Madoff mirage where no trade was executed

BERNIE Madoff's investment fund may never have executed a single trade, industry officials say, suggesting that detailed statements mailed to investors each month may have been an elaborate mirage in a US$50 billion fraud.

Source: http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,314736,00.html?