Bernard Madoff set for court appearance
Alleged fraudster Bernard Madoff is set to appear in a New York court later today to face $10 million bail terms in relation to his recent arrest. Even though he is rumoured to have in the region of $300 million in his account there is speculation that he will not be able to pay the $10 million bail fee and could be imprisoned until his case comes up.
Each day seems to bring a new angle on the alleged fraud which involved a $50 billion investment fund which has been running for many years. Many of the tabloid papers are suggesting that Bernard Madoff had promised investors returns of between 10% and 12% per annum on the proviso that they did not question his investment policy and strategy. Indeed nobody actually knew how he was making his money until the credit crunch came and for the first time ever investors wanted their money back.
There are many stories of Madoff turning down investments for $1 million with suggestions that he was a marketing expert and by rejecting such substantial amounts he was able to create an air of invincibility. However, if found guilty of what many are calling the largest fraud ever to hit Wall Street Bernard Madoff could be spending a very long time behind bars.
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