Madoff Told Employees Business Was âOne Big Lie,â SEC Says Email | Print | A A A By David Scheer Dec. 11 (Bloomberg) -- Bernard Madoff, president of Bernard Madoff Investment Securities, told employees that his business is âall just one big lieâ and âbasically, a giant Ponzi scheme,â the U.S. Securities and Exchange Commission said. In a meeting yesterday at his Manhattan apartment, Madoff, 70, told two senior employees that he was âfinishedâ and had âabsolutely nothing,â the SEC said in a civil lawsuit at federal court in Manhattan today. <b>He told the employees his business had been insolvent for years and estimated losses to be about $50 billion</b>, the regulator said. Madoff said he planned to surrender to authorities in a week, after he distributed some of his remaining $200 million to $300 million to select employees, family and friends, the agency said. He was arrested in a related criminal case today on a single count of securities fraud.