Subscribe to Print Edition | Thu., December 25, 2008 Kislev 28, 5769 | | Israel Time: 17:06 (EST+7)
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Last update - 18:59 24/12/2008
SPECIAL COVERAGE / Bernard Madoff's $50 billion 'Ponzi scheme'
Tags: Bernard Madoff, Israel News 

In December 2008, respected American Jewish financier Bernard Madoff was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.

The former Nasdaq chairman is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him.

The impact of the admission has been felt throughout the world; Madoff's victims include European banks and American financial institutions, as well as an ever-growing list of Jewish investors, charities and foundations, who had placed their money in the hands of a familiar and trusted connection.

  • U.S. Technion funder loses $72 million in alleged Madoff fraud

  • Investor kills himself after losing $1 billion in alleged Madoff scam

  • Charles Ponzi returns

  • Members of exclusive N.Y. synagogue lose collective $2 billion in Madoff scam

  • Financiers fear Madoff-style fraud in Israel

  • IOC has nearly $5m tied to Madoff

  • ADL: Anti-Semitic posts flood Internet in wake of fraud

  • Egyptian statues and stenciled wallpaper: A visit to the Madoffs' Manhattan home

  • Madoff funds may have been used to evade taxes

  • Lessons of Madoff scam: invest with more wisdom

  • IN PICTURES / The victims of Bernard Madoff's fraud scam

  • Hadassah Women: We lost $90 million in Madoff's Wall Street scam

  • Exclusive Jewish country club feels the sting of Madoff fraud

  • U.S. Jews ponder 'catastrophic' effects of Madoff affair

  • Bradley Burston / The Madoff betrayal: Life imitates anti-Semitism

  • Elie Wiesel, Steven Spielberg said among victims of Madoff Wall Street affair

  • Prominent Jewish foundations shut down due to Madoff Wall Street affair

  • Insurance firms, Technion among losers in Madoff investment scam

  • Financier Madoff's $50b fraud forces closure of Jewish charity

  • Madoff Wall Street fraud threatens Jewish philanthropy
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      1.   Disappointed 19:51  |  Colin Wright 21/12/08
      2.   Merdle, Maxwell, Madoff 12:00  |  Ben Alofs 22/12/08
      3.   where has it allgone! 14:53  |  Nabulsi 22/12/08
      4.   #2 dr ben and the whole picture worldwide 16:41  |  victor hardman 23/12/08
      5.   If something to too good to be true 18:46  |  Yuri 23/12/08
      6.   the result of the Ponzi scheme 23:42  |  Constance Blackwell 23/12/08
      7.   Mr. Madoff 19:59  |  Karen Ross 24/12/08
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