“Our complaint alleges a stunning fraud that appears to be of epic proportions”
- Andrew M. Calamari, SEC associate director of enforcement, referring to a “Giant Ponzi Scheme” purportedly run by Bernard L. Madoff, a former chairman of the Nasdaq Stock Market. Mr. Madoff was arrested by federal agents yesterday for his alleged role in a $50 Billion Fraud (that's billion with a "B") as reported by The Wall Street Journal. The article notes that if the assertions are true, it would be five times larger than the WorldCom accounting scheme.
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