Bernard Madoff: What You Need to Know

Updated from Monday, Dec. 15

The multibillion Ponzi scheme Wall Street money manager Bernard Madoff is accused of running has created quite a stir since regulators unveiled a complaint late last week detailing some $50 billion in losses.

According to a Securities and Exchange Commission complaint, filed in federal court in Manhattan, Madoff allegedly informed two senior employees that the investment advisory business was a fraud and had been insolvent for years. According to the complaint, Madoff told these employees that he was "finished," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." (Photo gallery: Reported losers in Madoff scandal)

Madoff's Web site lists nearly 1,500 securities in which the firm maintains a market, including stocks such as Goldman Sachs (GS Quote), Bank of America (BAC Quote) and Johnson & Johnson (JNJ Quote). ...