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December 17, 2008

By: Melvin A. Brosterman, Joel Cohen,

On Thursday, December 11, 2008, the U.S. Securities and Exchange Commission and UnitedStates Attorney for the Southern District of New York announced charges that were brought by both agencies against Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC (BMIS), arising from an alleged multi-billion dollar Ponzi scheme perpetrated on BMIS’ many investors. Indeed, it appears that the losses to investors may be in the tens of billions.