Top investors ‘hit by $50bn con’

Zowie!Some of the world’s wealthiest private and corporate investors are reported to be victims of an alleged $50bn fraud by Wall Street broker Bernard Madoff.

Mr Madoff is alleged to have confessed to a huge Ponzi scheme (pyramid fraud).

Reports say the main owner of the New York Mets baseball team, Fred Wilpon, and former American football team owner Norman Braman are among the victims.

Others facing losses reportedly include French bank BNP Paribas, Japan’s Nomura Holdings and Zurich’s Neue Privat Bank.

Prosecutors say Mr Madoff, ex-head of the Nasdaq stock market, has described the fraud as “one big lie”.

A federal judge has appointed a receiver to oversee Mr Madoff firm’s assets and customer accounts, while the 70-year-old banker has been released on $10m bail.


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One Response to “Top investors ‘hit by $50bn con’”

  1. I doubt that Madoff, Ken Lay, and the rest of the senior executive pirates and theives will be thwarted until the business community and especially Enterprise Risk Management start using modern leadership due diligence methods to do a better job of screening out the frauds and others lacking integrity. More here