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What is the Bernard Madoff fraud ?

According to the original federal complaint, Bernard Madoff claimed his firm had "liabilities of approximately US$50 billion." Prosecutors increased their estimate of the size of the fraud from $50 billion to $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients in November 30, 2008. On December 10, 2008, he confessed to his sons that the asset management arm of his firm was a giant Ponzi scheme as he put it, "one big lie." They then passed this information to authorities. The following day, Federal Bureau of Investigation agents arrested Bernard Madoff and charged him with one count of securities fraud. Five days after his arrest, Madoff's assets and those of the firm were frozen, and a receiver was appointed to handle the case. Madoff's accountant, David G. Friehling, has been arrested in the case, and law enforcement continues to investigate if others were involved. The SEC conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.

Top Stories on Bernard Madoff

Madoff Ex-Aides Seen Facing Hurdle With ?Duped? Defense

Five former aides to Bernard Madoff are seen as facing tough odds in trying to convince a jury they were innocent bystanders to the con man?s $17 billion fraud, given what one lawyer called the ?avalanche? of evidence presented by prosecutors.

Madoff suffered heart attack last month: CNBC reports

By Joseph Ax NEW YORK (Reuters) - Convicted fraudster Bernard Madoff was hospitalized last month for a heart attack, CNBC reported on Wednesday. Madoff, 75, told CNBC in an email that he had since returned to the federal prison where he is serving a 150-year sentence for masterminding a massive Ponzi scheme that destroyed the lives of thousands of investors. Madoff also said that he suffers from ...

Madoff Programmers Sought to ?Drag Out? Probe, U.S. Says

Bernard Madoff?s former computer programmers sought to confuse and delay fraud investigators in the months after the con man?s 2008 arrest for running a $17 billion Ponzi scheme, prosecutors said.

Madoff Ex-Aide Knew of Scheme to Pay His Son, Jury Told

Bernard Madoff walks out of Manhattan federal court in New York, U.S., on Jan. 5, 2009. Bernard Madoff walks out of Manhattan federal court in New York, U.S., on Jan. 5, 2009.

Madoff Ex-Aide Balances Almost $70 Million, Jury Told

The Bernard Madoff aide who ran his investment advisory business had seven personal accounts with purported balances totaling almost $70 million when the firm collapsed, far more than she was paid, a jury was told by prosecutors seeking to show her incentive to hide the fraud.
 

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Yahoo News logo   Latest News From Yahoo

Madoff Ex-Aides Seen Facing Hurdle With ?Duped? Defense
Madoff suffered heart attack last month: CNBC reports
Madoff Programmers Sought to ?Drag Out? Probe, U.S. Says
Madoff Ex-Aide Knew of Scheme to Pay His Son, Jury Told
Madoff Ex-Aide Balances Almost $70 Million, Jury Told
Madoff Haunts Yeshiva as University Slides to Junk: Muni Credit
Madoff back in prison after heart attack
Madoff says he's back in prison after heart attack
Madoff suffered heart attack in prison last month
Madoff trustee wins court fight over Picower settlement
 
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