Bernard
L. Madoff Charged In Multi-Billion Dollar Ponzi Scheme: Complaint Filed
In Federal Court And Application For Emergency Relief
The SEC’s complaint, filed in federal court in Manhattan, alleges
that Madoff yesterday informed two senior employees that his investment
advisory business was a fraud. Madoff told these employees that he was
“finished,” that he had “absolutely nothing,” that “it’s all just one
big lie,” and that it was “basically, a giant Ponzi scheme.” The senior
employees understood him to be saying that he had for years been paying
returns to certain investors out of the principal received from other,
different investors. Madoff admitted in this conversation that the firm
was insolvent and had been for years, and that he estimated the losses
from this fraud were at least $50 billion. According to regulatory
filings, the Madoff firm had more than $17 billion in assets under
management as of the beginning of 2008. It appears that virtually all
assets of the advisory business are missing.

Product Details
Paperback: 38 pages
Publisher: CreateSpace (December 13, 2008)
Language: English
ISBN-10: 1440494746
ISBN-13: 978-1440494741
Product Dimensions: 10 x 8 x 0.1 inches