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’Further further reading
For the commute home, where the carry trade means helping your better half unload the car in exchange for first dibs on the remote,
- The FT visits Bernie Madoff.
- Where Galleon allegedly made its money.
Madoff performance was “magic,” according to HSBC
Bejesus. The Madoff trustee complaint against HSBC makes for good reading.
For background: the court-appointed trustee for Madoff’s failed investment business is suing HSBC for $9bn — claiming, as in the JP Morgan case,
Madoff is “too good to be true” – JP Morgan, October 2008
Bernie Madoff. Colombian Interests. Threats to lives. Oh my.
This time two years ago the world’s largest ponzi scheme had just come to light. Some 24 months on and the legal-wrangling between Madoff’s investors and related parties continues.
Markets in everything, Madoff claims edition
*Cue cheesy infomercial music and voice-over narration*
Have you been burnt by by Bernard Madoff? Suddenly can’t afford your valet? Has your kid’s college fund disappeared along with your Centurion card? Never fear,
Schapiro defends regulators. Again.
Mary Schapiro must be getting a bit bored of having to mount lengthy defences of the regulatory bodies she has headed.
Under her tenure, for instance, FINRA failed entirely to investigate numerous tips that Allen Stanford and Bernard Madoff might not have been on their best behaviour.
Being John Malkovich means suing the Madoff estate for $2.2m
Not an April fool’s joke: actor John Malkovich was a client of Bernard Madoff’s, and on Thursday, he sued the Ponzi schemer’s estate to recoup his investments.
(For what it’s worth, other Hollywood Madoff losers include Steven Spielberg,
[The Stanford Series] Ponzi victims, unite!
Fraud – it brings people together. As Bloomberg reported on Wednesday:
Victims of Bernard Madoff and accused Ponzi schemer R. Allen Stanford are banding together to lobby Congress for a law that could require Wall Street firms to pay billions of dollars to cover some of the losses they suffered.
[Galleon] Rajaratnam: ‘I am no Madoff’
From Big Raja’s latest bail modification letter, posted by his lawyers on Monday morning (emphasis FT Alphaville):
Mr. Rajaratnam has carefully worked with Galleon to wind down its business, to take care of the Galleon employees negatively affected by the Government’s sudden arrest of Mr Rajaratnam and its related press conferences,
The dark secret about House 17…
Here’s a new development in the Madoff ponzi case: the SEC on Friday charged two computer programmers over their alleged role in covering up the fraud for more than 15 years.
Jerome O’Hara and George Perez are said to have provided the technical support necessary to produce false documents and trading records,
The real Madoff auction
There was a bit of a brouhaha recently when various auctioneers in the US started attaching words like “Madoff” and “ponzi victim” to their sales in a bid to generate publicity.
But here’s the real thing – slated for this coming Saturday in New Y0rk:
How to ruin a business journalist’s weekend, Bernard Madoff edition (UPDATED)
It might be bank failure Friday, but it’s also “closer look at how the SEC utterly embarrassed itself r.e. Bernard Madoff” day.
The SEC has released a detailed archive of exhibits compiled in support of the recently published report on the regulator’s failure to uncover Bernard Madoff’s epic Ponzi scheme.
Picard: $21bn lost in Madoff scheme
The US court-appointed trustee in charge of recovering assets from Bernard Madoff’s fraudulent investment operations said on Wednesday $21.2bn had been lost through his Ponzi scheme, far higher than thought.
Madoff friend Picower found dead
Palm Beach billionaire and philanthropist Jeffry Picower, described as the biggest beneficiary of Bernard Madoff’s massive fraud scheme, died on Sunday after he was found lying at the bottom of the pool at his home,
Finra get an F – ‘failed to investigate’
Finra, the main regulatory body for the US brokerage industry, issued a mea culpa on Friday in the wake of an internal report that found the agency repeatedly failed to investigate tips about accused Ponzi schemer Sir Allen Stanford and convicted Ponzi schemer Bernard Madoff.
Madoff relatives to be sued
Bernard Madoff’s two sons, his brother and a niece will be sued this week for $198m, the trustee winding down the Madoff firm told CBS News’ “60 Minutes” programme on Sunday, reports Reuters. Madoff sons Mark and Andrew,
Financier accused in Madoff case
California’s attorney-general Jerry Brown on Tuesday accused a Beverly Hills investment manager of channelling funds to Bernard Madoff for more than four decades and hiding his ties to the mastermind of a $65bn Ponzi scheme.
Iceland’s crisis “just like Madoff”, judge says
In an interview with the Sunday Times, Eva Joly – the judge working with the Icelandic government on the investigation into the collapse of the country’s financial system – compared the implosion of the island’s banks with Bernard Madoff’s Ponzi scheme.
SEC criticised over Madoff
The SEC missed many chances to expose Bernard Madoff’s giant “Ponzi” scheme because the staff either did not know what to do or failed to follow up on complaints, the agency’s internal watchdog has concluded.
How much money did JPMorgan make on Madoff?
Included in the SEC’s civil complaint against Frank DiPascali, a key figure in Bernard Madoff’s mega Ponzi, was an allegation that BMIS maintained a sizable “slush fund” at JPMorgan.
As the FT reported earlier this month:
Madoff, the kiss-and-tell story
Oh no, not this. Anything but this:Aug. 13 (Bloomberg) — An accountant who has publicly blamed imprisoned con man Bernard Madoff for stealing her family’s savings has written a book that will disclose a secret she previously withheld — they once had an extramarital affair.
Madoff aide’s guilty plea: ‘It was all fake’
Frank DiPascali, a top aide to Bernard Madoff, pleaded guilty on Tuesday to 10 criminal charges and gave extensive new details about the $65bn Ponzi scheme orchestrated by his boss, saying: “It was all fake.
Madoff deputy DiPascali will “tell all” (updated)
So much for Bernard Madoff’s claim that he acted alone. ABC News reported on Tuesday that Frank DiPascali, Madoff’s finance chief, will “tell all and name names” under the terms of his plea deal with prosecutors:
Madoff’s deputy facing 10 criminal charges
Bloomberg reports:
Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, is being charged with 10 crimes related to his boss’s $65 billion Ponzi scheme.
U.S. prosecutors said the charges against DiPascali,
Weekend catch-up
In case you missed these stories
- AIG reports first quarterly profit since 2007
AIG reported its first profit in seven quarters on Friday, helped by large accounting gains, in a partial reversal of the huge mark-to-market losses that led to the rescue of the stricken insurer.
Madoff sentenced to 150 years
Cheers erupted in a Manhattan federal courthouse on Monday as Bernard Madoff was sentenced to 150 years in prison, the maximum possible jail term, for running a $65bn Ponzi scheme that devastated thousands of investors.
Bernard Madoff sentenced to 150 years in prison
Bloomberg reports:
June 29 (Bloomberg) — Bernard Madoff told a federal judge he had no excuses before a judge sentenced him to 150 years for masterminding the largest Ponzi scheme in history.
Update:
Madoff to be sentenced
His victims have called him a “monster” and want him jailed for life. On Monday, Bernard Madoff, architect of the world’s biggest financial fraud, a $65bn “Ponzi” scheme that ruined thousands of investors,
Defence requests leniency for Madoff
Bernard Madoff should get 12 years in prison, his attorney said on Tuesday, arguing that the sentence would be sufficient punishment for the former broker at the heart of one of history’s biggest frauds.
SEC files suit against Madoff broker
The US SEC on Monday launched its first action against the big “feeders’’ that channelled billions of dollars to Bernard Madoff, accusing a New York broker dealer and four individuals of enabling his Ponzi scheme to continue for decades.
Swiss open Santander probe
Geneva’s public prosecutor said he has launched a criminal investigation into allegations that Banco Santander’s hedge-fund unit misled investors when it funneled their money into Bernard Madoff’s Ponzi scheme,