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Former Nasdaq chairman charged with fraud

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posted on Dec, 11 2008 @ 10:08 PM
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Former Nasdaq chairman charged with fraud


www.cnn.com

NEW YORK (CNN) -- Former Nasdaq chairman Bernard Madoff was arrested Thursday and charged with a single count of securities fraud for allegedly operating a multibillion-dollar Ponzi scheme from his investment advisory business, federal authorities said.

Madoff, 70, operated the advisory business separately from his Bernard L. Madoff Investment Securities, a securities broker dealer with its principal office in New York City, the Department of Justice said.

A source with knowledge of the investigation told CNN that Madoff appeared in court today and bail was set at $10 million bond. The bond was signed and Madoff was released.

(visit the link for the full news article)



posted on Dec, 11 2008 @ 10:08 PM
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Isnt it yet another example of someone misusing their position for personal gain? And that too someone who was a Nasdaq chairman.

I feel that he should be given the maximum sentence and an example should be set in front of the people to discourage them from indulging in such acts in the future

I feel it is the prestige and power of the position that fuels greed in a person and hence we see all the frauds happening in the US. I strongly denounce Madoff and hope there is more transperency in the working of Nasdaq

www.cnn.com
(visit the link for the full news article)



 
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