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Madoff's indictment...as described by Nils...is

Eddie Mair | 17:32 UK time, Friday, 12 December 2008

. Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees was a long-running $50 billion Ponzi scheme in what may be one of the largest frauds in history.

SATURDAY MORNING UPDATE: is how the New York Times is reporting the story.

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