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Bernard Madoff Scandal

Investors lose $50 billion in alleged swindle

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  • Jan. 14, 2009: Besieged money manager Bernard Madoff arrives at Federal Court in New York.
  • Jan. 14, 2009: Besieged money manager Bernard Madoff arrives at Federal Court in New York.
  • Jan. 14, 2009: Besieged money manager Bernard Madoff arrives at Federal Court in New York.
  • Jan. 14, 2009: A vehicle carrying Bernard Madoff leaves his east side apartment building for a scheduled bail hearing at Manhattan federal court in New York.
  • Jan. 12, 2009: Standing in front of the Federal Court building in New York, a reporter holds court papers that outline a ruling that will allow disgraced money manager Bernard Madoff to remain free on bail Monday, rejecting an attempt by prosecutors to send him to jail for mailing more than $1 million in jewelry to family and friends over the holidays.
  • Jan. 12, 2009: The Federal Court building at 500 Pearl St. in New York is quiet after a ruling was announced that will allow disgraced money manager Bernard Madoff to remain free on bail, rejecting an attempt by prosecutors to send him to jail for mailing more than $1 million in jewelry to family and friends over the holidays.
  • Jan. 12, 2009: Media wait around the building of Bernard Madoff in New York. A judge allowed disgraced money manager Bernard Madoff to remain free on bail, rejecting an attempt by prosecutors to send him to jail for mailing more than $1 million in jewelry to family and friends over the holidays
  • Jan. 5, 2009: Disgraced financier Bernard Madoff, left, leaves U.S. District Court in Manhattan escorted by U.S. Marshals after a bail hearing in New York.
  • Jan. 5, 2009: Disgraced financier Bernard Madoff, center, leaves U.S. District Court in Manhattan escorted by U.S. Marshals after a bail hearing in New York.
  • Jan. 12, 2009: Media wait around the building of Bernard Madoff in New York. A judge allowed disgraced money manager Bernard Madoff to remain free on bail, rejecting an attempt by prosecutors to send him to jail for mailing more than $1 million in jewelry to family and friends over the holidays.
  • Jan. 5, 2009: Disgraced financier Bernard Madoff leaves U.S. District Court in Manhattan after a bail hearing in New York.
  • Jan. 5, 2009: Allan Goldstein, a retiree and investor with Bernard L. Madoff Investment Securities, testifies before the House Committee on Financial Services on Capitol Hill in Washington.
  • Jan. 5, 2009: Stephen P. Harbeck, president, Securities Investor Protection Corporation, testifies on Capitol Hill in Washington before the House Financial Services Committee.
  • Jan. 5, 2009: Tamar Frankel, Professor of Law and Michaels Faculty Research Scholar, Boston University School of Law, testifies before the House Committee on Financial Services on Capitol Hill in Washington.
  • Dec. 17, 2008: Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance in New York. The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor.
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  • Dec. 17, 2008: Bernard Madoff enters his house through a crowd of cameras in New York. The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor.
  • Dec. 17, 2008: Bernard Madoff enters his house through a crowd of cameras in New York. The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor.
  • Dec. 17, 2008: Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance in New York. The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor.
  • Dec. 17, 2008: Real estate magnate and New York Daily News owner Mortimer Zuckerman gives an interview at his Boston Properties office in New York. Zuckerman's charitable trust lost $30 million due to Bernard Madoff's $50 billion Ponzi scheme.
  • March 31, 2008: Gov. Jon S. Corzine looks on at left, in Trenton, N.J., as New Jersey Sen. Frank R. Lautenberg, 84, announces his candidacy for re-election. New Jersey Sen. Lautenberg, one of the wealthiest members of the Senate, entrusted his family's charitable foundation to Bernard L. Madoff.
  • Dec. 17, 2008: Securities and Exchange Commission Chairman Christopher Cox arrives for a meeting at SEC headquarters in Washington.
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  • Dec. 12, 2008: The building where Bernard L. Madoff Investment Securities LLC have their offices is seen in New York. Madoff, the founder of Madoff Securities, was arrested on a securities fraud charge Thursday, accused of running a phony investment business that amounted to nothing more than a 'giant Ponzi scheme.'
  • Dec. 12, 2008: Investors inquiring about their money and others gather in the lobby of the building where Bernard L. Madoff Investment Securities LLC have their offices, in New York. Federal prosecutors said he told employees Wednesday that it had been insolvent for years, losing at least $50 billion.
  • Dec. 12, 2008: Investors inquiring about their money, and others, gather in the lobby of where Bernard L. Madoff Investment Securities LLC have their offices in New York.

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