Investors and large banks have lost nearly $50bn in a fraudlent scheme by top Wall Street dealer Bernard Madoff. Madoff swindled the money out of leading banks and others investors. Madoff who had been chairman of NASDAQ, had started a Ponzi schme which ultimately collapsed causing hugle losses to banks and other investors who are already struggling with their losses. The Royal Bank of Scotland has lot more than one billion dollar in this fraud.
Madoff was arrested by FBI and has now been released on bail. This single instance has revealed the corrution on the Wall Street. Such a big fraud cannot possibly take place without connivance of other people.
Madoff was arrested by FBI and has now been released on bail. This single instance has revealed the corrution on the Wall Street. Such a big fraud cannot possibly take place without connivance of other people.