WASHINGTON — The Securities and Exchange Commission today charged Bernard L. Madoff Investment Securities LLC with securities fraud for a Ponzi scheme that has resulted in $17 billion in assets under management that is now missing.

The SEC’s complaint, filed in federal court in Manhattan, alleged that Bernard L. Madoff yesterday informed two senior employees that his investment advisory business was a fraud. Madoff told these employees that he was “finished,” that he had “absolutely nothing,” that “it’s all just one big lie,” and that it was “basically, a giant Ponzi scheme.” Madoff admitted in this conversation that the firm was insolvent and had been for years, and that he estimated the losses from this fraud were at least $50 billion, according to the SEC.

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