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To: Liz
"Picower is accused by the Madoff bankruptcy trustee of extracting $5.1B from Madoff’s enterprises in two decades.......making a 950% profit. A lawyer representing 100 Madoff victims suggests it was no accident that Picower was one of the few Madoff customers who made a substantial profit..."

So Picower, Madoff's best pal, large (if not largest) benefactor of Bernie's scam(s) & literally a billionaire is found dead. Who knew.

Listen Liz, question.
IF one wanted to learn if Picower belonged to or a member of say organizations such as Bilderberg, the Trilateral Commission etc?
Where might one learn such information, one way or the other? I'm thinking a clever young fox like you would know the answer to that. :^)
TIA, my friend.

When I read of this early in the AM?
My first impression: "Funny that. Obviously despondent to the point of suicide." /sarc ;^)

23 posted on 10/26/2009 7:02:18 AM PDT by Landru (If you want to perform for 15 mins, 30 mins, 1 hour, 5 days, a YEAR! Call...)
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To: All

Four individuals who were key to Madoff's Ponzi scam were sued by the SEC for recruiting unwitting victims to participate in Madoff's $65 billion ruse. The SEC accused three top executives at Madoff feeder firm “Cohmad Securities” with running the firm as the fraud's "façade," and of "knowingly or recklessly" contributing to the scam in exchange for more than $100 million in fees over the course of two decades.

Irving Picard, the trustee for the liquidation of Madoff's operations, followed the SEC's suit with one of his own, asking the US bankruptcy court to force these people to give the $100 million to investors.

Charged in the SEC suit were Cohmad Chairman Maurice "Sonny" Cohn, 78, his daughter Marcia Cohn, 49, who served as Cohmad's COO, and Robert Jaffe, 65, a Cohmad VP who's been widely credited with corralling elite Palm Beach, Fla's wealthy set into the Madoff scam. (Madoff co-founded the firm with Cohn in 1985, thus explaining the "Coh" and "Mad" in the company's name).

Jaffe has become notorious for having directed an estimated $1 billion worth of investor money into Madoff's sham investment firm and is known in some circles as "the recruiter," has been accused of trading on his marriage to Ellen Shapiro, the daughter of well-known philanthropist and garmento Carl Shapiro, to lure clients from the clubby world of Palm Beach, particularly members of the exclusive Palm Beach Country Club.

At the center of the SEC's allegations is a claim that Cohmad was merely a front for funneling money into Madoff.

The SEC also accused the defendants of acting as shills who purported to be doing investors a favor by providing access to Madoff's supposedly "exclusive club" of clients.

However, it turns out that ensnaring people into the Madoff scheme was Cohmad's main business, and that the company drew most of its earnings from Madoff, who often paid the defendants directly, bypassing Cohmad entirely, the SEC said.

In a separate case, the SEC sued Beverly Hills-based “investment adviser” Stanley Chais, accusing him of lying to investors that he was the one managing their money when in fact it was Madoff.


UPDATE The SEC claims that Chais and his family between 1995-2008 withdrew from Madoff's firm about $500M more than they had invested.

Brighton Co Investments is headed by Stanley Chais, a Beverly Hills "philanthropist" who served on "charitable" boards with Madoff. Chais (pronounced Chase) told the Jewish Journal of Los Angeles that he not only personally invested with Madoff, but he also "facilitated" others who wished to do likewise. However, spokesmen for the SEC and the California Dept of Corporations said they could find no record of Chais registering as an investment advisor or a broker.

Stanley Chais offers remarks at the Weizmann Institute of Science.

24 posted on 10/26/2009 10:02:28 AM PDT by Liz (ALL FOX---ALL THE TIME---24/7)
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