Bernard Madoff, founder of Bernard Madoff Investment Securities and a former chairman of the Nasdaq stock market, was on Thursday charged by federal prosecutors with a multibillion-dollar securities fraud. Mr Madoff told employees he estimated the losses from this fraud to be “at least approximately $50bn”, according to federal prosecutors. Out of more than $17bn in assets under management by Mr Madoff’s firm at the start of 2008, essentially all the assets appear to be missing, the SEC alleged.

This entry was posted by Stacy-Marie Ishmael on Friday, December 12th, 2008 at 5:34 and is filed under Capital markets, People. Tagged with Bernard Madoff. Edit this entry.