Madoff Scheme Began 20 Years Earlier Than Originally Thought - kcentv.com - KCEN HD - Waco, Temple, and Killeen

(KCEN) -- A mutibillion dollar scheme carried out by Wall Street swindler Bernard Madoff began more than 20-years earlier than first suspected.

The original indictment alleged Madoff's criminal activity began in 1992.

New York prosecutors say they have evidence that the fraud actually began in 1970.

The new indictment adds charges of bank fraud and new tax offences to several people who worked with Madoff back then.

Investigators say thousands of investors lost roughly 20 billion dollars in the fraud as Madoff failed to put their money into markets.

Madoff pled guilty to fraud charges and is serving a 150 year prison sentence.