Financial scandal

Bernard Madoff, the former chairman of the Nasdaq stock exchange, has been charged with fraud in what has been described as a financial scandal.

Some of the world’s biggest banks have revealed that they have lost billions of US dollars in a fraudulent hedge fund run by Bernard Madoff.

The Royal Bank of Scotland, Spanish bank Santander, French bank BNP Paribas and one of the world’s largest investment groups, Man, have all been affected in the 50 billion US dollar fraud.

If Madoff is found guilty of all charges, he could face up to 20 years in prison and a five million US dollar fine.