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Bernard Madoff ran a hedge fund which ran up $50bn (£33.5bn) of fraudulent losses and which he called "one big lie", prosecutors allege. Mr Madoff is alleged to have used money from new investors to pay off existing investors in the fund.

link: (http://news.bbc.co.uk/2/hi/business/777944...)
submitted by: smashpalace   Dec 13, 2008
category: News keywords: fraud, money, stocks, chairman, scam
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