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Madoff investment scandal

Madoff investment scandal
scheme. Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pled guilty to 11 felonies and admitted to operating the largest investor fraud ever committed by an individual. According to a federal criminal complaint, client statements showing $65 billion in stock holdings were fictitious, and no stocks were ever purchased since the scheme began in the 1980s.[2][3] Madoff had been confined to his apartment until he entered his guilty plea and was ordered to jail pending sentencing. He faces up to 150 years in prison, as well as restitution of up to $170 billion. Madoff pled guilty to all charges without a plea bargain.[4][5] He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest.[6][7][8] According to the original federal charges, Madoff said that his firm had "liabilities of approximately US$50 billion."[9][10] Prosecutors increased their estimate of the size of the fraud from $50 billion to $64.8 billion, Bernard Madoff’s mug shot based on the amounts in the accounts of Madoff’s 4,800 clients on November 30, April 29, 1938 (1938-04-29) Born 2008.[11] On December 10, 2008, Madoff told Queens, New York, USA his sons that the asset management arm of Securities fraud, investment advisor his firm was a giant Ponzi scheme—or "one Charge(s) fraud, mail fraud, wire fraud, money [12] They then passed this information laundering, false statements, perjury, big lie." to authorities.[13][14][15][16][17] The following making false filings with the SEC, theft from an employee benefit plan day, Federal Bureau of Investigation agents arrested Madoff and charged him with one Sentencing scheduled for June 16, 2009; Penalty count of securities fraud. Five days after his maximum sentence of 150 years in prison arrest, Madoff’s assets and those of the firm and $170 billion in restitution were frozen and a receiver was appointed to Inmate #61727-054 at the Metropolitan Status handle the case.[18] Some investors, journalCorrectional Center, 150 Park Row, New ists, and economists have questioned York City, NY 10007.[1] Madoff’s statement that he alone is responsOccupation Stock broker, financial adviser (retired), ible for the large-scale operation, and investformer chairman of NASDAQ igators are looking to determine if there were Ruth Alpern Madoff Spouse others involved in the scheme.[19] The SEC has also come under fire for not investigating Mark Madoff (ca. 1964), Andrew Madoff Children Madoff more thoroughly; questions about his (ca. 1966) firm had been raised as early as 1999. Madoff’s firm, which is in the process of liThe Madoff investment scandal occurred quidation, was one of the top market maker after the discovery that former NASDAQ businesses on Wall Street (the sixth-largest chairman Bernard Madoff’s asset managein 2008),[20] often functioning as a "thirdment business was actually a giant Ponzi market" provider that bypassed "specialist"

Madoff investment scandal

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firms and directly executed orders over the counter from retail brokers.[21] The firm also had an investment management and advisory division that is now the focus of the fraud investigation.[9] Madoff was also a prominent philanthropist who served on the boards of nonprofit institutions, many of which entrusted his firm with their endowments.[22][23] He is a former National Treasurer of the American Jewish Congress. The freeze of his and his firm’s assets have had effects around the world on businesses and charities, some of which, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation were forced to close as a consequence of the fraud.[22][24][25]

Madoff investment scandal
huge volume of stock trades away from the Big Board. The $740 million average daily volume of trades executed electronically by the Madoff firm off the exchange equals 9% of the New York exchange’s. Mr. Madoff’s firm can execute trades so quickly and cheaply that it actually pays other brokerage firms a penny a share to execute their customers’ orders, profiting from the spread between bid and asked prices that most stocks trade for."[32] Several family members worked for him. His younger brother, Peter, was Senior Managing Director and Chief Compliance Officer,[29] and Peter’s daughter, Shana, was the compliance attorney. Madoff’s sons, Mark and Andrew, worked in the trading section,[29] along with Charles Weiner, Madoff’s nephew. Andrew Madoff had invested his own money in his father’s fund, but Mark stopped in about 2001.[33] Federal investigators believe the fraud in the investment management division and advisory division may have begun in the 1970s.[34] However, Madoff himself stated his fraudulent activities began in the 1990s.[35] In the 1980s, Madoff’s marketmaker division traded up to 5% of the total volume made on the New York Stock Exchange.[29] Madoff was "the first prominent practitioner"[36] who paid a broker to execute a customer’s order through his brokerage, called a "legal kickback",[37] which gave Madoff the reputation of being the largest dealer in NYSE-listed stocks in the U.S., trading about 15% of transaction volume.[38] Academics have questioned the ethics of these payments.[39][40] Madoff has argued that these payments did not alter the price that the customer received.[41] He viewed the payments as a normal business practice: "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."[41] Madoff Securities was one of the top traders of securities in the USA by the year 2000, holding approximately $300 million in assets.[29] The business occupied three floors of the Lipstick Building, with the investment management division, referred to as the

Background
Madoff started his firm in 1960 as a penny stock trader with $5,000 (about $35,000 in 2008 dollars), earned from working as a lifeguard and sprinkler installer.[26][27] His fledgling business began to grow with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.[28] Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau’s Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange trading on the stock exchange’s floor, his firm began using innovative computer information technology to disseminate its quotes.[29] After a trial run, the technology that the firm helped develop became the NASDAQ.[30] At one point, Madoff Securities was the largest buying-and-selling "market maker" at the NASDAQ.[29] He was active in the National Association of Securities Dealers (NASD), a self-regulatory securities industry organization, serving as the Chairman of the Board of Directors and on the Board of Governors.[31] His firm was one of the five most active in the development of the NASDAQ. In 1992, The Wall Street Journal described him: .."one of the masters of the off-exchange "third market" and the bane of the New York Stock Exchange. He has built a highly profitable securities firm, Bernard L. Madoff Investment Securities, which siphons a

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"hedge fund", employing a staff of approximately 24.[42] Madoff ran a branch office in London, separate from Madoff Securities, which employed 28, handling investments for his family of approximately £80 million.[43] Two remote cameras installed in the London office permitted Madoff to monitor events from New York.[44]

Madoff investment scandal
arbitrage positions in large-cap stocks, with promised investment returns of 18% to 20%,"[46] and in 1982, he began using futures contracts on the stock index, and then placed put options on futures during the 1987 stock market crash.[46] A few analysts performing due diligence had been unable to replicate the Madoff fund’s past returns using historic price data for U.S. stocks and options on the indexes.[47][48] Barron’s raised the possibility that Madoff’s returns were most likely due to front running his firm’s brokerage clients. Mitchell Zuckoff, professor of journalism at Boston University and author of Ponzi’s Scheme: The True Story of a Financial Legend, says that "the 5% payout rule," a federal law requiring private foundations to pay out 5% of their funds each year, allowed Madoff’s Ponzi scheme to go undetected for a long period since he managed money mainly for charities. Zuckoff notes, "For every $1 billion in foundation investment, Madoff was effectively on the hook for about $50 million in withdrawals a year. If he was not making real investments, at that rate the principal would last 20 years. By targeting charities, Madoff could avoid the threat of sudden or unexpected withdrawals."[49]

Methods of operation
In September 17, Bernard Madoff explained his purported strategy to The Wall Street Journal. He said the returns were really nothing special, given that the Standard & Poors 500-stock index generated an average annual return of 16.3% between November 1982 and November 1992. "I would be surprised if anybody thought that matching the S&P over 10 years was anything outstanding." The majority of money managers actually trailed the S&P 500 during the 1980s. The ’Journal’ concluded Madoff’s use of futures and options helped cushion the returns against the market’s ups and downs. Madoff said he made up for the cost of the hedges, which could have caused him to trail the stock market’s returns, with stock-picking and market timing.[32]

Purported investment strategy
In March 2009, Madoff said that the returns had been fabricated since the early 1990s, but no earlier.[45] Madoff’s sales pitch was an investment strategy consisting of purchasing blue-chip stocks and then taking options contracts on them – which is sometimes called a split-strike conversion or a collar.[46] "Typically, a position will consist of the ownership of 30–35 S&P 100 stocks, most correlated to that index, the sale of out-of-the-money ’calls’ on the index and the purchase of out-of-themoney ’puts’ on the index. The sale of the ’calls’ is designed to increase the rate of return, while allowing upward movement of the stock portfolio to the strike price of the ’calls’. The ’puts’, funded in large part by the sales of the ’calls’, limit the portfolio’s downside." • Example of a Madoff Investment Securities LLC monthly statement In his 1992, "Avellino and Bienes" interview with The Wall Street Journal, Madoff discussed his supposed methods: In the 1970s, he had placed invested funds in "convertible

Sales methods
Rather than offer high returns to all comers, Madoff offered modest but steady returns to an exclusive clientele. The investment method was marketed as "too complicated for outsiders to understand." He was secretive about the firm’s business, and kept his financial statements closely guarded.[50] The New York Post reported that Madoff "worked the so-called ’Jewish circuit’ of well-heeled Jews he met at country clubs on Long Island and in Palm Beach."[51] The New York Times reported that Madoff courted many prominent Jewish executives and organizations; according to the Associated Press, they "trusted [Madoff] because he is Jewish."[45] One of the most prominent promoters was J. Ezra Merkin, whose fund Ascot Partners steered $1.8 billion towards Madoff’s firm.[52] A scheme that targets members of a particular religious or ethnic community is a type of affinity fraud, and a Newsweek article identified Madoff’s scheme as "an affinity Ponzi".[53] Madoff was a "master marketer,"[54] and his fund was considered exclusive, giving the appearance of a "velvet rope."[52][54] He

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generally refused to meet directly with investors, which gave him an "Oz" aura and increased the allure of the investment.[44] Some Madoff investors were wary of removing their money from his fund, in case they could not get back in later.[20] One New York real estate investor said she "literally begged" Madoff to take her money, and he refused.[43] Madoff’s annual returns were "unusually consistent,"[55] around 10%, and were a key factor in perpetuating the fraud.[56] Ponzi schemes typically pay returns of 20% or higher, and collapse quickly. One Madoff fund, which described its "strategy" as focusing on shares in the Standard & Poor’s 100-stock index, reported a 10.5% annual return during the previous 17 years. Even at the end of November 2008, amid a general market collapse, the same fund reported that it was up 5.6%, while the same year-to-date total return on the S&P 500-stock index had been negative 38%.[22] An unnamed investor remarked, “The returns were just amazing and we trusted this guy for decades — if you wanted to take money out, you always got your check in a few days. That’s why we were all so stunned.” [57][58] The Swiss bank, Union Bancaire Privée, explained that because of Madoff’s huge volume as a broker-dealer, the bank believed he had a perceived edge on the market because his trades were timed well, suggesting they believed he was front running.[59]

Madoff investment scandal
SIFMA,[62] and tens of thousands of dollars more to sponsor SIFMA industry meetings.[63] In addition, Bernard Madoff’s niece Shana Madoff[64] was active on the Executive Committee of SIFMA’s Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle’s arrest.[65] She married an SEC compliance official, Eric Swanson, after an SEC investigation concluded in 2005. A spokesman for Campbell, who has left the SEC, said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff.[66]

Previous investigations
Madoff Securities LLC was investigated at least eight times over a 16-year period by the United States Securities and Exchange Commission (SEC) and other regulatory authorities.[67]

Avellino and Bienes
In 1992, the SEC investigated one of Madoff’s feeder funds, Avellino & Bienes (principals Frank Avellino and Michael Bienes and his wife Dianne Bienes). Bienes began his career working as an accountant for Madoff’s father-in-law, Sol Alpern. Then, he became a partner in the accounting firm Alpern, Avellino and Bienes. In 1962, the firm began advising its clients about investing all of their money with a mystery man, a highly successful and controversial figure on Wall Street, but until this episode, not known as an ace money manager, [32] Madoff. When Alpern retired at the end of 1974, the firm became Avellino and Bienes and continued to invest solely with Madoff.[46][68] Represented by Ira Sorkin, Madoff’s present attorney, Avellino & Bienes were accused of selling unregistered securities, and in its report the SEC mentioned the fund’s "curiously steady" yearly returns to investors of 13.5% to 20%. However, the SEC did not look any more deeply into the matter, and never publicly disclosed Madoff.[32][46] Through Sorkin, who once oversaw the SEC’s New York office, Avellino & Bienes agreed to return the money to investors, shut down their firm, undergo an audit, and pay a fine of $350,000. Avellino complained to the presiding Federal Judge, John E. Sprizzo, that Price

Access to Washington
The Madoff family gained unusual access to Washington’s lawmakers and regulators through the industry’s top trade group. The Madoff family has long-standing, high-level ties to the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization. Bernard Madoff sat on the Board of Directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA. Madoff’s brother Peter then served two terms as a member of SIFMA’s Board of Directors.[60][61] Peter’s resignation in as the scandal broke in December 2008 came amid growing criticism of the Madoff firm’s links to Washington, and how those relationships may have contributed to the Madoff fraud.[62] Over the years 2000-08, the two Madoff brothers gave $56,000 to

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Waterhouse fees were excessive, but the judge ordered him to pay the bill of $428,679 in full. Madoff said that he did not realize the feeder fund was operating illegally, and that his own investment returns tracked the previous 10 years of the S&P 500.[46] The SEC investigation came right in the middle of Madoff’s three terms as the powerful chairman of the NASDAQ stock market board. [68] The size of the pools mushroomed by word-of-mouth, and investors grew to 3,200 in nine accounts with Madoff. Regulators feared it all might be just a huge scam. "We went into this thinking it could be a major catastrophe. They took in nearly a half a billion dollars in investor money, totally outside the system that we can monitor and regulate. That’s pretty frightening." said Richard Walker, at the time, the SEC’s New York regional administrator. [32] Bienes, 72, who was born Jewish but converted to Catholicism, recently discussed that he deposited $454 million of investors’ money with Madoff, and until 2007, continued to invest several million dollars of his own money. "Doubt Bernie Madoff? Doubt Bernie? No. You doubt God. You can doubt God, but you don’t doubt Bernie. He had that aura about him." His $6.7 million home in the exclusive Bay Colony of Ft. Lauderdale is presently for sale.[68][69]

Madoff investment scandal
unregistered investment adviser. Madoff was registered as a broker-dealer, but doing business as an asset manager.[71] "The staff found no evidence of fraud". In September, 2005 Madoff agreed to register his business, but the SEC kept its findings confidential.[67] During the 2005 investigation, Meaghan Cheung, a branch head of the SEC’s New York’s Enforcement Division, was the person responsible for the oversight and blunder, according to Harry Markopolos,[27] who testified on February 4, 2009, at a hearing held by a House Financial Services Subcommittee on Capital Markets[67][71][72] In 2007, SEC enforcement completed an investigation which began on January 6, 2006, into a Ponzi scheme allegation which resulted in neither a finding of fraud, nor a referral to the SEC Commissioners for legal action.[73][74]

FINRA
In 2007, the Financial Industry Regulatory Authority (FINRA), the industry-run watchdog for brokerage firms, reported without explanation that parts of Madoff’s firm had no customers. "At this point in time we are uncertain of the basis for Finra’s conclusion in this regard," SEC staff wrote shortly after Madoff was arrested.[67] As a result, the SEC’s chairman Christopher Cox stated that an investigation will delve into "all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm."[75] A former SEC compliance officer, Eric Swanson, married Madoff’s niece Shana, a Madoff firm compliance attorney.[75]

Bernard L. Madoff Securities LLC: 1999, 2000, 2004, 2005, and 2006
The SEC investigated Madoff in 1999 and 2000 about concerns that the firm was hiding its customers’ orders from other traders, for which Madoff then took corrective measures.[67] In 2001, a SEC official met with Harry Markopolos at their Boston regional office and reviewed his allegations of Madoff’s fraudulent practices.[67] The SEC claimed it conducted two other inquiries into Madoff in the last several years, but did not find any violations or major issues of concern.[70] In 2004, after published articles appeared accusing the firm of front running, the SEC’s Washington office cleared Madoff.[67] The SEC detailed that inspectors had examined Madoff’s brokerage operation in 2005,[67] verifying three violations: the strategy he used for customer accounts; the requirement of brokers to obtain the best possible price for customer orders; and operating as an

Red flags
Outside analysts raised concerns about Madoff’s firm for years.[22] Financial analyst and whistleblower Harry Markopolos complained to the SEC’s Boston office in May 1999, telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he claimed to use. In 2005, Markopolos sent a detailed 17-page memo to the SEC, entitled The World’s Largest Hedge Fund is a Fraud.[76] He had also approached the Wall Street Journal about the existence of the Ponzi scheme in 2005, but its editors decided not to pursue the story.[77] The paper specified 29

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numbered red flags. In part, the memo concluded: "Bernie Madoff is running the world’s largest unregistered hedge fund. He’s organized this business as a ’hedge fund of funds privately labeling their own hedge funds which Bernie Madoff secretly runs for them using a split-strike conversion strategy getting paid only trading commissions which are not disclosed.’ If this is not a regulatory dodge, I do not know what is." Markopolos considered if Madoff’s "unsophisticated portfolio management" was either a Ponzi scheme or front running,[78] placing the fund’s orders before his brokerage clients’ when placing them in the market, and concluded it was most likely a Ponzi scheme.[67] In 2001 An article in Barron’s and another, in MarHedge suggested Madoff was frontrunning to achieve his gains.[67] Hedge funds investing with him were not permitted to name him as money manager in their marketing prospectus. When high volume investors who were considering participation, wanted to review Madoff’s records for purposes of due diligence, he refused, convincing them of his desire that proprietary strategies remain confidential.[79] By selling its holdings for cash at the end of each period, Madoff avoided filing disclosures of its holdings with the SEC, an unusual tactic. Madoff rejected any call for an outside audit "for reasons of secrecy", claiming that was the exclusive responsibility of his brother, Peter, the company’s Chief Compliance Officer".[80] Markopolos later testified to Congress that to deliver 12% annual returns to the investor, Madoff needed to earn 16% gross, so as to distribute a 4% fee to the feeder fund managers, who would secure new victims, be "willfully blind, and not get too intrusive."[81] In 2007, hedge fund advisory fund firm Aksia LLC advised its clients not to invest with Madoff, because of the appearance of limited accounting service personnel.[82][83] Typically, hedge funds hold their portfolio at a securities firm (a major bank or brokerage) acting as the fund’s prime broker, which allows an outside investigator to verify their holdings. Madoff’s firm was its own brokerdealer and allegedly processed all of its trades.[48] Ironically, Madoff, a pioneer in electronic trading, refused to provide his clients online access to their accounts.[22] He sent out account statements by mail,[84] unlike most

Madoff investment scandal
hedge funds which email statements to be downloaded for convenience and investor personal analysis.[85] Madoff operated as a broker-dealer who also ran an asset management division. In 2003, Joe Aaron, a hedge fund professional, also found the structure suspicious and warned a colleague to avoid investing in the fund, "Why would a good businessman work his magic for pennies on the dollar?" he concluded.[86] Charles Gradante, co-founder of hedgefund research firm Hennessee Group, observed that Madoff "only had five down months since 1996",[87] and commented on Madoff’s investment performance: "You can’t go 10 or 15 years with only three or four down months. It’s just impossible."[88] In 2001, a story in MARHedge, interviewed traders who were incredulous that Madoff had 72 consecutive gaining months, an unlikely possibility.[20] Clients such as Fairfield Greenwich Group and Union Bancaire Privée claimed that they had been given an "unusual degree of access" to evaluate and analyze Madoff’s funds and found nothing unusual with his investment portfolio.[55]

Final weeks
The scheme began to unravel in December 2008, as the stock market continued to plunge. Subsequently, as the general market downturn accelerated, investors tried to withdraw $7 billion from the firm, and in the weeks prior to his arrest, Madoff struggled to keep the scheme afloat. To pay off those investors, Madoff needed new money from other investors. In November 2008, Madoff Securities International (MSIL) in London, made two fund transfers to Bernard Madoff Investment Securities of approximately $164 million. MSIL had neither customers nor clients, and there is no evidence that it conducted any trades on behalf of third parties.[89] Madoff received $250 million around December 1 from Carl J. Shapiro, a 95-yearold Boston philanthropist and entrepreneur who was one of Madoff’s oldest friends and biggest financial backers. On December 5, he accepted $10 million from Martin Rosenman, president of Rosenman Family LLC, who wants to recover a never-invested $10 million, deposited in a Madoff account at

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JPMorgan, wired six days before Madoff’s arrest. Bankruptcy Judge Lifland ruled that Rosenman was "indistinguishable" from any other Madoff client, so there was no basis for giving him special treatment to recover funds.[90] The judge separately declined to dismiss a lawsuit brought by Hadleigh Holdings, which claims it entrusted $1 million to the Madoff firm three days before his arrest.[90] Madoff asked others for money in the final weeks before his arrest, including Wall Street financier Kenneth Langone, whose office was sent a 19-page pitch book, allegedly created by the staff at the Fairfield Greenwich Group. Madoff said he was raising money for a new investment vehicle, between $500 million and $1 billion for exclusive clients, was moving quickly on the venture, and wanted an answer by the following week. Langone declined.[91] On December 10, 2008, he suggested to his sons, Mark and Andrew, that the firm pay out several million dollars in bonuses two months ahead of schedule, from $200 million in assets that the firm still had.[20] According to the complaint, Mark and Andrew, reportedly unaware of the firm’s pending insolvency, confronted their father, asking him how the firm could pay bonuses to employees if it could not pay investors. Madoff then admitted that he was "finished," and that the asset management arm of the firm was in fact a Ponzi scheme. Mark and Andrew then reported him to the authorities.[22]

Madoff investment scandal
nurture the Ponzi scheme daily. What happened when he was gone? Who handled it when somebody called in while he was on vacation and said, ‘I need access to money’?”
[92]

Investigation into involvement of others
See: Investigators are looking for others involved in the scheme, despite Madoff’s assertion that he alone was responsible for the largescale operation.[19] Harry Sussman, an attorney representing several clients of the firm, stated that "someone had to create the appearance that there were returns," and further suggested that there must have been a team buying and selling stocks, forging books, and filing reports.[19] James Ratley, president of the Association of Certified Fraud Examiners said, “In order for him to have done this by himself, he would have had to have been at work night and day, no vacation and no time off. He would have had to

“Simply from an administrative perspective, the act of putting together the various account statements, which did show trading activity, has to involve a number of people. ... You would need office and support personnel, people who actually knew what the market prices were for the securities that were being traded. You would need accountants so that the internal documents reconcile with the documents being sent to customers at least on a superficial basis,” said Tom Dewey, a securities lawyer.[92] 1. Madoff Securities International Ltd. in London. 2. Carl J. Shapiro, women’s clothing entrepreneur, self-made millionaire and philanthropist, and one of Madoff’s oldest friends and biggest financial backers, who helped him start his investment firm in 1960. He was never in the finance business. In 1971, Mr. Shapiro sold his business , Kay Windsor, Inc. for $20 million. Investing most with Madoff, that sum grew to hundreds of millions of dollars and possibly to more than $1 billion. Shapiro personally lost about $400 million $250 million of which he gave to Madoff 10 days before his arrest. His foundation lost more than $100 million.[93] 3. Paul Konigsberg, a New York City accountant and a longtime friend for more than 25 years 4. Norman F. Levy, a real-estate mogul and philanthropist. The Betty and Norman F. Levy Foundation lost $244 million. 5. David G. Friehling, 49, the only active accountant at Friehling & Horowitz. On March 18, 2009, he was charged with securities fraud, aiding and abetting investment adviser fraud, and four counts of filing false audit reports with the Securities and Exchange Commission. 6. Peter B. Madoff 63, Chief Compliance Officer, worked with his brother Bernie for more than 40 years, and ran the daily operations for the past 20 years. He helped create the computerized trading system. 7. Ruth Madoff, Bernie’s wife, She withdrew $5.5 million on November 25, 2008, and $10 million on December 10, 2008, from her brokerage account at Cohmad, a feeder fund which had an office in Madoff’s

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headquarters and was part-owned by him.[94][95] In November, she also received $2 million from her husband’s London office, Madoff Securities International Ltd. [96][97] 8. Madoff’s sons Mark, 45, and Andrew, 42 worked in the trading arm in the New York office, but also raised money marketing the Madoff funds.[98] Their assets were frozen on March 31, 2009.[99] 9. Frank DiPascali is anticipating a plea deal, and is ready to name names. He plans to testify that he manipulated phony returns on behalf of some key Madoff investors.[100] He referred to himself as "director of options trading" and also as "chief financial officer." 10. Annette Bongiorno is a long time personal secretary and aide to Madoff. 11. Enrica Cotellessa-Pitz, controller Bernard L. Madoff Investment Securities LLC, but NOT a licensed certified public accountant. Her signature is on checks from BMIS to Cohmad Securities Corp. representing commission payments. She was the liason between the SEC and BLMIS regarding the firm’s financial statements. The SEC has removed the statements off its website.[101] 12. Sosnik Bell and Co. for an annual fee of $800 for routine recordkeeping to handled Madoff investors’ monthly statements. 13. Fairfield Greenwich Group, based in Greenwich, Connecticut, had a "Fairfield Sentry" fund which was one of many feeder funds that gave investors portals to Madoff. On April 1, 2009, the Commonwealth of Massachusetts filed a civil action charging Fairfield Greenwich with fraud, breaching its fiduciary duty to clients by failing to provide promised due diligence on its investments. The complaint seeks a fine and restitution to Massachusetts investors for losses and disgorgement of performance fees paid to Fairfield by those investors. It alleges that in 2005 Mr. Madoff coached Fairfield staff about ways to answer questions from SEC attorneys who were looking into Harry Markopolos’ complaint about Madoff’s operations.
[102][103]

Madoff investment scandal
14. J. Ezra Merkin, a prominent investment advisor and philanthropist, has been sued for his role in running a "feeder fund" for Madoff.[106] On April 6, 2009, New York Attorney General Andrew Cuomo filed civil fraud charges [107] against J. Ezra Merkin alleging he "betrayed hundreds of investors" by moving $2.4 billion of clients’ money to Bernard Madoff without their knowledge. The complaint states, he lied about putting the money with Madoff, failed to disclose conflicts of interest, and collected over $470 million in fees for his three hedge funds, Ascot Partners LP with Ascot Fund Ltd., Gabriel Capital Corp. and Ariel Fund Ltd. He promised he would actively manage the money, but instead, he misguided investors about his Madoff investments in quarterly reports, in investor presentations, and in conversations with investors. "Merkin held himself out to investors as an investing guru...In reality, Merkin was but a master mar[108][109][110][111] keter." 15. Cohmad Securities Corp. of which Madoff shares 10-20% ownership stakes, and the brokerage firm lists its address as Madoff’s firm’s address in New York City. 16. Stanley Chais, of the Brighton Company. On May 1, 2009 Irving Picard, bankruptcy trustee, filed a lawsuit against Stanley Chais, 82. The complaint alleges he "knew or should have known" he was deep in a Ponzi scheme when his family investments with Madoff averaged 40% and sometimes soared as high as 300%. It also claims Chais was a primary beneficiary of the scheme for at least 30 years, allowing his family to withdraw more than $1 billion from their accounts since 1995 - money that belonged to Madoff victims.[112] 17. Jeffrey Picower and his wife, Barbara, of Palm Beach, Fla., and Manhattan, had two dozen accounts. He is a lawyer, accountant, and investor who led buyouts of health-care and technology companies. Mr. Picower’s foundation stated its investment portfolio with Madoff was valued at nearly $1 billion at one time. [113] 18. Tremont Group Holdings started its first Madoff-only fund in 1997. That group managed several funds marketed under the Re Select Broad Market Fund.[114] 19. The Maxam fund invested in Madoff through Tremont. Sandra L. Manzke, the founder of Maxam Capital, has had her assets

On May 18, 2009, the hedge fund was sued by bankruptcy trustee, Irving Picard, seeking a return of $3.2 billion during the period from 2002 - Madoff’s arrest in December, 2008.[104] However, the money may already be in the hands of Fairfield’s own clients, who are likely off-limits to Picard, since they weren’t direct investors with Madoff.[105]

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temporarily frozen by the same Connecticut court.[115] 20. Fitserv, Inc. of Brookfield, Wisconsin whose subsidiaries were custodians for pension or IRA accounts and invested with Madoff.

Madoff investment scandal
was released on the same day of his arrest after posting $10 million bail.[122] Madoff and his wife surrendered their passports, and he was subject to travel restrictions, a 7 p.m. curfew at his co-op, and electronic monitoring as a condition of bail. Although Madoff only had two co-signers for his $10 million bail, his wife and his brother Peter, rather than the four required, a judge allowed him free on bail but ordered him confined to his apartment.[125] Madoff has reportedly received death threats that have been referred to the FBI, and the SEC referred to fears of "harm or flight" in its request for Madoff to be confined to his Upper East Side apartment.[125][126] Cameras monitored his apartment’s doors, its communication devices sent signals to the FBI, and his wife was required to pay for additional security.[126] Apart from ’Bernard L. Madoff’ and ’Bernard L. Madoff Investment Securities LLC ("BMIS")’, the order to freeze all activities[127] also forbade trading from the companies Madoff Securities International Ltd. ("Madoff International") and Madoff Ltd. On January 5, 2009, prosecutors had requested that the Court revoke his bail, after Madoff and his wife allegedly violated the court-ordered asset freeze by mailing jewelry worth up to $1 million to relatives, including their sons and Madoff’s brother. It was also noted that $173 million in signed checks had been found in Madoff’s office desk after he had been arrested.[128][129] His sons reported the mailings to prosecutors. Previously, Madoff was thought to be cooperating with prosecutors.[129] The following week, Judge Ellis refused the government’s request to revoke Madoff’s bail, but required as a condition of bail that Madoff make an inventory of personal items and that his mail be searched.[130] On March 10, 2009, the United States Attorney for the Southern District of New York filed an 11-count criminal information, or complaint,[131] charging Madoff [132] with 11 felonies: securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, making false filings with the SEC, and theft from an employee benefit plan.[118][133] The complaint stated that Madoff had defrauded his clients of almost $65 billion--thus spelling out the largest Ponzi scheme in history, as well as the largest investor fraud committed by a single person.

Charges
The criminal case is U.S.A. v. Madoff, 1:08-mJ-02735. The SEC case is Securities and Exchange Commission v. Madoff, 1:08-cv- 10791, both U.S. District Court, Southern District of New York (Manhattan).[116] The cases against Fairfield Greenwich Group et al. are consolidated as 09-118 in U.S. District Court for the Southern District of New York (Manhattan).[117]

Criminal complaint
U.S. v. Madoff, 08-MAG-02735.[26][118] The original criminal complaint estimated that investors lost $50 billion through the scheme,[119] though The Wall Street Journal reports "that figure includes the alleged false profits that Mr. Madoff’s firm reported to its customers for decades. It is unclear exactly how much investors deposited into the firm."[120] He was originally charged with a single count of securities fraud and faced up to 20 years in prison, and a fine of $5 million if convicted. Court papers indicate that Madoff’s firm had about 4,800 investment client accounts as of November 30, 2008, and issued statements for that month reporting that client accounts held a total balance of about $65 billion, but actually "held only a small fraction" of that balance for clients. [121] Madoff was arrested by the Federal Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud.[118] The previous day, he had told his sons that his business was "a giant Ponzi scheme."[122][123] They called a friend for advice, Martin Flumenbaum, a lawyer, who called federal prosecutors and the SEC on their behalf. FBI Agent Theodore Cacioppi made a house call. "We are here to find out if there is an innocent explanation," Cacioppi said quietly. The 70-year-old financier paused, then said: "There is no innocent explanation."[27][119] He had "paid investors with money that was not there."[124] Madoff

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From Wikipedia, the free encyclopedia
Madoff pled guilty to three counts of money laundering. Prosecutors allege that he used the London Office, Madoff Securities International Ltd. to launder more than $250 million of client money by transferring client money from the investment-advisory business in New York to London and then back to the U.S. to support the U.S. trading operation of Bernard L. Madoff Investment Securities LLC. Madoff gave the appearance that he was trading in Europe for his clients.[134]

Madoff investment scandal
that Madoff was now a substantial flight risk given his age, wealth and the possibility of spending the rest of his life in prison.[136] Madoff’s attorneys filed an appeal, to return him back to his "penthouse arrest", await sentencing, and to reinstate his bail conditions, declaring he would be more amenable to cooperate with the government’s investigation, [137] and prosecutors filed a notice in opposition.[138][139] On March 20, 2009, the appellate court denied his request.[140] In an interview shortly after the plea hearing, Robert Pinsky, the nation’s poet laureate and a Dante scholar, compared Madoff’s guilty plea and fate to The Divine Comedy: Madoff "buried himself in ice. Betrayal destroys the trust that binds humanity, and with it, the betrayer himself. Dante was consumed by the sadness and mystery of sin — and what it did to the sinner. It’s not a poem about ‘you did this, you get this’. It’s about the mystery of how you hurt yourself. It’s like the Talmud says: the evils others do to me are as nothing compared to the evils I do to myself....Betrayal is an ultimate shutting down, a failure to exist." [141] It is predicted that Federal Sentencing Guidelines calculate to 54 points for his crimes and a $250,000 fine:[133] 42 points translate to life in prison. With his cooperation, it is 39 points, 22 years behind bars.[142]

Plea proceeding
On March 12, 2009, Madoff appeared in court in a plea proceeding, and pled guilty to all charges.[35] There was no plea agreement between the government and Madoff; he simply pleaded guilty and signed a waiver of indictment. He faces a statutory maximum sentence of 150 years’ incarceration, and is also subject to mandatory restitution and fines up to twice the gross gain or loss derived from the offenses. If the government’s estimate is correct, Madoff will have to pay $170 billion in restitution.[118][133] In his pleading allocution, Madoff admitted to running a Ponzi scheme, and expressed regret for his "criminal acts".[8] He stated that he had begun his scheme some time in the early 1990s. He wished to satisfy his clients’ expectations of high returns he had promised, even though it was during an economic recession. He admitted that he hadn’t invested any of his clients’ money since the inception of his scheme, but instead, deposited money in a business account at Chase Manhattan Bank. He admitted to false trading activities masked by foreign transfers and false SEC returns. When clients requested account withdrawals, he paid them from the Chase account, claiming the profits were the result of his own unique "split-strike conversion strategy". He said he had every intention of terminating the scheme, but it proved "difficult, and ultimately impossible" to extricate himself. He admitted his day of reckoning was inevitable.[35] Only two of at least 25 victims who had requested to be heard at the hearing spoke in open court against accepting Madoff’s plea of guilt. [118][135] Judge Denny Chin accepted his guilty plea and remanded him to incarceration at the Manhattan Metropolitan Correctional Center until sentencing scheduled for June 16, 2009 as detailed in the Court transcript. Chin said

Recovery of funds
Madoff’s combined assets are about $826 million and have been frozen. Madoff provided a confidential list of his, and his firm’s assets to the SEC on December 31, which was subsequently disclosed on March 13, 2009 in a court filing. Madoff had no IRAs, no 401k, no Keogh plan, no other pension plan and no annuities. He owned less than a combined $200,000 in securities in Lehman Brothers, Morgan Stanley, Fidelity, Bear Stearns, and M&T. No offshore or Swiss Bank accounts were listed.[143] [144] On March 17, 2009, prosecutor filed a document listing more assets including $2.6 million in jewelry and about 35 sets of watches and cufflinks, more than $30 million in loans owed to the couple by their sons, and Ruth Madoffs’interest in real estate funds sponsored by Sterling Equities, whose partners include Wilpon. Ruth Madoff, and Peter

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From Wikipedia, the free encyclopedia
Madoff, invested as “passive limited partners” in real estate funds sponsored by the company, as well as other venture investments. Assets also include the Madoffs’ interest in Hoboken Radiology LLC. in Hoboken, New Jersey; Delivery Concepts LLC, an online food ordering service in midtown Manhattan that operates as "delivery.com"; an interest in Madoff La Brea LLC; an interest in the restaurant, PJ Clarke’s on the Hudson LLC; and Boca Raton, Floridabased Viager II LLC.[145][146] On March 2, 2009, Judge Louis Stanton modified an existing freeze order to surrender assets Madoff owns: his securities firm, real estate, artwork, and entertainment tickets, and granted a request by prosecutors that the existing freeze remain in place for the Manhattan apartment, and vacation homes in Montauk, New York, and Palm Beach, Florida. He has also agreed to surrender his interest in Primex Holdings LLC, a joint venture between Madoff Securities and several large brokerages, designed to replicate the auction process on the New York Stock Exchange. [147] Madoff’s April 14, 2009 opening day New York Mets tickets were sold for $7,500 on ebay.[148] On March 31, 2009, the town of Fairfield, Connecticut, which lost $42 million, was granted a temporary restraining order to freeze and secure all real estate property owned by the Madoffs and the homes of his inner circle in Greenwich, including personal property and financial accounts of Madoff, his relatives and executives with Fairfield Greenwich Group, Maxam Capital and other firms that allegedly fed Madoff’s fund, which could allow Fairfield to recover up to $75 million.[149][150] Prof. John Coffee, of Columbia University Law School, said that much of Madoff’s money may be in offshore funds. The SEC believed keeping the assets secret would prevent them from being seized by foreign regulators and foreign creditors.[151][152]

Madoff investment scandal
Ascot Partners, and Chais Investments were not included on the list.[155] Clients included banks, hedge funds, charities, universities, and wealthy individuals who have disclosed about $41 billion invested with Bernard L. Madoff Investment Securities LLC, according to a Bloomberg News tally, which may include double counting of investors in feeder funds.[156] Although Madoff filed a report with the SEC in 2008 stating that his advisory business had only 11–25 clients and about $17.1 billion in assets,[157] thousands of investors have reported losses, and Madoff estimated the fund’s assets at $50 billion. Other notable clients included former Salomon Brothers economist Henry Kaufman, Steven Spielberg, Jeffrey Katzenberg, actors Kevin Bacon, Kyra Sedgwick, John Malkovich, and Zsa Zsa Gabor, Mortimer Zuckerman,[158] Baseball Hall of Fame pitcher Sandy Koufax, broadcaster Larry King, World Trade Center developer Larry Silverstein, and The Elie Wiesel Foundation for Humanity lost $15.2 million, and Wiesel and his wife, Marion, lost their life savings.[159]

Largest stake-holders
According to The Wall Street Journal[160] the investors with the largest potential losses, including feeder funds, are: • Fairfield Greenwich Group, $7.50 billion • Tremont Capital Management, $3.30 billion • Banco Santander, $2.87 billion • Bank Medici, $2.10 billion • Ascot Partners, $1.80 billion • Access International Advisors, $1.40 billion • Fortis, $1.35 billion • HSBC, $1.00 billion The potential losses of these eight investors total $21.32 billion. Eleven investors had potential losses between $100 million and $1 billion: • Natixis SA • Carl J. Shapiro (a 95-year-old Boston philanthropist) • Royal Bank of Scotland Group PLC • BNP Paribas • BBVA • Man Group PLC • Reichmuth & Co. • Nomura Holdings • Maxam Capital Management

Affected clients
On February 4, 2009, the U.S. Bankruptcy Court in Manhattan released a 162-page client list with at least 13,500 different accounts,[153] but without listing the amounts invested.[154] Individual investors who invested through Fairfield Greenwich Group,

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From Wikipedia, the free encyclopedia
• EIM SA • Union Bancaire Privée Twenty-three investors with potential losses of $500,000 to $100 million were also listed, with a total potential loss of $540 million. The grand total potential loss in the Wall Street Journal table is $26.9 billion. Some investors have amended their initial estimates of losses to include only their original investment, since the profits Madoff reported to them which they were including were most likely fraudulent. Yeshiva University, for instance, said its actual incurred loss was its invested $14.5 million, not the $110 million initially estimated, which included falsified profits reported to the university by Madoff.

Madoff investment scandal
Seventy percent of the Madoff/Santander investors accepted the offer.[165]

Union Bancaire Privee
Union Bancaire Privée, invested less than $1.08 billion (of its $124.5 billion in assets) in Madoff funds.[166][167] In March, 2009 Geneva-based wealth manager, Union Bancaire Privée, offered to partially compensate investors 50% of the money they initially invested with Madoff if they agree to stay with the bank for the next five years and promise not to sue.[168] On May 8, 2009, a lawsuit against the bank was filed on behalf of New York investor Andrea Barron by law firm Bernstein Litowitz Berger & Grossman LLP in Manhattan in United States District Court for the Southern District of New York. The lawsuit is seeking class-action status for investors in UBP Funds as of Dec. 11, 2008, and damages, including the return of management fees.[169]

IRS penalties
It is estimated the potential tax penalties for foundations invested with Madoff are $1 billion. Although foundations are exempt from federal income taxes, they are subject to an excise tax, for failing to vet Madoff’s proposed investments properly, to heed red flags, or to diversify prudently. Penalties may range from 10% of the amount invested during a tax year, to 25% if they fail to try to recover the funds. The foundation’s officers, directors, and trustees face up to a 15% penalty, with up to $20,000 fines for individual managers, per investment. [161]

Notz Stucki
Geneva based wealth manager, Notz Stucki’ s Plaza Fund will compensate up to $103.2 million to those clients who did not specifically request access to Madoff. Compensation would be with an issue of a note payable over five years which would be held by a separate legal entity.[170]

Impact and aftermath
Criminal charges Aurelia Finance
Criminal charges against five directors will proceed against Swiss wealth manager Aurelia Finance, which lost an alleged $800 million of client money. The directors’ assets have been frozen.[162][163]

Bank Medici
Bank Medici is an Austrian bank founded by Sonja Kohn, who met Madoff in 1985 while living in New York. Ninety percent of the bank’s income was generated from Madoff investments.[171] In December 2008, Medici reported that two of its funds -- Herald USA Fund and Herald Luxemburg Fund -- were exposed to Madoff losses. On January 2, 2009, FMA, the Austria banking regulator, took control of Bank Medici and appointed a supervisor to control the bank.[172] Bank Medici, and its Austrian banking license is now for sale and has been sued by its customers both in the United States and in Austria.[173] The Vienna State Prosecutor has launched a criminal investigation of Bank Medici and Kohn, who had invested an estimated $2.1 billion with Madoff.[174]

Grupo Santander
Clients primarily located in South America who invested with Madoff through the Spanish Grupo Santander, filed a class action against Santander in Miami. Santander proposed a settlement which would give the clients $2 billion worth of preferred stock in Santander based on each client’s original investment. The shares pay a 2% dividend.[164]

Suicide of clients
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From Wikipedia, the free encyclopedia

Madoff investment scandal

René-Thierry Magon de la Villehuchet
On December 23, 2008, one of the founders of Access International Advisors LLC, RenéThierry Magon de la Villehuchet, was found dead in his company office on Madison Avenue in New York City. His left wrist was slit[175] and de la Villehuchet had taken sleeping pills, in what appeared to be suicide.[176][177] He lived in New Rochelle, New York and came from a very prominent French family. Although no suicide note was found at the scene, his brother, Bertrand in France received a note shortly after his death in which he expressed remorse and a feeling of responsibility.[175] The FBI and SEC do not believe de la Villehuchet was involved in the fraud.[177] Harry Markopolos said he met de La Villehuchet several years before, and warned him that Madoff might be breaking the law.[178] In 2002, Access invested about 45% of its $1.2 billion under management with Madoff. By 2008, it managed $3 billion and raised the proportion of funds with Madoff to about 75%. De la Villehuchet had also invested all of his wealth and 20% of his brother, Bertrand’s, with Madoff.[179] Bertrand said that René-Thierry did not know Madoff but the connection was through René-Thierry’s partner in AIA, French banker, Patrick Littaye.[180]

William Foxton
On February 10, 2009, former British soldier William Foxton, 65, shot himself in a park in Southampton, England, having lost all of his family’s savings. He had invested in the Herald USA Fund and Herald Luxembourg Fund,[181][182] feeder funds for Madoff from Bank Medici in Austria.[183]

References
[1] "Bernie Madoff’s New Digs: From Penthouse To Outhouse". CNBC. 2009-03-13. http://www.cnbc.com//id/ 29658548. Retrieved on 2009-03-13. [2] "Wall Street legend Bernard Madoff arrested over ’$50 billion Ponzi scheme’". Times Online (Times Newspapers Ltd). December 12, 2008. http://www.timesonline.co.uk/tol/news/ world/us_and_americas/

article5331997.ece. Retrieved on December 13, 2008. [3] Bray, Chad (March 12, 2009). "Madoff Pleads Guilty to Massive Fraud". The Wall Street Journal (Dow Jones, Inc). http://online.wsj.com/article/ SB123685693449906551.html?mod=djemalertNEWS Retrieved on March 12, 2009. [4] "Bernard Madoff Will Plead Guilty to 11 Charges in Financial Fraud Case, Faces 150 Years in Prison". Fox News. March 10, 2009. http://www.foxnews.com/story/ 0,2933,508304,00.html. Retrieved on March 10, 2009. [5] Glovin, David; Erik Larson and David Voreacos (March 10, 2009). "Madoff to Plead Guilty in Largest U.S. Ponzi Scheme". Bloomberg.com. http://www.bloomberg.com/apps/ news?pid=20601087&sid=awXqT47DqXZo&refer=h Retrieved on March 10, 2009. [6] "The Madoff Case: A Timeline". The Wall Street Journal. March 6, 2009. http://online.wsj.com/article/ SB112966954231272304.html?mod=googlenews_ws Retrieved on March 6, 2009. [7] David Glovin (2009-02-11). "Madoff Prosecutors Get 30 More Days for Indictment". Bloomberg L.P.. http://www.bloomberg.com/apps/ news?pid=20601087&sid=aZFfHEPISe9s&refer=ho Retrieved on 2009-02-11. [8] ^ DeStefano, Anthony M. (March 7, 2009). "Madoff expected to plead guilty in Ponzi scheme". Newsday. http://www.newsday.com/services/ newspaper/printedition/saturday/news/ nybzmado076060500mar07,0,4620667.story. Retrieved on March 7, 2009. [9] ^ "SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (2008-293)". SEC.gov. U.S. Securities and Exchange Commission. December 11, 2008. http://www.sec.gov/news/ press/2008/2008-293.htm. Retrieved on December 11, 2008. [10] "Rich investors ’wiped out’ by Wall Street fraud". The Independent. December 14, 2008. http://www.independent.co.uk/news/ world/americas/rich-investors-wiped-outby-wall-street-fraud-1066090.html. Retrieved on December 17, 2008. [11] "US Prosecutors updated the size of Madoff’s scheme from $50 billion to $64

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Madoff investment scandal

billion". Reuters. 2009-03-11. madoff-act-alone-investors/281857. http://www.reuters.com/article/topNews/ Retrieved on December 23, 2008. idUSTRE52A5JK20090311?pageNumber=2&virtualBrandChannel=0&sp=true. [20] ^ Lieberman, David; Pallavi Gogoi, Retrieved on 2009-04-26. Theresa Howard, Kevin McCoy, Matt [12] David Voreacos and David Glovin Krantz (December 15, 2008). "Investors (2008-12-13). "Madoff Confessed $50 remain amazed over Madoff’s sudden Billion Fraud Before FBI Arrest". downfall". USA Today. Bloomberg News. http://www.usatoday.com/money/ http://www.bloomberg.com/apps/ markets/2008-12-14-ponzi-madoffnews?pid=newsarchive&sid=atUk.QnXAvZY. downfall_N.htm. Retrieved on December [13] "SEC: Complaint SEC against Madoff 24, 2008. and BMIS LLC" (PDF). U.S. Securities [21] O’Hara, Maureen (1995). Market and Exchange Commission. December Microstructure Theory. Oxford: 11, 2008. http://www.sec.gov/litigation/ Blackwell. p. 190. ISBN 1-55786-443-8. complaints/2008/comphttp://books.google.com/ madoff121108.pdf. Retrieved on books?id=gHrzgo0ghfMC&pg=PA190&lpg=PA190& December 29, 2008. Retrieved on December 16, 2008. [14] Binyamin Appelbaum, David S. [22] ^ Appelbaum, Binyamin; David S. Hilzenrath and Amit R. Paley Hilzenrath and Amit R. Paley (December (2008-12-13). "It was all one big lie. 13, 2008). "’All Just One Big Lie’". The Bernard Madoff was a Wall Street whiz Washington Post (Washington Post with a golden reputation. Investors, Company): p. D01. including Jewish charities, entrusted him http://www.washingtonpost.com/wp-dyn/ with billions. It’s gone.". Washington content/article/2008/12/12/ Post. p. D01. AR2008121203970.html?hpid=topnews. http://www.washingtonpost.com/wp-dyn/ Retrieved on December 12, 2008. content/article/2008/12/12/ [23] "Standing Accused: A Pillar of Finance AR2008121203970_pf.html. Retrieved on and Charity". The New York Times. 2009-01-18. December 13, 2008. [15] "Former Nasdaq chairman charged with http://www.nytimes.com/2008/12/13/ fraud". CNN. December 11, 2008. nyregion/ http://edition.cnn.com/2008/US/12/11/ 13madoff.html?_r=1&ref=nyregion. madoff.arrest/?iref=mpstoryview. [24] "Madoff Wall Street fraud threatens Retrieved on December 16, 2008. Jewish philanthropy". [16] "S.E.C. Updates on Madoff Case; http://www.haaretz.com/hasen/spages/ Charities Feel Losses". Politonomist.com. 1046187.html. Retrieved on December December 18, 2008. 13, 2008. http://www.politonomist.com/s-updates[25] Henriques. "For Investors, Trust Lost, on-madoff-case-charities-feeland Money Too". The New York Times. losses-00133/. Retrieved on January 3, http://www.nytimes.com/2008/12/13/ 2009. business/ [17] Diana Henriques (2009-01-13). "New 13investors.html?pagewanted=all. Description of Timing on Madoff’s Retrieved on December 13, 2008. Confession". New York Times. [26] ^ Glovin, Dan; Bradley Keoun (December http://www.nytimes.com/2009/01/10/ 11, 2008). "Madoff Charged in $50 business/10madoff.html. Retrieved on Billion Fraud at Investment Advisory 2009-01-19. Firm". Bloomberg News. [18] Larson. "U.S. Judge Freezes Madoff http://www.bloomberg.com/apps/ Assets, Appoints Receiver, SEC Says". news?pid=20601087&sid=a8EVy7KVpBaA&refer=ho Bloomberg.com (Bloomberg News). Retrieved on December 11, 2008. http://www.bloomberg.com/apps/ [27] ^ "The Madoff files: Bernie’s billions news?pid=20601087&sid=a.9m_dUE2Pxc&refer=home. Analysis & Features, Business Business [19] ^ Caruso, David (December 18, 2008). The Independent". The Independent<!. "Madoff Investigators Look for Partners". http://www.independent.co.uk/news/ Associated Press. AOL. business/analysis-and-features/thehttp://news.aol.com/article/did-bernardmadoff-files-the-man-behind-the-most-

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audacious-fraud-in-history-1518939.html. books?id=xVqgCFKxHvgC&q=Madoff#search_ancho Retrieved on 2009-04-26. Retrieved on 2009-03-13. [28] By Bloomberg (2009-02-01). "Madoff’s [37] Princeton University Undergraduate tactics date to 1960s, when father-in-law Task Force (January 2005). "THE was recruiter | Business Features | REGULATION OF PUBLICLY TRADED Jerusalem Post". Jpost.com. SECURITIES" (PDF). U.S. Securities and http://www.jpost.com/servlet/ Exchange Commission. 58. Satellite?cid=1233304648603&pagename=JPost%2FJPArticle%2FShowFull. http://www.sec.gov/rules/proposed/ Retrieved on 2009-04-26. s71004/s71004-587.pdf. Retrieved on [29] ^ de la Merced, Michael J. (2008-12-24). December 17, 2008. "Effort Under Way to Sell Madoff Unit". [38] Harris, Larry (2003). Trading and The New York Times. Exchanges: Market Microstructure for http://www.nytimes.com/2008/12/25/ Practitioners. Oxford University Press. business/25madoff.html. Retrieved on p. 290. ISBN 0195144708. 2008-12-24. http://books.google.com/ [30] Weiner, Eric J. (2005). What Goes Up: books?id=Rd9hDRR1Yx4C&q=Madoff#search_ancho The Uncensored History of Modern Wall Retrieved on 2009-03-13. Street as Told by the Bankers, Brokers, [39] Ferrell, Allen (2001). "A Proposal for CEOs, and Scoundrels who Made it Solving the “Payment for Order Flow” Happen. Little, Brown and Company. Problem" (PDF). 74 S.Cal.L.Rev. 1027. pp. 188–192. ISBN 0316929662. Harvard. http://www.law.harvard.edu/ http://books.google.com/ faculty/fferrell/pdfs/ books?id=dIT4cjRNpygC&q=Madoff#search_anchor. payment_for_orderflow.pdf. Retrieved on Retrieved on 2009-03-13. December 12, 2008. [31] "The Owner’s Name is on the Door". [40] Battalio, Robert H.; Tim Loughran Madoff.com. http://www.madoff.com/dis/ (January 15, 2007). "Does Payment for display.asp?id=203&mode=1&home=1#owner. Order Flow to Your Broker Help or Hurt Retrieved on 2008-12-11. Archive You?" (PDF). Notre Dame University. [32] ^ Smith, Randall (December 16, 1992). http://www.nd.edu/~tloughra/ "Wall Street Mystery Features a Big Orderflow.pdf. Retrieved on December Board Rival". The Wall Street Journal. 12, 2008. http://newsgroups.derkeiler.com/Archive/ [41] ^ McMillan, Alex (May 29, 2000). Misc/misc.invest.stocks/2008-12/ ""Q&A: Madoff Talks Trading". CNN. msg00878.html. http://money.CNN.com/2000/05/29/ [33] Probe Eyes Role of Aide to Madoff, investing/q_madoff/. Retrieved on Accountant. Wall Street Journal, December 11, 2008. December 23, 2008. [42] Henriques, Diana B.; Alex Berenson [34] Kolker, Carlyn; Tiffany Kary and Saijel (December 14, 2008). "The 17th Floor, Kishan (2008-12-23). "Madoff Victims Where Wealth Went to Vanish". The New May Have to Return Profits, Principal". York Times. http://www.nytimes.com/ Bloomberg News. 2008/12/15/business/15madoff.html. http://www.bloomberg.com/apps/ Retrieved on December 23, 2008. news?pid=20601087&sid=awmAWSxKpXRM&refer=home. Keith; Alex Berenson [43] ^ Dovkants, Retrieved on 2008-12-24. (December 16, 2008). "Revealed: Magic [35] ^ "Plea Allocution of Bernard Madoff Madoff’s family ‘piggy bank’ in the heart (U.S. v. Bernard Madoff" (PDF). Wall of Mayfair". Evening Standard. Street Journal. 2009-03-12. http://www.thisislondon.co.uk/standard/ http://online.wsj.com/public/resources/ article-23602414-details/ documents/20090315madoffall.pdf. Revealed:+Magic+Madoff%E2%80%99s+family+%E Retrieved on 2009-03-12. article.do. Retrieved on December 25, [36] Wilhelm, William J.; Joseph D. Downing 2008. (2001). Information Markets: What [44] ^ Creswell, Julie (January 24, 2009). Businesses Can Learn from Financial "The Talented Mr. Madoff". The New Innovation. Harvard Business Press. York Times. http://www.nytimes.com/ p. 153. ISBN 1578512786. 2009/01/25/business/25bernie.html?em. http://books.google.com/ Retrieved on January 25, 2009.

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Madoff investment scandal

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[86] Zuckerman. "Fees, Even Returns and [96] "Madoff’s Wife Got $2 Million from UK Auditor All Raised Flags". The Wall Unit - Financials * Europe * News * Street Journal. http://online.wsj.com/ Story". CNBC.com. 2009-03-27. article/ http://www.cnbc.com/id/29911053. SB122910977401502369.html?mod=googlenews_wsj. Retrieved on 2009-04-26. [87] David B. Caruso. "A trusted man, $50B, a [97] "Madoff Fraud Charges Could Be Filed in "giant Ponzi scheme"". Associated Press. U.K. This Year (Update4)". http://seattletimes.nwsource.com/html/ Bloomberg.com. 2009-03-27. businesstechnology/ http://www.bloomberg.com/apps/ 2008508111_invest13.html. Retrieved on news?pid=20601102&sid=azeCkQIOM0L8&refer=u 2009-03-09. Retrieved on 2009-04-26. [88] Hamilton. "Madoff’s reliable returns [98] Mike Greenlar / The Post Standard. aroused doubts". LA Times. "How warning signs eluded Bernard http://www.latimes.com/business/ Madoff’s man in Syracuse". investing/la-fiSyracuse.com. http://www.syracuse.com/ madoff13-2008dec13,0,4756661.story. news/index.ssf/2009/03/ Retrieved on December 13, 2008. how_warning_signs_eluded_berna.html. [89] "Receiver says Madoff moved $164 Retrieved on 2009-04-26. million from UK firm to U.S. | Reuters". [99] Efrati, Amir (2009-04-01). "Judge Uk.reuters.com. 2009-02-27. Freezes Assets of Madoff’s Family http://uk.reuters.com/article/ WSJ.com". Online.wsj.com. businessNews/ http://online.wsj.com/article/ idUKTRE51Q3WF20090227. Retrieved SB123851832507274247.html. Retrieved on 2009-04-26. on 2009-04-26. [90] ^ "Investor’s Suit Is Dismissed [100] andler, James. "How Bernie Madoff B WSJ.com". Online.wsj.com. 2009-02-25. pulled off his massive swindle - Apr. 24, http://online.wsj.com/article/ 2009". Money.cnn.com. SB123549830385261453.html?mod=googlenews_wsj. http://money.cnn.com/2009/04/24/news/ Retrieved on 2009-04-26. newsmakers/madoff.fortune/ [91] "Madoff Sought, Got Cash in Days Before index.htm?postversion=2009042405. Arrest". SmartMoney. 2009-01-09. Retrieved on 2009-04-26. http://www.smartmoney.com/breaking[101] ttp://tpmcafe.talkingpointsmemo.com/ h news/smw/?story=20090107105536. talk/blogs/mrs_panstreppon/2009/05/ Retrieved on 2009-01-29. bernie-madoff-why-is-enrica[92] ^ "Madoff Must Have Had Help, Lawyers co.php?ref=reccafe Say, Citing Trustee Report [102]Securities: Fairfield Greenwich". " Bloomberg.com". Bloomberg.com<!. Sec.state.ma.us. 2009-04-01. 2009-02-24. http://www.bloomberg.com/ http://www.sec.state.ma.us/sct/ apps/ sctfairfield/fairfieldidx.htm. Retrieved on news?pid=20601103&sid=aggq1e88xMPU&refer=us. 2009-04-26. Retrieved on 2009-04-26. [103]Madoff Feeder Is Charged in Fraud " [93] http://online.wsj.com/article/ WSJ.com". Online.wsj.com. 2009-04-02. SB124261271530929129.html http://online.wsj.com/article/ [94] "Medici’s Kohn says did not get Madoff SB123859307450378115.html?mod=googlenews_ws payments | Markets | Markets News | Retrieved on 2009-04-26. Reuters". Reuters. 2009-02-12. [104] ttp://www.nytimes.com/2009/05/19/ h http://www.reuters.com/article/ business/19madoff.html?ref=nyregion marketsNews/idUSLC60093820090212. [105] ttp://blogs.wsj.com/law/2009/05/19/ h Retrieved on 2009-04-26. picards-latest-a-huge-lawsuit-against[95] "Galvin seeks to shut down firm with fairfield-greenwich/ Madoff ties - Daily Business Update - The [106] ray, Chad (December 16, 2008). "3rd B Boston Globe". Boston.com. 2009-02-11. UPDATE: Merkin, Ascot Fund Sued Over http://www.boston.com/business/ticker/ Madoff Investments". CNN (Dow Jones 2009/02/galvin_seeks_to.html. Retrieved Newswires). http://money.cnn.com/news/ on 2009-04-26. newsfeeds/articles/djf500/

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200812162136DOWJONESDJONLINE000783_FORTUNE5.htm. Role of Aide To Eyes Audit Files, Retrieved on December 23, 2008. Madoff". The Wall Street Journal (Dow [107] ttp://online.wsj.com/public/resources/ h Jones). http://online.wsj.com/article/ documents/ SB122999256957528605.html?mod=googlenews_ws WSJ-20090406-MerkinComplaint.pdf Retrieved on December 23, 2008. [108] raybow, Martha (April 6, 2009). "Fund G [121] adoff faces life in prison on 11 criminal M operator Merkin charged with civil charges | Reuters fraud". Reuters. http://www.reuters.com/ [122] Neumeister, Larry (December 11, ^ article/businessNews/ 2008). "Ex-Nasdaq chair arrested on idUSTRE53548420090406. fraud charge". Associated Press. [109] ttp://online.wsj.com/public/resources/ h http://biz.yahoo.com/ap/081211/ documents/Merkin.exhibitsone0407.pdf# wall_street_arrest.html. Retrieved on [110] ttp://online.wsj.com/public/resources/ h December 11, 2008. documents/Merkinexhibitstwo0407.pdf [123]Top Broker Accused of Fraud; Madoff, " [111] ttp://online.wsj.com/public/resources/ h Money Manager for the Wealthy, Said to documents/Merkinexhibits30407.pdf# Have Run ’$50 Billion Ponzi Scheme’". [112] ttp://www.nydailynews.com/news/2009/ h The Wall Street Journal. December 11, 05/02/2009-05 2008. http://online.wsj.com/article/ 02_los_angeles_investment_manager_stanley_chais_sued_for_funneling_cash_to_bernie_m.html SB122903010173099377.html?mod=googlenews_ws [113] ttp://online.wsj.com/article/ h Retrieved on December 11, 2008. SB124261271530929129.html [124] onan, Edith (December 12, 2008). H [114]Tremont Group Funds Invested $3.3 " "Former Nasdaq chair arrested over Billion With Madoff (Update1)". alleged £33 billion fraud". International Bloomberg.com. 2008-12-15. Herald Tribune. http://www.iht.com/ http://www.bloomberg.com/apps/ articles/reuters/2008/12/12/business/ news?pid=20601087&sid=aCT_aoIRYqRg&refer=home. OUKBS-UK-MADOFF-ARREST.php. Retrieved on 2009-04-26. Retrieved on December 12, 2008. [115]Judge Freezes Madoff Assets". " [125] Rush, George; Thomas Zambito, ^ Forbes.com. 2009-03-31. Phyllis Furman and Greg B. Smith http://www.forbes.com/2009/03/31/ (December 18, 2008). "Bernard Madoff madoff-connecticut-ponzi-personalhousebound after failing to get enough finance_fairfield.html. Retrieved on co-signers for bail bond in $50B ponzi 2009-04-26. scheme". New York Daily News. [116]Madoff Trustee Picard May Take Five " http://www.nydailynews.com/news/ Years to Pay Back Investors ny_crime/2008/12/17/ Bloomberg.com". Bloomberg.com<!. 2008-12-17_bernard_madoff_housebound_after_failin 2009-01-21. http://www.bloomberg.com/ Retrieved on December 26, 2008. apps/ [126] Zambito, Thomas; Corky Siemaszko ^ news?pid=20601213&sid=a6JDlygKnj8k&refer=home. (December 20, 2008). "Feds confine Retrieved on 2009-04-26. Bernie Madoff to his $7 million [117] airfield fund wins order in MadoffF penthouse until trial". New York Daily related suit | Reuters News. http://www.nydailynews.com/ [118] "The United States Department of ^ news/ny_crime/2008/12/20/ Justice - United States Attorney’s Office". 2008-12-20_feds_confine_bernie_madoff_to_his_7_mil Usdoj.gov. http://www.usdoj.gov/usao/ Retrieved on December 26, 2008. nys/madoff.html. Retrieved on [127] ttp://www.sec.gov/news/press/2008/ h 2009-04-26. 2008-293-order-2.pdf SIPC page 7, VII [119] Henriques, Diana; Zachery Kouwe ^ United States Securities and Exchange (December 11, 2008). "Prominent Trader Commission. Accused of Defrauding Clients". The New [128] lovin, David (January 6, 2009). "Madoff G York Times. http://www.nytimes.com/ Sons Reported Jewelry Violations to U.S., 2008/12/12/business/ Lawyer Says". Bloomberg.com. 12scheme.html?ref=business. Retrieved http://www.bloomberg.com/apps/ on December 11, 2008. news?pid=20601103&sid=aRLjsVfmRQ64&refer=us [120] frati, Amir; Aaron Lucchetti and Tom E Retrieved on January 6, 2009. Lauricella (December 23, 2008). "Probe

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[129] Berenson, Alex (January 6, 2009). "Bid ^ [141] ttp://www.nytimes.com/2009/03/15/ h to Revoke Madoff’s Bail Cites His Gifts". weekinreview/15blumenthal.html The New York Times. [142] ress, Associated (2009-03-10). "Bernard P http://www.nytimes.com/2009/01/06/ Madoff may get life - BostonHerald.com". business/06madoff.html?em. Retrieved BostonHerald.com<!. on January 6, 2009. http://www.bostonherald.com/business/ [130] enrique, Diana (January 12, 2009). H general/view/ "Judge Rules Madoff Can Remain Free 2009_03_10_Bernard_Madoff_may_get_life:_Scope_of on Bail". The New York Times. Retrieved on 2009-04-26. http://www.nytimes.com/2009/01/13/ [143] ttp://www.nypost.com/seven/03132009/ h business/13bail.html?_r=1. Retrieved on news/regionalnews/ January 12, 2009. 031309madofffinance.pdf [131]PDF) ( [144] adoff assets worth more than $820 M [132]Criminal Information (U.S. v. Bernard " million -- Newsday.com Madoff". FindLaw. 2009-03-10. [145]Prosecutors Seek to Claim More Madoff " http://news.findlaw.com/hdocs/docs/ Assets - DealBook Blog - NYTimes.com". madoff/criminal-informationDealbook.blogs.nytimes.com. plea31009.html. Retrieved on 2009-03-17. 2009-03-10. http://dealbook.blogs.nytimes.com/2009/ [133] http://www.usdoj.gov/usao/nys/madoff/ ^ 03/17/prosecutors-seek-more-forfeitures20090310pimentelletter.pdf from-madoffs/?hp. Retrieved on [134] auricella, Tom (2009-03-12). "Madoff L 2009-04-26. Used U.K. Office in Cash Ploy, Filing [146]Madoff Prosecutors Seek to Take " Says - WSJ.com". Online.wsj.com. Businesses, Loans (Update1)". http://online.wsj.com/article/ Bloomberg.com. 2009-03-17. SB123681392137901653.html. Retrieved http://www.bloomberg.com/apps/ on 2009-04-26. news?pid=20601087&sid=aj6f7pk8l_00&refer=hom [135]Madoff Lawyer Ira Sorkin Invested " Retrieved on 2009-04-26. $18,860 With Madoff (Update2) [147]Ruth Madoff Says Her $62 Million " Bloomberg.com". Bloomberg.com<!. ‘Unrelated’ to Fraud (Update2) 2009-03-10. http://www.bloomberg.com/ Bloomberg.com". Bloomberg.com<!. apps/ 2009-03-02. http://www.bloomberg.com/ news?pid=20601103&sid=aaJGQYRxpLr8&refer=us. apps/ Retrieved on 2009-04-26. news?pid=20601087&sid=aWVQJMrRh7Qc&refer=h [136] OJ Madoff hearing D Retrieved on 2009-04-26. [137]Madoff to appeal bail, net worth " [148]Now that’s a decent return! Madoff’s " revealed | U.S.". Reuters. 2009-03-13. opening day Mets tickets sell for $7,500 http://www.reuters.com/article/newsOne/ on eBay". Nydailynews.com. 2009-04-12. idUSTRE52C57L20090313. Retrieved on http://www.nydailynews.com/money/ 2009-04-26. 2009/04/12/ [138] ttp://www.usdoj.gov/usao/nys/madoff/ h 2009-04-12_now_thats_a_decent_return_madoffs_ope madoffbailpendingsentencing.pdf Retrieved on 2009-04-26. [139]Bernard Madoff’s sons, Andrew and " [149] arch 31, 2009 (2009-03-31). "Town M Mark, latest targets of feds’ efforts to sues Madoff, hedge funds over losses". seize ill-gotten loot". Nydailynews.com. Newsday.com. http://www.newsday.com/ 2009-03-17. news/local/wire/connecticut/ny-bc-ct-http://www.nydailynews.com/money/ madoff2009/03/17/ fairfield0331mar31,0,3368851.story. 2009-03-17_bernard_madoffs_sons_andrew_and_mark_lat.html. Retrieved on 2009-04-26. Retrieved on 2009-04-26. [150]Fairfield gets freeze on Madoff assets". " [140]Bernard Madoff’s Bid for Freedom " Wtnh.com. http://www.wtnh.com/dpp/ Denied by U.S. Court (Update5)". news/ Bloomberg.com. 2009-03-20. news_wtnh_fairfield_gets_freeze_on_madoff_assets_2 http://www.bloomberg.com/apps/ Retrieved on 2009-04-26. news?pid=20601103&sid=aUhqoVZyCMRY&refer=us. [151]ABC News: Madoff Set to Disclose List " Retrieved on 2009-04-26. of Holdings". Abcnews.go.com.

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Madoff investment scandal

[174] lodget, Henry (March 1, 2009). "Madoff B Feeder Bank Medici Probed Criminally • Allen Stanford In Vienna". Business Insider. • Con Man http://www.businessinsider.com/madoff• Financial crisis of 2007-2009 feeder-bank-medici-probed-criminally-in• Ponzi scheme vienna-2009-3. Retrieved on 2009-03-13. • Pyramid scheme [175] "Madoff Investor’s Suicide Leaves ^ • Stanford Financial Group Questions" by Alex Berenson and • White Collar Crime Matthew Saltmarsh, The New York Times, January 2, 2009, p. B1 New York edition [176]Police: Madoff Investor Found Dead of " • Criminal complaint, transcripts of Suicide" (text and audio). AP Newswire. hearings and other documents from the 1010 WINS. http://www.1010wins.com/ United States Department of Justice pages/3547010.php. Retrieved on • SEC civil complaint December 23, 2008. • SEC press release and update for [177] "Bernie Madoff should rot with rats, ^ investors victim’s pal says". New York Daily News. • Bernard L. Madoff Investment Securities December 25, 2008. The front page is now a placeholder for http://www.nydailynews.com/money/ information on the case. (Archive) 2008/12/25/ • "The Owner’s 2008-12-25_bernie_madoff_should_rot_with_rats_victi.html. Name is on the Door". Archived from the original on 2008-12-14. Retrieved on December 26, 2008. http://www.webcitation.org/5d4ZNZhKv. [178]A Lonely Lament From a Whistle-Blower " • Jewish charities hit by Madoff scandal - WSJ.com". Online.wsj.com. 2009-02-03. BBC http://online.wsj.com/article/ • Madoff Client List February 4, 2009 SB123361899636241467.html?mod=googlenews_wsj. • Madoff Scandal ongoing coverage from Retrieved on 2009-04-26. the Financial Times [179]U.K.’s Prince Charles Targeted by " • Ruth Madoff Biography Ruth Madoff Madoff Marketer, Witness Says biography and photos. Bloomberg.com". Bloomberg.com<!. • Bernard Madoff Victim Support and 2009-02-06. http://www.bloomberg.com/ Advocacy Group apps/ • Serious news?pid=20601103&sid=a8Pw8wT2dhH4&refer=us. Fraud Office broadens investigation to Madoff feeders The Retrieved on 2009-04-26. Guardian, March 27, 2009, British [180]Madoff Investor’s Suicide Leaves " government’s investigation into the Questions" by Alex Berenson and London activities of certain feeder funds Matthew Saltmarsh, The New York that channeled investments to Madoff Times, 2009-01-02, p. B1 NY edition. • Deposition of J. Ezra Merkin: Madoff [181]Bernard Madoff has ’blood on his hands’ " Charities Investigation, State of New York over William Foxton suicide". (January 30, 2009) Business.timesonline.co.uk. • Merkin Civil Fraud Complaint State of http://business.timesonline.co.uk/tol/ New York (April 6, 2009) business/industry_sectors/ • Merkin Exhibits, Civil Fraud Complaint banking_and_finance/article5720211.ece. • continued Merkin Exhibits, Civil Fraud Retrieved on 2009-04-26. Complaint State of New York, (April 6, [182] ittle. "Banking crisis killed my father". L 2009) BBC. http://news.bbc.co.uk/2/hi/uk_news/ • Complaint against J P Morgan Chase 7886894.stm. Retrieved on 2009-02-13. (April 23, 2009) [183] FP (2008-12-16). "Madoff : la banque A • Complaint against Stanley Chais et al. autrichienne Medici impliquée avec 2,1 (May 1, 2009) milliards de dollars" (in French). • Complaint against J. Ezra Merkin (May 7, Romandie News. 2009) http://www.romandie.com/infos/news2/ • Complaint against Harley International 081216185742.ad2u67r4.asp. Retrieved (Cayman) Limited (May 12, 2009) on 2009-03-13.

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From Wikipedia, the free encyclopedia

Madoff investment scandal

Retrieved from "http://en.wikipedia.org/wiki/Madoff_investment_scandal" Categories: 2008 in economics, Pyramid and Ponzi schemes This page was last modified on 24 May 2009, at 05:19 (UTC). All text is available under the terms of the GNU Free Documentation License. (See Copyrights for details.) Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a U.S. registered 501(c)(3) taxdeductible nonprofit charity. Privacy policy About Wikipedia Disclaimers

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