Bloomberg reports that Madoff was arrested today by the FBI and is scheduled to appear in court this afternoon in Manhattan. Madoff, 70, was charged with a single count of securities fraud. His firm is based in New York.
“Bernard Madoff is a longstanding leader in the financial services industry,” said defense lawyer Dan Horwitz as he waited for Madoff’s case to be called. “We will fight to get through this unfortunate set of events.”
Madoff started his firm in 1960 with $5,000 of savings and took advantage of securities-law changes in the 1970s designed to spur competition in U.S. stock markets, according to a profile posted on the Web site Finance Tech.
He was chief of the Securities Industry Association’s trading committee in the 1990s and early this decade, where he represented brokerage firms in discussions with regulators about new stock-market rules as electronic-trading systems and networks gained prominence.
The case is U.S. v. Madoff, U.S. District Court for the Southern District of New York (Manhattan)
Full Story
http://www.bloomberg.com/apps/news?pid=20601087&sid=aX9_t8N1996k&refer=home