Madoff confesses business was a fake - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Madoff confesses business was a fake

Posted by Rachel Leigh email

PALM BEACH COUNTY, FL (WFLX) - From here in Palm Beach County to New York, it's one of the largest frauds in the history of Wall Street.

Local investors in financial giant Bernie Madoff learn their money is gone after Madoff confessed his business was a fake.

Madoff is no stranger to South Florida. He has a $9.3 million home on Palm Beach. He is also a member of the Palm Beach Country Club where he met many of his alleged clients.

Madoff is out on a $10 million bail Monday. The $50 billion scam is believed to be the second biggest ever on Wall Street, behind the Enron collapse.

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