FBI agents arrested Bernard Madoff Thursday on securities fraud charges, law enforcement sources said.
Madoff is the founder of the trading firm that bears his name.
His firm serves major banks and other financial institutions. Madoff, 70, is accused of running his firm’s investment advisory business as a fraud. Investigators said it appears Madoff's advisory business was insolvent and had been for years.
Losses could be significant, according to investigators. While offering investment advice for wealthy clients, Madoff’s firm is best known for considered a "market maker" in that it accepts and executes buy a sell orders for major firms.
Madoff is expected to be arraigned at U.S. District Court in Manhattan Thursday evening. Madoff is well known in the financial world for his firm that he founded back in 1960.
A spokeswoman for the U.S. attorney's office declined comment saying an official announcement would be made later Thursday evening. A representative of the Madoff firm said the firm has no comment at this time.
