Bernard Madoff Claims $17 Bn in Assets with SEC

In a Form ADV filed with the SEC, Madoff claims that his investment advisory business has 23 clients and more than $17 billion under management.

The firm claims 51-250 employees but only 1-5 employees performing "investment advisory functions." Its clients consist of:

* pooled investment vehicles (51-75 percent)
* charitable organizations (up to 10 percent)
* banking or thrift institutions (up to 10 percent)
* pension and profit-sharing plans (up to 10 percent)
* other corporations or businesses (11-25 percent)

I'm very close with the regulators, so I'm not trying to say what they do is bad... as a matter of fact, my niece just married one.”

— Bernard Madoff