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Keyword: madoff

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  • AG eyes LI Ivy's poison; Hid Madoff scam

    05/13/2010 3:47:10 AM PDT · by Liz · 8 replies · 251+ views
    NY POST ^ | 5/12/10 | KAJA WHITEHOUSE
    ..... hedge-fund firm Ivy Asset Management is accused of hiding "disturbing facts" about Madoff from clients on fears the truth would crimp their revenue.....a civil lawsuit claims former CEO Lawrence Simon and ex-CIO Howard Wohl, were aware for some 10 years that Madoff's operation was suspect, but they "kept clients in the dark," pocketing $40M in advisory and due-diligence fees between 1998-2008 that led hundreds of investors, and dozens of NY union pensions and welfare plans, to lose a combined $227M.
  • The $10 Trillion Climate Fraud

    04/28/2010 5:50:50 PM PDT · by raptor22 · 33 replies · 1,227+ views
    Investors.com ^ | April 28, 2010 | INVESTOR'S BUSINESS DAILY Staff
    Cap-And-Trade: While senators froth over Goldman Sachs and derivatives, a climate trading scheme being run out of the Chicago Climate Exchange would make Bernie Madoff blush. Its trail leads to the White House. Lost in the recent headlines was Al Gore's appearance Monday in Denver at the annual meeting of the Council of Foundations, an association of the nation's philanthropic leaders. "Time's running out (on climate change)," Gore told them. "We have to get our act together. You have a unique role in getting our act together." Gore was right that foundations will play a key role in keeping the...
  • IG report: SEC knew of Stanford scheme since 1997

    04/23/2010 7:02:39 PM PDT · by george76 · 20 replies · 670+ views
    Ap ^ | Apr 16, 2010 | Marcy Gordon
    The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme but waited 12 years to bring fraud charges against the billionaire, the agency inspector general said Friday. An SEC enforcement official who helped quash investigations of Stanford's business later legally represented him... The findings were the latest in a string of black eyes for the SEC, following a series of reports issued by Kotz's office last year that chronicled in detail how the agency bungled five investigations of financier Bernard Madoff's business between June 1992 and December 2008.
  • Bill helps Madoff's victims (SIPC)

    04/18/2010 6:53:51 PM PDT · by CutePuppy · 17 replies · 732+ views
    NY Post ^ | April 16, 2010 | Kaja Whitehouse
    A group of legislators yesterday announced they've crafted a bill to outlaw current efforts to "claw back" money from victims of Ponzi King Bernie Madoff. Six members of Congress, including local US Reps. Gary Ackerman (D-Bayside) and Peter King (R-Long Island), unveiled legislation that would change how the Securities Investor Protection Corp. collects illegally obtained funds to give to Ponzi scheme victims. SIPC has been attacked for going after ill-gotten gains from Madoff victims who didn't know they were involved in the scam. SIPC argues that it's collecting from those who profited, even if unwittingly, to give to those who...
  • Lessons from the Madoff and Goldman scandals.

    04/17/2010 3:10:45 PM PDT · by moneyrunner · 9 replies · 202+ views
    The Virginian ^ | 4/17/2010 | Moneyrunner
    Bernie Madoff was a highly sought after money manager for the rich and famous. You had to be “somebody” before you could get an audience with this Ponzi schemer. Goldman Sachs was/is the crème de la crème of high finance investment firms. If a Goldman salesman called to offer to open an account for you, you knew you had “arrived.” Both scammed their customers out of billions and have left financial debris in their wake. What are the lessons we can take away? 1. Beware of “reputation” and the negative sell. “Are you good enough or rich enough to invest...
  • What The Trustees Will Say About Social Security

    04/07/2010 7:51:40 AM PDT · by Slyscribe · 6 replies · 449+ views
    IBD's Capital Hill ^ | 4/7/2010 | Jed Graham
    It’s not surprising that the Obama administration has delayed the annual report from the Social Security and Medicare trustees to reflect the impact of health care legislation. ObamaCare will show an immediate improvement in the finances of both programs — at least on paper. How real that improvement turns out to be is another question. In the case of Medicare, any improvement will be vastly overstated. That’s because the law prescribes cost cuts and tax increases that will flow to Medicare’s bottom line, even though the measures were approved as a way to pay for an insurance expansion that is...
  • Madoff Beaten in Prison

    03/17/2010 11:34:32 PM PDT · by myknowledge · 43 replies · 1,285+ views
    The Wall Street Journal ^ | March 18, 2010 | Dionne Searcey and Amir Efrati
    Bernard Madoff, who is serving a 150-year sentence in North Carolina for running a fraud scheme that cost investors billions of dollars, was physically assaulted by another inmate in December, according to three people familiar with the matter. After the attack, Mr. Madoff, who pleaded guilty a year ago and was sent to a federal prison in Butner, N.C., was moved on Dec. 18 to the prison's low-security medical center for treatment. At the time, the Bureau of Prisons said that rumors of an assault were false and that Mr. Madoff suffered from dizziness and hypertension. One of his lawyers,...
  • Bernie Madoff bashed by ripped-off inmate - report

    03/17/2010 11:11:04 PM PDT · by myknowledge · 29 replies · 679+ views
    The Daily Telegraph ^ | March 18, 2010 | Staff writers
    CONVICTED fraudster Bernie Madoff, who is currently serving a 150-year sentence in a US jail, was bashed by a fellow inmate in December, a report says. A former inmate told The Wall Street Journal said the fight was centered on money the attacker thought he was owed by Madoff. He said a prison officer found Madoff lying wounded on a floor. Madoff was treated for a broken nose, fractured ribs and cuts to his head and face, according to another prisoner currently serving time on drug charges. Madoff pleaded guilty last year to tricking thousands of people out of billions...
  • Markopolos for SEC Chair?

    03/12/2010 7:11:04 AM PST · by NJ sux · 3 replies · 114+ views
    bigdebtsmalllaw.wordpress.com ^ | 3-11-10 | lawis4losers
    I think Harry Markopolos would make an excellent SEC charimen, and posted my thoughts on same: http://bigdebtsmalllaw.wordpress.com/2010/03/12/why-coffee-trashed-harry/
  • Internet hustlers go after Madoff victims (Nigerians' new sucker targets)

    03/10/2010 9:26:34 AM PST · by Liz · 30 replies · 465+ views
    NY POST ^ | 3/10/10 | KAJA WHITEHOUSE and BRUCE GOLDING
    The Securities Investor Protection Corp web site has an apparent imposter, i-sipc.com soliciting Madoff victims. A Nigerian scam sought to steal their personal info claiming they had $1.3 million in Madoff money stashed in Malaysia. Burned investors were urged to mail in their "most recent brokerage account statement." The shady group claimed to be based in Geneva, with ties to the UN and IMF but a search of the domain name showed Victor Oladipo, Nigeria, created the site last August.
  • Executive says he was ready to kill Madoff

    03/01/2010 8:20:24 PM PST · by Clintonfatigued · 3 replies · 533+ views
    UPI ^ | February 28, 2010
    The Boston man who served as a whistle-blower in the case against Bernard Madoff says he once was fully prepared to kill the disgraced stock broker. Former securities industry executive Harry Markopolos details in his new memoir, "No One Would Listen," how he was ready to kill Madoff if the broker ever attempted to take action against him, The Boston Herald said Sunday. "If (Madoff) contacted me and threatened me, I was going to go down to New York and take him out," Markopolos, 53, said in his book. "At that point, it would have come down to him or...
  • $1.2 billion swindle 'was like Madoff on crack'

    02/21/2010 12:25:01 AM PST · by freedomfighter256 · 14 replies · 949+ views
    Fort Lauderdale, Florida (CNN) -- The photographs on the walls of Scott Rothstein's office at his law firm in Fort Lauderdale, Florida, were a who's who of Washington. There were photos of Rothstein shaking hands with former President George W. Bush and Rothstein with Bush's brother, Jeb, who is Florida's former governor. More photos showed Rothstein glad-handing Sarah Palin, Arnold Schwarzenegger and Bill Richardson. And then there were the senators: Joe Lieberman, Mel Martinez, Arlen Specter and John McCain. All appeared happy to be in the company of a man who by some estimates contributed at least $1.9 million to...
  • Madoffs' gravy drain; Bernie's family members lose access to assets

    02/06/2010 7:42:28 AM PST · by Liz · 23 replies · 587+ views
    NY POST ^ | 2/6/10 | PAUL THARP
    None of them has been prosecuted yet in connection with Madoff’s massive swindle: brother Peter was chief compliance officer; Peter's daughter, Shana Madoff Swanson, was compliance officer; sons Andrew and Mark were co-directors of trading. Last month, a lawyer for Peter Madoff disclosed in a NJ civil suit that he was under federal criminal investigation. All have agreed to a court-ordered freeze on assets......the latest effort to squeeze Madoff family holdings, which once included three yachts, posh penthouses, summer mansions, artworks -- from Madoff's $65B Ponzi scheme. They “will incur no debt, obligation, or other liability, directly or indirectly, beneficially...
  • Britain Sweeps Madoff Investigation Under the Rug

    02/03/2010 5:30:08 AM PST · by LDoyle · 9 replies · 307+ views
    The New York Times ^ | February 3, 2010 | Larry Doyle
    Great Britain just took the definition of America’s strongest ally to a whole new level. How so? News this morning that the U.K.’s Serious Fraud Office (SFO) will not pursue legal action against the local operations of Bernard Madoff Investment Securities is just another kick in the balls to investors everywhere and the innocent Madoff investors especially. The New York Times highlights this breaking news story in writing, Britain Will Not Pursue Legal Action Against Madoff: Britain’s Serious Fraud Office said Tuesday that it would not pursue legal action against the local operations of Bernard L. Madoff, the U.S. financier...
  • Lawyer 'Bern'ed in divorce (screwed-over by Madoff----again)

    12/26/2009 1:47:59 PM PST · by Liz · 23 replies · 1,394+ views
    NY POST ^ | 12/26/09 | DAREH GREGORIAN
    Big-shot real-estate lawyer Steven Simkin sued to redo his 2006 divorce deal. He had bought out his ex's share of a $5.4M Madoff fund that turned out to be worthless. He sued so she could shoulder "her share." A Manhattan judge said a deal's a deal, and threw the suit out.
  • Source: Madoff fell out of bed, injured

    12/24/2009 6:52:01 PM PST · by TaxPayer2000 · 24 replies · 1,341+ views
    abc11 via Drudge ^ | December 24, 2009
    DURHAM, NC -- A source tells ABC11 Eyewitness News that disgraced financier Bernie Madoff is being treated for serious injuries after he fell out of his prison bed. ABC11 Eyewitness News first reported that Madoff had injuries consistent with an assault. Now, the source says Madoff was not attacked in prison, but that he fell off a bed onto his face. The source said there was a lot of facial bleeding. Sources also confirmed Madoff was treated at Duke University Medical Center in Durham last Friday and discharged earlier this week. He is serving a life sentence at the federal...
  • Source: 'Madoff fell out of bed' (broken ribs, facial fractures & collapsed lung)

    12/24/2009 12:12:29 PM PST · by AAABEST · 91 replies · 3,783+ views
    ABC-11 ^ | December 24, 2009 | Staff
    DURHAM, NC -- A source tells ABC11 Eyewitness News that disgraced financier Bernie Madoff is being treated for serious injuries after he fell out of his prison bed. Now, the source says Madoff was not attacked in prison, but that he fell off a bed onto his face. The source said there was a lot of facial bleeding. (snip) According to the sources, Madoff came to Duke with facial fractures, broken ribs and a collapsed lung.
  • New SEC Madoff rule

    12/18/2009 9:15:22 PM PST · by CutePuppy · 8 replies · 701+ views
    NY Post ^ | December 17, 2009 | NY Post
    The Securities and Exchange Commission approved final rules yesterday requiring some investment advisers who manage customer funds to undergo annual surprise audits.The rule is prompted by the Bernard Madoff scandal, requiring certain SEC-registered advisers who have custody of clients' assets to retain an independent public accountant to conduct an annual exam. .....
  • Health Bill Hoax ...

    11/19/2009 5:29:17 PM PST · by Kaslin · 19 replies · 1,236+ views
    Investors.com ^ | November 19, 2009 | INVESTORS BUSINESS DAILY staff
    Reform: Only a Bernie Madoff could believe the Senate's health care bill will extend coverage to 31 million Americans while cutting deficits by $127 billion over 10 years. It would be the first profitable entitlement. But that's what Majority Leader Harry Reid, citing Congressional Budget Office estimates, tells us the 2,074-page bill — said to cost only $849 billion over a decade — would do. Like House Speaker Nancy Pelosi, he seems to be following Vice President Joe Biden's admonition at an AARP town hall meeting that "we've got to spend money to keep from going bankrupt." We suspect Reid's...
  • Crying Over Madoff’s 17 Rolexes at Auction

    11/14/2009 12:41:50 PM PST · by NoLibZone · 15 replies · 1,400+ views
    New York Times ^ | Nov 14,2009 | By LIZ ROBBINS and C.J. HUGHES
    This was less like an auction and more like a seven-car garage sale. The spoils and other superfluous purchases of Bernard L. Madoff, the notorious Ponzi schemer, were on the blocks at the United States Marshals Service Jewelry auction on Saturday at the New York Sheraton Hotel and Towers.