[Bernard] Madoff, charged with one count of civil securities fraud, faces up to 20 years behind bars and a fine of up to $5 million.Madoff is a former chairman of Nasdaq and was arrested after his two sons turned him in for running a business that has been insolvent for years. In other words, he pulled the wool over the eyes of regulators who are supposed to make sure that things like this don't happen.
He was arraigned in Manhattan federal court and released on a $10 million bond.
The Securities and Exchange Commission, alleging "a stunning fraud that appears to be of epic proportions," said it wants a receiver appointed for the firm.
Defense lawyer Dan Horwitz said Madoff was "a person of integrity" and would fight the charges.
The arrest was a massive reversal of fortune for Madoff, whose principal firm is one of the five broker-dealers most closely involved in developing the Nasdaq.
He served as chairman of its board of directors and a member of the board of governors.
Instapundit points out that Madoff was a big backer of Democrats, including Charles Rangel and Hillary Clinton, but he spread the money around to GOPers as well. That has a real familiar ring to it. It sounds like Freddie Mac and Fannie Mae and all the other failed businesses (see: automakers, Citigroup, AIG, etc.) that threw money at Congress to ensure that they were able to stick around a wee bit longer.
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