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Madoff Pleads Guilty to Massive Ponzi Scheme
By Brian Monroe
printHedge fund manager Bernard Madoff pleaded guilty Thursday to bilking investors out of $65 billion and laundering the money as part of a Ponzi scheme that dwarfed similar swindles. Madoff, founder of New York-based Madoff Investment Securities LLC and manager of an affiliated investment advisory firm, could be sentenced to up to 150 years for the securities fraud that he headed for more than 20 years. Madoff reported false earnings to investors and wired millions of dollars between accounts in New York and the United Kingdom to hide the money. The wires, sent between 2002 and December of last year,...
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