Ex-Nasdaq Chief Arrested On Fraud Charge

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NEW YORK -- A former Nasdaq stock market chairman was arrested on a securities fraud charge Thursday, accused of running a fraudulent investment business that lost at least $50 billion before he confessed to senior employees it was a "giant Ponzi scheme," authorities said.

Bernard L. Madoff, his silver hair reflecting the lights of a federal courtroom, was released on $10 million bail secured by his signature and that of his wife. He declined to comment as he walked out of U.S. District Court in Manhattan.

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Ex-Nasdaq Chief Arrested On Fraud Charge

Madoff, 70, the founder of Bernard L. Madoff Investment Securities LLC, maintained a separate and secretive investment- advising business that served between 11 and 25 clients and had a tot...

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