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Huge Wall Street fraud alleged


Huge Wall Street fraud alleged


The former chairman of the Nasdaq Stock Market has been arrested and charged with what is perhaps the biggest-ever Wall Street fraud. Bernard Madoff, one of the best known names in the US financial world, was allegedly running a “Ponzi scheme” in which money from new investors – who are lured with the promise of high or consistent returns – is used to pay off earlier investors.

The 70 year old is alleged to have said that his 37 billion euro money management fund was “all just one big lie.” Investors are now scrambling to assess potential losses. If convicted Madoff faces up to 20 years in prison.

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