Hedge Funds

Casualties mount as Madoff is placed under house arrest


Details of the spectacular fraud allegedly perpetrated over many years by Bernie Madoff continue to unfold this week as Madoff was placed under house arrest.

Madoff, who ran Bernard L. Madoff Investment Securities, was arrested on December 11 after he allegedly confessed to running “a giant Ponzi scheme” that by his estimates totaled $50 billion.

The fraud, which lasted years, has had wide-ranging impacts on hedge funds, fund of funds, pension funds, foundations and charities, which have already claimed losses of about $20 billion.

On Wednesday, Madoff was ordered to submit to electronic monitoring and to remain in his