Bernard Madoff, a 70 years old money manager and a former NASDAQ chairman was arrested over a fraud case in Wall Street, this fraud scheme has hit the biggest American and European banks and charities.
Now, as mentioned the Madoff ponzi has hit the banks with $50 billion dollars, these banks are; HSBC, PNB Paripas, Spain’s Santander, Fortis Bank, Royal Bank of Scotland, the UK-based Hedge Fund Man Group, and many charities.
Bernard Madoff has founded his firm (Bernard L. Madoff Investment Securities LLC) in 1960 and it was one of the biggest market makers in Wall Street and had an investment management arm.
It was said the he didn’t have real investments; he was taking money from the new investors and paying it as profits to the old investors, for almost 50 years, he managed to fool all those “professional” investors with a firm started with only $5000 as an initial investment.
This guy is even a genius or had some of SEC (The U.S. Securities and Exchange Commission) employees on his payrolls, either way, I think an inside investigation should be carried on in the SEC, because everything about the financial crisis has proved that there is corruption in the US regulations and regulatory bodies.