A lousy day for City's darling Nicola Horlick...

[emad]

$50bn fraud charge at hedge fund

BBC Business


The former chairman of the Nasdaq stock market has been arrested and charged with securities fraud, in what may be one of the biggest fraud cases yet.

Bernard Madoff ran a hedge fund which ran up $50bn (£33.5bn) of fraudulent losses and which he called "one big lie", prosecutors allege.

Mr Madoff is alleged to have used money from new investors to pay off existing investors in the fund.

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Bramdean Alternatives has emerged as a victim of the fraud, with 9.5% of its investments exposed to the New York broker, it said in a statement on its website.

Nicola Horlick, the high profile fund manager labelled superwoman by the UK press, is the company's nominated fund manager.

In an interview earlier this year with the Financial Times, Ms Horlick praised Mr Madoff.
"He is someone who is very, very good at calling the US equity market," she said.

http://news.bbc.co.uk/1/hi/business/7779442.stm

[Albus]

1. Fifty billion here, fifty billion there....

if it keeps adding up like this we'll be talking serious money!