AFP
January 6, 2014
Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008 as the financial crisis gathered speed.
At the time of its collapse in 2008, Madoff Securities claimed it had about $65 billion in client assets, whereas in fact it had only about $300 million.
The fraud ruined many investors and stoked public anger over the causes and consequences of the crisis.
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