Mr. Madoff is being accused of a $50 billion fraud through a ponzi scheme. A former chairman of the Nasdaq stock exchange looks as if he will go down easy in a fraud that, based on estimates, will go down as being five times larger than the WorldCom accounting fraud. Mr. Madoff is quoted as saying, "There is no innocent explaination." More of the story can be read at wsj.com.
It looks like the recession that we are facing right now is creating ripe conditions for Ponzi schemes to be unvieled. At $50 billion this could go down as the largest Ponzi scheme to date.