madoff Investment Securities LLC and former Nasdaq chairman, was arrested yesterday for running a $50 billion fraud scheme touching hundreds of companies and individual investors. World-wide, investors are scrambling to calculate their losses. (Photo: www.quantnet.org)

Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader. Prosecutors and regulators accused the 70-year-old, who was chairman of the Nasdaq Stock Market in the early 1990s, of masterminding a fraud of epic proportions through his investment advisory business, which managed at least one hedge fund. Hundreds of people, investing with him through the firm's clients, entrusted Madoff with billions of dollars, industry experts said.
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Note: A $50 billion ponzi scheme hatched by a 70 year old former chairman of the Nasdaq exchange...and yet there are some WingNuts who say "let the markets decide"..."markets are self-regulating"...etc, etc. Hopefully some of these dummies will be those who will discover to their amazement that he stole their money!