Tom_Turner
2008-12-12, 08:12 PM
Madoff Told Employees Business Was ‘One Big Lie,’ SEC Says
http://www.bloomberg.com/apps/news?pid= ... er=finance (http://www.bloomberg.com/apps/news?pid=20601208&sid=ay2Z5t7Es8Lo&refer=finance)
By David Scheer
Dec. 11 (Bloomberg) -- Bernard Madoff, president of Bernard Madoff Investment Securities, told employees that his business is “all just one big lie” and “basically, a giant Ponzi scheme,” the U.S. Securities and Exchange Commission said.
In a meeting yesterday at his Manhattan apartment, Madoff, 70, told two senior employees that he was “finished” and had “absolutely nothing,” the SEC said in a civil lawsuit at federal court in Manhattan today. He told the employees his business had been insolvent for years and estimated losses to be about $50 billion, the regulator said.
Madoff said he planned to surrender to authorities in a week, after he distributed some of his remaining $200 million to $300 million to select employees, family and friends, the agency said. He was arrested in a related criminal case today on a single count of securities fraud.
http://www.bloomberg.com/apps/news?pid= ... er=finance (http://www.bloomberg.com/apps/news?pid=20601208&sid=ay2Z5t7Es8Lo&refer=finance)
By David Scheer
Dec. 11 (Bloomberg) -- Bernard Madoff, president of Bernard Madoff Investment Securities, told employees that his business is “all just one big lie” and “basically, a giant Ponzi scheme,” the U.S. Securities and Exchange Commission said.
In a meeting yesterday at his Manhattan apartment, Madoff, 70, told two senior employees that he was “finished” and had “absolutely nothing,” the SEC said in a civil lawsuit at federal court in Manhattan today. He told the employees his business had been insolvent for years and estimated losses to be about $50 billion, the regulator said.
Madoff said he planned to surrender to authorities in a week, after he distributed some of his remaining $200 million to $300 million to select employees, family and friends, the agency said. He was arrested in a related criminal case today on a single count of securities fraud.