Longtime Wall Street investor Bernard Madoff is charged with allegedly running a hedge fund that US prosecutors say racked up billions of fraudulent losses.

The 70-year-old investor founder of Bernard L. Madoff Investment Securities was best known as chairman of the Nasdq Stock Market in the early 1990s. If true, the case may rank as one of the biggest frauds in history.

--Reuters

Duration: 1 min 47 sec