Investment advisor free on $10 million bond

December 12, 2008 12:55:18 PM PST
An investment adviser who reportedly called his firm "one big lie" before being arrested is believed to have wasted billions of dollars in a fraud scheme.Bernard Madoff was charged with securities fraud. The complaint filed by the Securities and Exchange Commission alleges that Madoff told two senior employees his investment advisory business was a fraud.

Madoff admitted to paying returns to some investors from money he received from others. He was arrested at his New York home Thursday and is now free on $10 million bond.