Mandatory Credit: Photo by KPA/Zuma / Rex Features ( 835773b )
American hedge fund manager, Bernard Madoff appears at a bail hearing, Federal Court, New York, America - 05 Jan 2009
Prosecutors allege Madoff violated conditions of his bail . Bernard Madoff is an American businessman and former chairman of the NASDAQ stock exchange. He started the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman until December 11, 2008, when he was charged with perpetrating the largest investor fraud ever committed by a single individual, having been arrested based on a tip-off from his sons, Andrew and Mark. According to federal charges, Madoff himself admitted that his firm has "liabilities of approximately US$50 billion.