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10/15/2009
What Failure at the SEC Gets You
6/30/2009
Choice Madoff Victim Quote
Madoff Gets 150 Years
Madoff Scandal Cuts Short Father-Son Chats
SEC Investigates Itself, Details in August
Madoff Investor, Merkin Agrees to Step Aside at Investment Fund
Madoff's Amex Bill 5/08/2009
Madoff - Who is He Protecting?
The Family that Frauds Together...
Madoff Accountant Surrenders 3/15/2009
Now What?
Madoff Indictments Multiply 3/05/2009
We'll Be Suing Mr. Madoff and Additional Parties TBD
In Case You Were Looking for a Way to Feel Worse About Bernie Madoff
Stanford to Clients: Chill
Dealbook's Live Blog of the Madoff Hearing
This is Really Too Good
Madoff Mess Brings New Hedge Fund Disclosures
A Fat Win For Milberg Plaintiffs
And While We're Talking Background Checks...
What Failure at the SEC Gets You
A promotion, or a plum job in the private sector. Helping the firms you formerly regulated successfully navigate the Swiss cheese of securities regulation has to be an exciting career opportunity, especially when you can draw so readily on your previous failures in that roll.
-- MDT
-- MDT
Labels: Bernie Madoff, enforcement, SEC
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Choice Madoff Victim Quote
"I urged the judge to sentence him for the rest of his life, so that when he leaves prison, which means after his death, virtually unmourned by anyone on this earth, that he will then go down to the depths of hell where he will join those other people who are in the 'mouth of satan.'"
-- Burt Ross, the former mayor of Fort Lee, New Jersey
6/29/2009
-- Burt Ross, the former mayor of Fort Lee, New Jersey
Labels: Bernie Madoff, convicted
Madoff Gets 150 Years
Madoff said he "will live with this pain, this torment, for the rest of my life." 150 years was the maximum sentence on the 11 counts on which Madoff was convicted back in March.
Meanwhile the search for Madoff's missing $65 billion continues.
-- MDT
6/07/2009
Meanwhile the search for Madoff's missing $65 billion continues.
-- MDT
Labels: Bernie Madoff, convicted
Madoff Scandal Cuts Short Father-Son Chats
While suspicion continues to swirl around Bernard Madoff's family and close associates ($65 billion kicks up a heck of a lot of dust) their father's arrest apparently shut down communications completely between Madoff and his two sons, Andrew and Mark. And yet, their parting was not without a certain sentimentality, according to The Telegraph:
One parting gift that the younger Madoffs will amost certainly have to accept is continuted prosecutorial scrutiny. Both are expected to face charges in relation to the investigation of their dad. Bernard Madoff is scheduled to be sentenced later this month on fraud charges. Meanwhile, hope dwindles that the billions Madoff swindled will ever be recovered.
-- MDT
6/02/2009
A few days after confessing to his fraud to them, Madoff sent each of his sons a package containing expensive watches and jewelry. One of the packages alone contained a vintage "Paul Newman" Rolex Daytona, a Piaget and a Cartier tank among a dozen watches. In an enclosed note, Madoff wrote: "Dear Mark + Andy, If you can keep these watches, they are given with my love. If not, give them to someone who might. Love Dad."Andrew and Mark reportedly informed the authorities about the gifts, which violated their father's asset freeze. The brothers have also cut ties with their mother, Ruth as well although they both claim that she had nothing to do with their father's misdeeds.
One parting gift that the younger Madoffs will amost certainly have to accept is continuted prosecutorial scrutiny. Both are expected to face charges in relation to the investigation of their dad. Bernard Madoff is scheduled to be sentenced later this month on fraud charges. Meanwhile, hope dwindles that the billions Madoff swindled will ever be recovered.
-- MDT
Labels: Andrew Madoff, Bernie Madoff, Mark Madoff
SEC Investigates Itself, Details in August
The commission's inspector general, H. David Kotz, is conducting a review of more than a million emails from 27 SEC employees. The goal? To get to the bottom of how the securities regulator missed out on the Bernard Madoff fraud despite several close looks in recent years. The review was ordered by outgoing SEC chairman Chris Cox.
Kotz's office has also conducted interviews of several dozen witness and contracted with an outside forensic accounting firm to review previous reports from the SEC's Office of Compliance Inspections and Examinations, which inspected Madoff's firm as many as seven times in the last decade. The Inspector General's findings are expected in August. Stay tuned.
-- MDT
5/25/2009
Kotz's office has also conducted interviews of several dozen witness and contracted with an outside forensic accounting firm to review previous reports from the SEC's Office of Compliance Inspections and Examinations, which inspected Madoff's firm as many as seven times in the last decade. The Inspector General's findings are expected in August. Stay tuned.
-- MDT
Labels: Bernie Madoff, Christopher Cox, David Kotz
Madoff Investor, Merkin Agrees to Step Aside at Investment Fund
J. Ezra Merkin, under investigation by New York AG, Andrew Cuomo has given up control of his investigative fund, Ascot Partners. According to many, Ascot was a major feeder fund for Bernard Madoff's lucrative ponzi empire. See Muckety's Ascot wheel of influence, right here.
Attorney General Cuomo has accused Merkin of complicity in the Madoff fraud. He is also facing a variety of private suits from other investors. At least eight other Madoff investors are currently under governent investigation. Three named thusfar as of interest in the investigation are Jeffrey Picower, Stanley Chais and Carl Shapiro.
5/11/2009
Attorney General Cuomo has accused Merkin of complicity in the Madoff fraud. He is also facing a variety of private suits from other investors. At least eight other Madoff investors are currently under governent investigation. Three named thusfar as of interest in the investigation are Jeffrey Picower, Stanley Chais and Carl Shapiro.
Labels: Ascot Partners, Bernie Madoff, Carl Shapiro, Jeffrey Picower, Stanley Chaise
Madoff's Amex Bill 5/08/2009
Madoff - Who is He Protecting?
Madoff's long-time secretary, Eleanor Squillari, says he's stonewalling on behalf of someone... So, who? As an aside, I could have done without her bringing up Bernie's trips to the massage parlor.
Maybe hat's just me.
--MDT
3/31/2009
Maybe hat's just me.
--MDT
Labels: Bernie Madoff, Eleanor Squillari, happy ending
The Family that Frauds Together...
...does time together. And the first step happened today as Bernie Madoff's two sons saw their assets frozen, Madoff's brother Peter had already gotten the same treatment. Some of those infamous Madoff feeder fund, Fairfield caught the chill as well.
Still scot free? His better half, Ruthie Madoff.
Ok, no one actually calls her Ruthie. Except me. It's our thing.
-- MDT
3/19/2009
Still scot free? His better half, Ruthie Madoff.
Ok, no one actually calls her Ruthie. Except me. It's our thing.
-- MDT
Labels: Adres Piedrahita, Andrew Madoff, Bernie Madoff, Fairfield Greenwich, Mark Madoff, ponzi, Walter Noel
Madoff Accountant Surrenders 3/15/2009
Now What?
With Bernard Madoff behind bars, what's next?
Finding the money for one. Good luck on that, FTI.
--MDT
3/11/2009
Finding the money for one. Good luck on that, FTI.
--MDT
Labels: Bernie Madoff
Madoff Indictments Multiply 3/05/2009
We'll Be Suing Mr. Madoff and Additional Parties TBD
Plaintiffs leave room for plenty of flexibility when it comes to recovering their losses in the Madoff meltdown. His wife certainly might end up on the list of likely defendants.
-- MDT
3/02/2009
-- MDT
Labels: Bernie Madoff
In Case You Were Looking for a Way to Feel Worse About Bernie Madoff
Elie Weisel unloads on him in the New York Times.
-- MDT
2/16/2009
“ ‘Psychopath’ — it’s too nice a word for him... Sociopath,’ ‘psychopath,’ it means there is a sickness, a pathology. This man knew what he was doing. I would simply call him thief, scoundrel, criminal."Weisel, who probably needs no introduction, lost his life savings to the Madoff fraud. His charity lost millions as well.
-- MDT
Labels: Bernie Madoff, Fraud
Stanford to Clients: Chill
People do tend to get nervous when folks start talking about their investment adviser as the next Bernie Madoff. So while his returns have been peculiarly stable amid all manner of market turmoil and while at least two former employees have made it their mission to get the Feds breathing down his neck, so far eccentric Texas billionaire and wealth management magnate, R. Allen Stanford is claiming things are all good. For his clients' sake we certainly hope so. And hey, would a knight of the realms of Antigua and Barbuda lie about such a thing?
-- MDT
2/05/2009
-- MDT
Labels: Bernie Madoff, ponzi, R. Allen Stanford
Dealbook's Live Blog of the Madoff Hearing
In all the gory details... Well worth your time.
Or you can go the official route and review the complete and various testimonies via the House Committee on Financial Services Website.
And how about that Harry Markopolos? He's my new favorite.
-- MDT
2/03/2009
Or you can go the official route and review the complete and various testimonies via the House Committee on Financial Services Website.
And how about that Harry Markopolos? He's my new favorite.
-- MDT
Labels: Bernie Madoff, Harry Markopolos, ponzi
This is Really Too Good
Bernie Madoff "sleazeballs" - perfect for a quick nine holes. I am holding out for the fill white collar crook commemorative set.
-- MDT
2/01/2009
-- MDT
Labels: Bernie Madoff
Madoff Mess Brings New Hedge Fund Disclosures
So now we're taking sort of dingy gray boxes verses black ones.
-- MDT
1/27/2009
-- MDT
Labels: Bernie Madoff, hedge fund
A Fat Win For Milberg Plaintiffs
Yes, the firm has seen a bit of a rough patch. But this ain't a bad win... And those Madoff cases keep on rollin' in.
-- MDT
1/25/2009
-- MDT
Labels: Bernie Madoff, Milberg, Xerox
And While We're Talking Background Checks...
Bernie Madoff's epic fall might have you thinking along the same "trust but verify" lines. The L.A. Times has a few timely pointers on this front. Perhaps I'm hopelessly biased, but I think hiring a reputable corporate investigative firm is where it's at. Trusting your accumulated life's wealth to someone isn't quite the same as picking out a new dishwasher. I would think one would want to go the extra mile and seek a little professional help. An investigator may not uncover the fact that the mother of your prospective money manager ran afoul of the Feds forty years ago, but they'll unquestionably perform a more thorough vetting than you could.
-- MDT
-- MDT
Labels: background checks, Bernie Madoff, corporate investigators
