Bernard Madoff arrested over alleged Ponzi scheme: WSJ

SAN FRANCISCO (MarketWatch) -- Bernard Madoff, who founded Bernard L. Madoff Investment Securities, was arrested by Federal Bureau of Investigation agents on alleged fraud, The Wall Street Journal reported late Thursday on its Web site. Charges against Madoff allege that he told senior employees on Wednesday that the firm was "a giant Ponzi scheme" after trying to distribute the "couple of hundred million dollars" he had left before turning himself in, according to the Journal, citing a person familiar with the matter. The alleged scheme involved tens of billions of dollars, the newspaper reported.