Secret of the 17th Floor in [Pounds]33 Billion Madoff Scam ; Scandal

Evening Standard - London › December 15, 2008

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Summary

INVESTIGATORS have identified a secret, unregistered money- management business they say former Nasdaq chairman Bernard Madoff may have used to run a $50 billion ([pounds]33.4 billion) fraudulent pyramid-style scheme.

The business was run alongside his firm's brokerage and investment-advisory units at his Manhattan HQ.

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Secret of the 17th Floor in [Pounds]33 Billion Madoff Scam ; Scandal

Prosecutors and the US Securities and Exchange Commission say Madoff has confessed that his advisory business, which catered to rich people, in...

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