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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.
  • Gore's Profits Of Doom

    11/03/2009 5:59:25 PM PST · by Kaslin · 8 replies · 1,176+ views
    Investors.com ^ | November 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Junk Science: The oracle of climate disaster has a new book out on global warming that should be on the fiction list. He asks us to commit economic suicide while he rakes in millions from his green investments. 'Our Choice: A Plan to Solve the Climate Crisis," Al Gore's sequel to his 2006 tome "An Inconvenient Truth," came out Tuesday. Printed on recycled paper using low-VOC (volatile organic compound) ink, it will undoubtedly be a best-seller and on the desk of every attendee at next month's climate change conference in Copenhagen. In a press release announcing the book, the Oscar-...
  • Jailhouse Interview: Madoff Rips SEC, Calls Shapiro a “Dear Friend”

    Tonight the Inspector General of the Securities & Exchange Commission gives us Bernie Madoff in his own words — A jailhouse interview that Madoff granted to the SEC’s watchdog during his stay at Metropolitan Correctional Center in lower Manhattan on June 17. Madoff spent much of the interview slamming the SEC: “Everything the SEC did prior to 2006 was a waste.” He said that the inspectors who combed through his books found only “ridiculous violations.” Madoff adds that he never supplied false documents to the SEC, but that it was “amazing to me” that he didn’t get caught.
  • Madoff: It's 'Amazing' I Didn't Get Caught Sooner

    10/30/2009 7:17:42 PM PDT · by TigerLikesRooster · 12 replies · 1,055+ views
    CNBC ^ | 10/30/09 | Scott Cohn
    Madoff: It's 'Amazing' I Didn't Get Caught Sooner Posted By: Scott Cohn Senior Correspondent, CNBC 30 Oct 2009 | 07:26 PM ET Jailed swindler Bernie Madoff said it was "amazing" that he didn't get caught sooner in his multi-billion-dollar Ponzi scheme, and that everything the SEC did to investigate him prior to 2006 was a waste of time, according to a jailhouse interview he gave to SEC Inspector General H. David Kotz. Madoff also told Kotz that SEC Chairwoman Mary Schapiro was a "dear friend," although she "probably thinks, 'I wish I never knew this guy.'" For the SEC's Full...
  • Treasury, GMAC in talks for 3rd round of US aid

    10/28/2009 8:39:39 AM PDT · by Kartographer · 36 replies · 1,268+ views
    AP/GoogleNews ^ | 10/28/09
    GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry. The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
  • Madoff associate had heart attack, drowned in pool

    10/26/2009 11:07:42 AM PDT · by NormsRevenge · 31 replies · 1,710+ views
    AP on Yahoo ^ | 10/26/09 | Brian Skoloff - ap
    WEST PALM BEACH, Fla. – A man accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff drowned after having a heart attack, authorities said Monday. Jeffry Picower, 67, was found at about noon Sunday by his wife, Barbara, at the bottom of a pool at their oceanside mansion. She pulled him from the water with help from a housekeeper. He died a short time later at a nearby hospital. An autopsy conducted Monday found he suffered a heart attack and drowned, said Dr. Michael Bell, chief medical examiner for Palm Beach County....
  • Madoff Billionaire Found Dead in Palm Beach Swimming Pool

    10/25/2009 6:00:55 PM PDT · by Chet 99 · 22 replies · 2,226+ views
    Oct. 25, 2009— The man who made $7 billion in the Bernie Madoff Ponzi scheme, Jeffry Picower, was found dead in his Palm Beach, Fla., swimming pool Sunday. The Palm Beach Fire Department told ABC News that Picower had no pulse when fire rescue workers arrived at his oceanfront mansion after his wife called 911. She and his housekeeper pulled his body from the pool shortly after noon. No one benefited more from the Madoff scheme that Picower, according to bankruptcy lawyers who sued him and alleged he had taken out $7 billion more than he had put in. Click...
  • Police: Madoff associate Jeffry Picower dies at 67

    10/25/2009 2:28:00 PM PDT · by Free ThinkerNY · 43 replies · 2,858+ views
    Associated Press ^ | Oct. 25, 2009
    PALM BEACH, Fla. (AP) - Jeffry Picower, a Florida philanthropist alleged to have extracted billions from Bernard Madoff's investment scheme, drowned in his pool Sunday, police said. He was 67. The former New York lawyer and accountant had been a friend of Madoff for decades. A statement from Palm Beach police said Picower's wife and a maid found the body at the bottom of the pool Sunday afternoon and rescue workers could not revive him. Picower was transported to Good Samaritan Medical Center where he was pronounced dead at about 1:30 p.m.
  • Palm Beach police: Jeffry Picower has died [friend of Maoff]

    10/25/2009 1:27:27 PM PDT · by smokingfrog · 25 replies · 2,109+ views
    AP ^ | 10-25-09 | AP
    Authorities say he was found at the bottom of his Palm Beach home's pool Sunday afternoon by his wife and could not be revived...
  • Texas lost $19.5 million to Madoff

    10/21/2009 1:16:38 PM PDT · by SwinneySwitch · 3 replies · 566+ views
    San Antonio Express-News ^ | 10/21/2009 | R.G. Ratcliffe
    AUSTIN — The Texas treasury lost $19.5 million through an investment in the Ponzi scheme run by convicted financial swindler Bernard Madoff. The money was part of a $224.5 million investment the Texas Treasury Safekeeping Trust Co. had with a Texas-based hedge fund called Austin Capital Safe Harbor. Austin Capital closed in May due to losses it suffered in one of Madoff's scam investment funds. Comptroller Susan Combs chairs the Treasury Safekeeping Trust, which manages $50 billion in tobacco lawsuit settlement funds, TexPool investments for 2,000 local governments and Treasury Pool for managing state funds. Combs spokesman R.J. DeSilva said...
  • SEC Taps Goldman Executive for Enforcement Role

    10/21/2009 10:30:11 AM PDT · by Leisler · 18 replies · 1,209+ views
    WSJ( Americas Paper of Record ) ^ | OCTOBER 16, 2009 | By SARAH N. LYNCH
    WASHINGTON -- The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency's first-ever chief operating officer of the enforcement division. The new hire represents the latest personnel change at the SEC in its effort to improve its operations following its failure to detect Bernard Madoff's massive Ponzi scheme. Enforcement Division Director Robert Khuzami created Mr. Storch's position of managing executive as part of the major re-structuring effort he announced earlier this year. Mr. Storch will oversee division operations that include budget, information technology and administrative services. He will also supervise...
  • Bernard Madoff's life behind bars revealed(befriending Carmine Persico and Jonathan Pollard)

    Bernard Madoff's life behind bars revealed Bernard Madoff reportedly sleeps in the lower bunk in his cell and he eats pizza cooked by an inmate convicted of child molestation Christine Seib in New York Bernard Madoff shares a jail cell with a 21-year-old drug dealer and socialises with a former crime boss and an Israeli spy, according to a legal action filed yesterday in New York. Attorneys who interviewed Madoff in jail in July used information obtained from the fraudster to file a series of claims against major banks and accountancy firms, in an action that also throws light on...
  • Madoff Son Goes "Missing;" Wife Calls Cops

    10/16/2009 4:41:48 PM PDT · by nickcarraway · 12 replies · 1,107+ views
    NBC ^ | Fri, Oct 16, 2009 | JENNIFER MILLMAN
    Ponzi schemer's son storms off after bitter fight Cops were searching for one of Bernie Madoff's sons yesterday, but not for the reason you may think. Mark Madoff, the frazzled former trader at his father's firm, disappeared yesterday after an acrimonious argument with his wife, who, fearing for his safety, desperately called the cops, according to a published report. That frantic call prompted a police search, which ended when Mark came back home, saying he had spent the night in a fancy hotel and planned to get help for his issues from a doctor, reports The New York Post. The...
  • Madoff Investors Sue SEC for Negligence

    10/14/2009 11:12:37 AM PDT · by CutePuppy · 23 replies · 1,714+ views
    CNBC ^ | October 14, 2009 | Mary Thompson
    Two former investors are suing the Securities and Exchange Commission for $2.4 billion in damages, claiming the agency acted with negligence while examining Ponzi schemer Bernard Madoff's investment business. The 63-page complaint, filed by Phyllis Molchatsky and Dr. Steven Schneider, claims the agency engaged in "serial, gross negligence" over the course of 16 years. It alleges that because the SEC's negligence occurred during the course of its regular functions, rather than when crafting policy, the agency is not shielded by the doctrine of sovereign immunity. .....
  • Bernie's bruising battle -- over stocks!(Madoff terrorizing inmates?)

    10/13/2009 7:06:08 AM PDT · by TigerLikesRooster · 6 replies · 1,019+ views
    NY Post ^ | 10/13/09 | RICH CALDER
    Bernie's bruising battle -- over stocks! Brawls with inmate By RICH CALDER Last Updated: 6:27 AM, October 13, 2009 Posted: 2:44 AM, October 13, 2009 Bernie "The Bruiser" Madoff got into a prison-yard tussle with a fellow inmate over -- of all things -- the stock market, eyewitnesses told The Post. And, by inmates' accounts, the 71-year-old Ponzi schemer came out the winner. Madoff, serving 150 years at the Butner, NC, federal prison, was heard last week getting into a heated debate over the state of the market with another senior-citizen jailbird.
  • Madoff, Palin among top Halloween costumes

    10/08/2009 1:51:25 PM PDT · by Berlin_Freeper · 17 replies · 1,380+ views
    southflorida.bizjournals.com/ ^ | September 23, 2009 | southflorida.bizjournals
    A Sarah Palin mask will set you back $30, while a Barack Obama mask is on sale for $17.
  • Cons Targeting Jews: First Madoff, Now Stanford

    10/05/2009 7:50:02 AM PDT · by AJKauf · 27 replies · 1,871+ views
    Pajamas Media ^ | October 5 | Todd Bensman
    It took a long time for anyone to point out an obvious phenomenon about the $60 billion Bernard Madoff Ponzi scheme, the largest in history. It was that Madoff victimized thousands upon thousands of his fellow American Jews. By the time that phenomenon was recognized, it was too late for Americans to properly digest the intellectual nutrients it offered. The story was over. But now it turns out that another Madoff-like Ponzi operation, this one the world’s second largest, also laid financial waste to Jews. This clearly is no one-off phenomenon. As a story, the Stanford Financial Group of banks...
  • FINRA failure on Madoff

    10/03/2009 11:23:30 AM PDT · by CutePuppy · 8 replies · 820+ views
    NY Post ^ | October 03, 2009 | NY Post
    The Financial Industry Regulatory Authority didn't fully probe Bernard Madoff's firm and repeatedly failed to investigate tips about R. Allen Stanford's alleged $7 billion fraud, an internal report found.
  • Madoff Family Members Sued For $198 Million (sons, brother, and niece)

    10/03/2009 2:01:49 AM PDT · by TigerLikesRooster · 29 replies · 3,274+ views
    CNBC ^ | 10/03/09 | Scott Cohn
    Madoff Family Members Sued For $198 Million Published: Saturday, 3 Oct 2009 | 1:37 AM ET By: Scott Cohn Senior Correspondent, CNBC The bankruptcy trustee trying to recover assets from the Bernard Madoff Ponzi scheme says Madoff's relatives used the firm "as if it were the family piggy bank." Irving Picard is suing Bernard Madoff's sons Mark and Andrew, his brother Peter, and his niece Shana for $198.7 million. That is the amount Picard says the family members received from Madoff's investment advisory business — $141 million of it in the last six years. All four of the family members...
  • Madoff Investors Probed by US Prosecutors (Picower took 950% return)

    09/28/2009 4:35:14 PM PDT · by Liz · 33 replies · 2,628+ views
    FREE REPUBLIC ^ | May 18, 2009 | Reuters
    It was recently uncovered that Madoff kept detailed notes about his activites and that some "investors" made deals, demanding specific returns on investments.....meaning they were in on the scam. Some investors also wrote Madoff personal checks......evidence of tax evasion and money laundering. Jeffrey Picower and Stanley Chais, two philanthropists who are the target of lawsuits brought by Irving Picard, the trustee liquidating the Madoff firm. Garmento Carl Shapiro, a close friend of Madoff, is also under criminal investigation....... Authorities are going after these people under the legal concept of "fraudulent conveyance"----meaning one cannot profit from a fraud. REFERENCE CBS'...
  • Madoff Victims Still Demanding That Taxpayers Reimburse Them For Fake Returns

    09/24/2009 2:24:55 PM PDT · by blam · 33 replies · 1,613+ views
    Business Insider ^ | 9-24-2009 | Yael Bizouati
    Madoff Victims Still Demanding That Taxpayers Reimburse Them For Fake Returns Yael BizouatiSep. 24, 2009, 5:15 PMMadoff’s victims will finally get their day in court Feb. 2. The victims have been fighting with Irving Picard, the bankruptcy trustee, about the right way to determine their losses. Now a judge will decide. The victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.[snip]
  • Half of Madoff's Clients Didn't Lose Money: Court Papers

    09/23/2009 8:58:22 PM PDT · by george76 · 11 replies · 1,326+ views
    FOXBusiness ^ | September 23, 2009 | Dunstan Prial
    Many of Bernard Madoff’s victims have moved beyond the jailed Ponzi schemer himself and targeted their anger toward the trustee and investigators charged with uncovering and distributing Madoff’s ill-gotten assets. That anger has only sharpened now that federal prosecutors have filed papers stating as many as half of Madoff’s customers at the time of his arrest didn’t actually lose any money because over the years they withdrew more cash from their accounts than they originally invested. In the same court filing, prosecutors told a judge there is no need to order restitution because all of Madoff's assets will be distributed...
  • Sold! Madoff NY Beach Home Fetches Over $8.75 Million

    09/17/2009 1:30:38 PM PDT · by nickcarraway · 3 replies · 615+ views
    Reuters ^ | Thu Sep 17, 2009 | Jonathan Stempel
    Bernard Madoff once slept there. Soon, someone else will. The imprisoned swindler's Montauk, New York, home, located on a beach with sweeping views of the Atlantic Ocean, has been sold for more than the $8.75 million asking price, a spokeswoman for broker Corcoran Group said on Thursday. The name of the buyer and the purchase price were not immediately disclosed. Several buyers submitted bids for the four-bedroom, three-bath, 3,000-square-foot home, which was on the market for two weeks. Sale proceeds will go toward reimbursing victims of Madoff's estimated $65 billion Ponzi scheme. The government is also selling two other U.S....
  • SEC told to fully probe complaints to bust fraud

    09/11/2009 5:00:07 PM PDT · by NormsRevenge · 4 replies · 795+ views
    Reuters on Yahoo ^ | 9/11/09 | Reuters
    WASHINGTON (Reuters) – After bungling five probes that should have uncovered Bernard Madoff's $65 billion fraud, regulators must learn to aggressively investigate tips and complaints to catch wrongdoers, the U.S. Securities and Exchange Commission's internal watchdog said on Thursday. A scathing report issued last week by SEC Inspector General David Kotz found that the agency missed numerous red flags, did not properly follow up on leads and dismissed tips and complaints that might have uncovered Madoff's investment sham. At a congressional hearing to examine the SEC's shortcomings, Kotz outlined dozens of recommendations to improve SEC procedures for handling tips and...
  • Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say

    09/11/2009 9:17:21 AM PDT · by Bubba Ho-Tep · 35 replies · 2,045+ views
    LA Times ^ | 9.11.09 | By E. Scott Reckard and David Sarno
    Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank. But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
  • SEC officials promise changes after Madoff failure-(This time hugh and series)

    09/10/2009 7:55:19 PM PDT · by Flavius · 7 replies · 928+ views
    ap ^ | 9/10/09 | ap
    The Securities and Exchange Commission's watchdog has recommended "employee-by-employee" action to ensure the agency fixes the breakdowns that allowed Bernard Madoff's colossal fraud to go undetected for years.
  • Madoff Was Obsessed With Bulls

    09/09/2009 5:23:33 PM PDT · by nickcarraway · 11 replies · 835+ views
    NBC New York ^ | Wed, Sep 9, 2009 | JENNIFER MILLMAN
    If you take a tour of Bernie Madoff's penthouse or check out the furnishings in his Palm Beach digs, his beach home or even his yacht, you'll walk away with one clear, albeit disturbing, thought in your mind: The man apparently has a bull fetish. Madoff's got bull statues in his Upper East Side luxury digs. He's got bull paintings in his Palm Beach house. He's got a yacht named "Bull," a smaller boat named "Little Bull" and has T-shirts decorated with bull logos and motifs. Get this: The disgraced financier even has napkins and glassware engraved with "Bull" --...
  • Congress to grill top SEC cop, Madoff whistleblower

    09/08/2009 12:29:12 PM PDT · by NormsRevenge · 1 replies · 645+ views
    Reuters on Yahoo ^ | 9/8/09 | Rachelle Younglai
    WASHINGTON (Reuters) – Bernard Madoff's whistle-blower and the U.S. Securities and Exchange Commission's top enforcer will testify before Congress this week on how the SEC failed to uncover Madoff's $65 billion fraud, a congressional panel said on Monday. Harry Markopolos, a fraud examiner who tried to warn regulators that Madoff's business was a fraud, and the SEC's Director of Enforcement Robert Khuzami are expected to testify at the Senate Banking committee's hearing on Thursday.
  • Jailed financier Bernie Madoff gets $13,800 tax rebate

    09/07/2009 6:35:39 PM PDT · by MamaDearest · 5 replies · 654+ views
    Guardian.co ^ | September 7, 2009 | Richard Luscombe
    • The disgraced financier Bernie Madoff has received a $13,800 (£8,500) tax rebate, angering clients who lost billions in the biggest Ponzi scheme in Wall Street history. The jailed fraudster was sent the money after overpaying the property taxes on his waterfront mansion in Palm Beach, Florida, which his wife still owns despite other assets being seized by investigators who unravelled his $65bn investment scam. The rebate cheque was issued last month and made payable to Ruth and Bernard Madoff. Ruth Madoff sent the cheque back to the tax office asking that it be reissued with her husband's name removed....
  • PULL DOWN THE S.E.C!

    09/06/2009 9:59:59 AM PDT · by n-tres-ted · 6 replies · 959+ views
    The Fruits of Graft ^ | Sept. 3, 2009 | Wayne Jett
    That Bernard Madoff’s multi-billion dollar fraud flourished for many years under the nose of the Securities & Exchange Commission is a powerful indictment of the SEC as a complicit handmaiden of Wall Street corruption of enormous scale. The SEC Inspector General, who is supposed to be autonomous but strangely must submit his reports directly to the agency he is required to watchdog, has been investigating how this so-called specialty regulator managed to miss such rampant fraud for so long. On September 2, the SEC released an “executive summary” of 22 pages signed by the IG David Kotz August 31. Its...
  • Top SEC Officials Were Unaware of Madoff Probes: Report

    09/05/2009 6:18:18 PM PDT · by CutePuppy · 19 replies · 1,782+ views
    Reuters via CNBC ^ | September 05, 2009 | Reuters
    Former U.S. Securities and Exchange Commission chairmen and directors were generally unaware that staff were probing Bernard Madoff until the former financier was arrested in December 2008 for running a $65 billion Ponzi scheme, a federal watchdog said in a report released on Friday. The report underscores the disconnection between senior officials and their employees, who often lacked the experience necessary to follow up on leads and understand the magnitude of their investigation. Former Chairmen Christopher Cox, William Donaldson and Arthur Levitt, former director of enforcement Linda Thomsen and former director of examinations and compliance, Lori Richards, did not play...