2008-12-12 Massive securities fraud

Ex-Nasdaq Chairman Bernard Madoff charged with massive client securities fraud; He estimates fraud could amount to $50 billion.The US Securities and Exchange Commission on Thursday charged Bernard Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm. The SEC is seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm. Madoff is a former chairman of the Nasdaq Stock Exchange. Madoff is claimed to have told his sons that the fraud could amount to $50 billion.

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