Madoff Fraud has Worldwide Ripple Effects.

Ex-Nasdaq chair arrested on fraud charge, Richard Madoff, had put an elaborate fraud scheme together. Major European banks are now effected by the fraud. This latest scandal combined with the " toxic paper" from bad loans will make it harder to restore any trust from the global financial community to Wall Street.

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Feds Charge: The $50 BILLION Scam; One Man's Amazing Crime

A powerful New York financial advisor whose handful of clients routinely expected -- and received -- double digit returns, up market or down, may have instead been running a decades long Ponzi scheme that defrauded investors of $50 billion dollars, according to a one-count criminal complaint unsealed in federal court in New York.

Bernard Madoff, 70, a former chairman of NASDAQ, was an investment advisor who catered to a handful of high net worth clients, one of whom told ABC News that Madoff was so sought after that, as recently as two months ago, he was turning down potential new business.

According to a Securities and Exchange Commission document filed in Jan. 2008, and cited in the complaint, the firm had between 11 and 25 clients for the fiscal year ending Oct. 2007 and managed about $17 billion in assets in 23 different accounts.

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