Keep in mind----these financial geniuses are all "licensed." Financial licenses can be lifted for any number of reasons:
If licensees fail to disclose ownership in investment vehicles.
If licensees fail to file proper documentation with state agencies.
If licensees fail to file reports with State Division of The Treasury.
If licensees fail to file state and federal tax returns (stolen money is taxable).
If licensees fail to pay state and federal taxes on hidden profits.
If licensees fail to account for investment proceeds.
HERE'S HOW JUDGES PREDICATE SENTENCING GUIDELINES:
(1) Amount licensee lost to the Treasury, a pension fund, the taxpayers, state pensioners, etc. (2) What role a licensee had in conspiracy schemes to defraud. (3) Whether a licensee obstructed justice in the course of investigations or, later, during trial.
CONTACT Financial Industry Regulatory Authority (nongovernment regulator of US securities firms)
CALL (866) 776-0800
Probably some of the SEC'ers were laying off, looking to get positions w/ Madoff. When you realize the scope of Madoffs fraud, there is no other conclusion one could draw. Even an imbecile could have determined that Madoff was not making trades......merely sending out falsified statements on outdated computer equipment.
The court appointed trustee looking into Madoff's assets unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... with assets and businesses in 11 places overseas. Madoff traveled overseas frequently, to his villa on the Riviera----those suitcases he carried were probably full of cash .....not leisure wear.
Madoff was running several simultaneous scams:
(1) a Ponzi fraud that made him personally wealthy;
(2) laundering tax-free money for wealthy businessmen posing as philanthropists,
(3) IRS fraud facilitation for wealthy businessmen;
(4) a protection racket (shielding his investors from scrutiny);
(5) laundering tax-free money that was donated to Democrat candidates (campaign fraud).
NAILING THE SEC--CONGRESSIONAL QUESTIONNAIRE Higher-ups need entry-level employees to help facilitate these frauds. Cong Issa should send out questionnaires to SEC entry-level employees, as follows.
Do you know anyone at the SEC (or other govt agency):
(1) engaged in secret backroom deals?
(2) who falsified work reports labeled overtime?
(3) who used two sets of books?
(4) who made computer entries to falsely collect overtime that were later deleted?
(5) who list phantom employees that are receiving paychecks at PO boxes?
(6) who took kickbacks from govt vendors?
(7) who wire-transferred govt funds to numbered offshore accounts?
(8) who has hidden equity positions in vendor companies?
(9) who engaged in accounting fraud?
(10) who inserted phony budget line items "building costs, administration, legal fees, upkeep," and the like, into tax-financed budgets?
(11) that (a) loaned, (b) sold, (c) exchanged, (d) or leased govt property to insiders?
(12) who did not disclose all their income to the IRS?
(13) that colluded to siphon off and kickback government funds?
(14) who is retiring into another government job?
(15) that gave family members govt jobs and pensions?
(16) who failed to return tax-paid cars, cell phones, electronics, computers, Blackberry's, pagers and the like?
CONSEQUENCES Govt agents returning falsified information could be prosecuted and incur felony charges for first-degree tampering with public records, first-degree offering of a false instrument for filing, fourth-degree grand larceny, and first-degree falsifying of official records.
HARD AND FAST RULE OF CONTRACT LAW Falsified answers would also negate all other govt compensation since the individual did not negotiate in good faith.