Hey, I am Series 7 licensed and all of this makes me angry as hell.
I waste hours and hours of work, every month, doing stupid, useless paperwork that really does not protect anyone -—
And a guy like Madoff can just walk in to an office and, because of his name, walk out with a check and hardly any documentation?
Madoff used his status and position to ward off investigations. Whistle-blower Markopolis reported Madoff to the SEC several times, raising fraud issues and yet the SEC "turned a blind eye."
It must be considered that the SEC backed-off investigating Madoff NOT because they are incompetent, but because SEC investigators risked losing their jobs if they zeroed in on Madoff.
CAREER KILLER In the ranks of L/E, it is NOT advisable to imply people of Jewish heritage are doing something illegal---even moreso, it is a career killer to suggest it. FBI agents have been lacerated and condemned----even losing their jobs.
In fact, the cunning Madoff seemed to know L/E dared not suggest he was doing something illegal and he may have colluded to use scary charges of anti-Semitism to forestall investigations into his operation.
Madoff AND HIS INVESTORS had a lot to lose if he was investigated. He was operating a massive fraud that subsidized lavish lifestyles; posh homes all over the world, yachts, private planes, country club memberships, and endless high-end shopping.
yup. Welcome to the "other" suckers club. You can bet the regulators are *NOT* going to the woodshed over this...
I've been Series 7 long enough to remember when new account applications were 2 pages long. One signature.
Now they are 20 to 100, depending on the type of account. Too many signatures to count.