Madoff Charged With Securities Fraud: Reports - TheStreet

Madoff Charged With Securities Fraud: Reports

His firm was the 23rd-biggest market maker on the Nasdaq in October, a report says.
Author:
Publish date:

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,

Bloomberg

reported.

Madoff was charged by federal prosecutors in New York,

Bloomberg

and

The Wall Street Journal

reported.

Bloomberg

said the fraud totaled $50 billion. The

Journal

said the activity in question "involved tens of billions of dollars."

The

Journal

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.