Former Nasdaq Chair Bernard Madoff Arrested in Ponzi Scheme

bernard-madoffBernard Madoff, who served as the Nasdaq chairman for 3 years in the early 90s, has just been arrested by the FBI for allegedly running a huge Ponzi scheme. He reported his firm that he founded in 1960, Bernard L. Madoff Investment Securities LLC NY, had $17 billion in assets available in 2008 while the company in fact had almost nothing. According to the SEC, Bernard planned to distribute $100 million to friends and family. He was arrested yesterday at his penthouse after being turned in by his sons. He told authorities that he had no explanation and that he expected to go to jail. He faces a maximum of 20 years in jail. He is now free on a $10 million bond.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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