Baltimore Police, Fire to Join Suit Against Madoff

Pension fund lost millions

The list of those affected locally by New York money manager Bernard Madoff’s multi-billion-dollar Ponzi scheme has grown.

Baltimore's police and fire pension fund has lost $3.5 million invested in a fund with ties to the disgraced financier, according to the Associated Press.

Police and fire pension board chairman Stephan Fugate says the board expects to join with others who lost money in a lawsuit.

Madoff was arrested in December and charged with securities fraud after allegedly telling employees his firm was a scheme. Madoff is thought to have swindled investors out of $50 billion.

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