Madoff reportedly told employees Ponzi scheme lost billions for customers
NEW YORK - A Wall Street powerbroker for nearly 50 years who built an influential firm has confessed to a massive fraud scam that will cost investors at least $50 billion, federal authorities say.
Bernard L. Madoff, 70, facing a single count of securities fraud, declined to speak with reporters after a federal magistrate judge in U.S. District Court in Manhattan ordered him released Thursday night on $10 million bail.
Andrew M. Calamari, associate director of enforcement in the Securities and Exchange Commission's New York office, said the SEC had filed a civil securities fraud charge as well and was alleging "a stunning fraud that appears to be of epic proportions."
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