Madoff told the employees he was "finished," that he had "absolutely nothing," that "it's all just one big lie" and it was "basically, a giant Ponzi scheme," according to the complaint filed in court.
The (FBI) agent wrote that Madoff said he had "paid investors with money that wasn't there" and that he was broke and insolvent and had decided that "it could not go on" and that he expected to go to jail.
The SEC said it was seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm. A hearing was scheduled for Friday.
.......the investment adviser business was a fraud and had been insolvent for years, losing at least $50 billion.
Paying with money that wasn't there?
If this story doesn't get us all out into the streets, nothing will.
I quit too Peter