Bernard Madoff

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Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever. The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.
Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him.
A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors.
On Thursday, two agents for the U.S. Federal Bureau of Investigation entered Madoff's New York apartment.
"There is no innocent explanation," Madoff said, according to the criminal complaint. He told the agents that it was all his fault, and that he "paid investors with money that wasn't there," according to the complaint.


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Bernard Madoff arrested over alleged $50 billion fraud - Yahoo! News
 
Madoff investor found dead in apparent suicide



Rene-Thierry Magon de la Villehuchet, 65, started Access International Advisors and was among the fund managers hit hard by Bernard Madoff's alleged $50-billion Ponzi scheme.
Associated Press
December 24, 2008


Reporting from New York -- The founder of an investment fund that lost $1.4 billion with financier Bernard L. Madoff was discovered dead Tuesday in an apparent suicide at his Madison Avenue office, marking a grim turn in a scandal that has left investors around the world in financial ruin.

Rene-Thierry Magon de la Villehuchet, 65, was found sitting at his desk about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. No suicide note was found.
 
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