By JERUSALEM POST STAFF
A former Nasdaq stock market chairman was arrested on a securities fraud charge Thursday, accused of running a phony investment business that lost at least $50 billion and that he called a "just one big lie," prosecutors said.
Bernard L. Madoff was released on $10 million bail secured by his signature and that of his wife. He declined to comment as he walked out of US District Court in Manhattan.
Madoff, 70, the founder of Bernard L. Madoff Investment Securities LLC, maintained a separate and secretive investment-advising business that served between 11 and 25 clients and had a total of about $17.1 billion in assets under management, prosecutors said.
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