Bernard Madoff, Former Chairman of Nasdaq Stock Market, Arrested and Charged with Securities Fraud

Bernard Madoff, the former chairman of the Nasdaq stock market, has been arrested and charged with securities fraud in what is being called one of the largest Ponzi schemes to date.

Madoff has admitted to authorities that he ran a hedge fund that was set up in the model of a pyramid scheme where he would promise investors high returns and then pay those investors with money brought in from new investors.

FBI agents arrived at Madoff’s apartment on Thursday and the 70-year-old acknowledged that he knew why they were there and admitted to running the scheme. He told the agents that he expected to go to jail.

Madoff was released on $10 million bail and if convicted could face up to 20 years in prison and a fine of $5 million.

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