Skip to comments.Madoff’s [Nantucket] island ties
Posted on 01/09/2009 8:02:12 PM PST by Lorianne
During the court proceedings in the early 1990s, Avellino was represented by attorney Ira Ike Sorkin, who now represents Madoff in his defense of a single count of securities fraud filed against him by the SEC. In another connection between Avellino and Madoff, Lee Richards, who was just appointed by the SEC as the receiver of all Bernard Madoff Investment Securities assets, also served as the court-appointed trustee over Avellino & Bienes during its legal dispute with the federal agency, according to Bloomberg.
The Spanish banking conglomerate Banco Santander, which will acquire Nantucket Bank through its planned purchase of parent company Sovereign Bancorp, had more than $3 billion invested with Madoff through a hedge fund, all of which is presumed lost. Santanders involvement with Madoff, however, is not expected to affect Nantucket Bank customers in any way.
It doesnt impact the pending deal between Sovereign and Santander, and Sovereign has no relationship to Madoff and his firm, no direct relationship, Sovereign spokesperson Ellen Molle said. There could be customers who were invested with him, but not through Sovereign.
Madoff, 70, is currently under electronic surveillance and house arrest in his Park Avenue apartment in New York City. His elaborate Ponzi scheme was hyped to investors as an exclusive opportunity to obtain consistently high returns, but Madoff was simply paying off his early investors with funds deposited by new ones. The scheme fell apart when the current credit crisis and economic slowdown led many investors to try to pull their money out. Madoffs alleged victims range from universities and hospitals, to banks, charities and numerous wealthy investors including New York Mets owner Fred Wilpon and Madoffs own son, according to reports.
(Excerpt) Read more at ack.net ...
Madoff’s scheme will make a great book. Wonder how long before one comes out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.