Bernard Madoff, a long-time Wall Street figure whose firm acts as a market maker for institutional clients, has been charged with securities fraud, according to published reports Thursday.
His firm was the 23rd-biggest market maker on the Nasdaq in October,
Madoff was charged by federal prosecutors in New York,
The Wall Street Journal
said the fraud totaled $50 billion. The
said the activity in question "involved tens of billions of dollars."
said the complaint against Madoff alleges he told some workers his operation was "a giant Ponzi scheme." The report cited a person who was aware of the situation.
This article was written by a staff member of TheStreet.com.