deepak pace
DJ_DEE
New York: As if the wilting economy weren't bad enough, an alleged scheme that has cost investors billions of dollars is rocking Wall Street, and federal authorities say a former chairman of the NASDAQ Stock Exchange is at the heart of it. It might be one of the biggest investment frauds ever. The arrest of Wall Street legend Bernard Madoff has clients panicked that their wealth may be gone for good
"It's hard to believe that somebody so successful who people trusted for years is so greedy and so corrupt to steal their money. It's remarkable. The people that I have spoken to are shocked that Bernie Madoff a trusted guy would steal their money."
Madoff, a former chairman of the NASDAQ Stock Market built one of the most successful trading firms on Wall Street. It was at a separate, more secretive investment division located on a separate floor of his office that he allegedly perpetrated the fraud.
According to civil and criminal complaints, Madoff confessed he had been cheating investors for years, and he estimated his total losses from the fraud may have been $50 billion.
"It's hard to believe that somebody so successful who people trusted for years is so greedy and so corrupt to steal their money. It's remarkable. The people that I have spoken to are shocked that Bernie Madoff a trusted guy would steal their money."
Madoff, a former chairman of the NASDAQ Stock Market built one of the most successful trading firms on Wall Street. It was at a separate, more secretive investment division located on a separate floor of his office that he allegedly perpetrated the fraud.
According to civil and criminal complaints, Madoff confessed he had been cheating investors for years, and he estimated his total losses from the fraud may have been $50 billion.
