December 12, 2008

Bernard Madoff, securities firm founder, charged with fraud

http://www.yu.edu/uploadedImages/Sy_Syms/Dinner_2008/madoff_web.jpg

The founder and president of Bernard Madoff Investment Securities was charged by federal prosecutors Thursday in an alleged $50-billion fraud at his advisory business.

Bernard Madoff, 70, was arrested by the FBI and charged with a single count of securities fraud. He was released on a $10-million bond. He was also sued by the Securities and Exchange Commission.

Madoff's New York firm was the 23rd-largest market maker on Nasdaq in October, handling a daily average of about 50 million shares, exchange data show.

The firm specialized in handling orders from online brokers in some of the largest U.S. companies, including General Electric Co. and Citigroup Inc.

Source: LA Times

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