Former Nasdaq Chairman Charged With Fraud
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A former Nasdaq stock market chairman faces charges in connection with an illegal investment scheme that lost more than $50 billion.
The FBI arrested Bernard Madoff yesterday on securities fraud charges.
According to the United States Attorney's Office, the 70-year-old investment adviser had been running a secretive advising scheme which violated federal law.
Sources say Madoff was released on $10 million bail.
If convicted, he faces up to 20 years in prison and a fine of $5 million.