Bernie Madoff

  • berniemadoff

    News

    Bernie Madoff Securities Doubled As The Madoff Institute Of Fraud

    For twenty or so years, depending on when you believe The Legitimate Years stopped and The Illegitimate Years started, Bernie Madoff ran a massive Ponzi scheme, ripping off thousands of clients of billions of dollars. But screwing over people and leaving many of them with nothing was not all Madoff accomplished in that time. He […]

    / Oct 17, 2013 at 1:30 PM
  • madoff

    News

    Bernie Madoff’s CFO Figured Out The Whole Thing Was A Scam Sometime In The Late 80s

    At which point he decided he’d stick around for another 20 or so years.

    / Oct 7, 2013 at 2:13 PM
  • News

    Bernie Madoff Apparently Liked A Good Joke About His Being A Huge Fraud

    He and his buddy Ezra Merkin used to share a laugh about it all the time. Some new details came from a phone call Mr. Merkin recorded during the fall of 2005, between himself and Mr. Madoff. After a different Ponzi scheme came to light involving the Bayou Group, a hedge fund firm in Stamford, […]

    / Sep 3, 2013 at 5:08 PM
  • madoff-love-triangle

    sexual cesspools

    Bernie Madoff Was An Insatiable Whore: Prosecutors

    One thing you might have imagined, in thinking about the decades-long, multi-billion dollar financial fraud perpetrated by Bernard Madoff, was that the operation demanded a lot of the Ponzi master’s time. Lotta man hours, lotta late nights. That he and his team worked ’round the clock to generate all those falsified accounting documents, coming in […]

    / Aug 12, 2013 at 12:37 PM
  • News

    This Is Not Bernie Madoff In Drag

    It is his Austrian banker/long-lost twin sister, who would never have made a secret deal, even with family. Ms. Kohn appeared as a witness at a London trial for a civil lawsuit brought by Grant Thornton, the liquidators of Mr. Madoff’s U.K. business, Madoff Securities International Ltd., to reclaim about £33m ($49 million) on behalf […]

    / Jul 11, 2013 at 12:30 PM
  • News

    Madoff Trustee Tired Of Having To Be Bernie Madoff (For Practical Legal Purposes)

    Irving Picard’s legal campaign to turn Bernie Madoff’s fraudulent claim to have managed $65 billion from one of the great financial fictions into an actual $65 billion took a bit of a hit today.

    / Jun 20, 2013 at 4:30 PM
  • berniemadoff-260x674

    News

    News Outlet Turns To Distinguished Pathological Liar For Market Insight

    …and is discouraged to find out that, according to Bernie Madoff and other felons interviewed, it’s essentially impossible to make money without committing fraud.

    / Jun 6, 2013 at 10:30 AM
  • berniemadoff

    News

    Bernie Madoff Just Feels Like His Skill Set Isn’t Really Being Put To Good Use In Current Gig

    Bernard Madoff once had billions of dollars, but now he makes $40 a month doing menial prison labor. “I used to work as a clerk in the commissary, and now they have me taking care of the telephone and the computer systems,” said Madoff, speaking by phone from a federal prison in North Carolina. His […]

    / May 16, 2013 at 6:09 PM
  • News

    The Second Circuit Court Of Appeals Really, Really Wants To Throw The Book At The SEC, Re: Bernie Madoff

    Unfortunately, the book says that it cannot be thrown at the SEC when the SEC is operating—or not operating, for that matter—in an investigative capacity.

    / Apr 11, 2013 at 4:00 PM
  • madoffdancing

    News

    Bernie Madoff Was A Toni Braxton Fan

    Unfortunately the Ponzi schemer and TB had to part ways when the government seized his assets but now you have a chance to enjoy all the ballads that would get him through late nights at the office, plus his favorite numbers from Chicago, the best of Barbara Streisand, and every other item in Berns’ prized […]

    / Jan 18, 2013 at 6:14 PM
  • 43DC1801.jpg

    News

    German Hedge Fund Manager Who Fled To South America And Lived Under An Assumed Name For 5 Years To “Find Meaning” In His Life Has Learned A Few Things

    The bits of wisdom Florian Homm picked up during his stay in Colombia, where he was getting some “me time” and not trying to distance himself from angry investors whose money he’d lost, can be found in the book he wrote about living underground (“Kopf Geld Jagd”), which he hopes will be a “hard-core wake-up call” readers who are “trying to get a second Mercedes and a bigger boat.” For those who can’t wait for the English version, from an interview with the Times we learn:

    / Nov 20, 2012 at 3:31 PM
  • News

    Mutual Fund Managers Have The Wrong Skills

    We’ve talked a bit before about how there’s a booming academic business in papers finding that investment managers do or do not add value versus non-managed alternatives like passive indexing or keeping your money under your pillow and just burning a constant percentage of it every month. Part of why that’s a thing is that […]

    / Jun 25, 2012 at 12:56 PM
  • News

    Bernie Madoff Is Still The King

    Though it looked like Sir Allen Stanford might dethrone him with a recommended sentence of 230 years…

    / Jun 14, 2012 at 1:28 PM
  • News

    So Allen Stanford Might Be Going Away For A While

    U.S. prosecutors have urged a judge to send convicted financier Allen Stanford to prison for 230 years, calling him a “ruthless predator” whose $7 billion Ponzi scheme was among the most egregious frauds ever undertaken. Such a sentence, the maximum recommended under federal sentencing guidelines, would be 80 years longer than Bernard Madoff got in […]

    / Jun 11, 2012 at 2:56 PM
  • News

    Former Madoff Employee Pleads Guilty To *A* Madoff Securities Scam Just Not *The* Madoff Securities Scam

    You know what has got to suck? When you decide to start charging stuff that doesn’t fall under “business expenses” to your corporate card and engage in a few other amateur hours scams that probably wouldn’t have been found out (or, if discovered, not taken to the authorities because your boss had high tolerance for fraud) but then they are because the CEO of your firm had to go and engage in the largest Ponzi scheme on record, which shone an uncomfortable light on company personnel and all of the cheese, popcorn, and salsa of the month clubs you joined (for example).  Craig Kugel knows what we’re talking about.

    The son of a longtime trader for convicted Ponzi scheme operator Bernard Madoff pleaded guilty to conspiracy and other criminal charges Tuesday, but denied any involvement in the decades-long fraud. Craig Kugel, the son of David L. Kugel, a former supervisory trader in Madoff’s proprietary-trading operation, admitted to filing false forms that claimed people were on the Madoff payroll when they didn’t actually work for the firm and to not declaring as income personal expenses charged to the firm’s corporate credit card. Those individuals were paid salary and benefits, but weren’t actual employees, he said. “I am sorry for my lapses in judgment in committing these federal crimes, but I want to make clear I had nothing to do with the Madoff Ponzi scheme and I was never involved in the Madoff trading operation,” Craig Kugel said at a hearing before U.S. District Judge Laura Taylor Swain in Manhattan.

    Ex-Madoff Employee Pleads Guilty to Conspiracy [WSJ]

    / Jun 5, 2012 at 6:18 PM
  • News

    Bernie Madoff Not Feeling Wilpon Settlement

    Convicted fraudster Bernie Madoff was “desperately disappointed” that the owners of the Mets chose to settle the fraud lawsuit brought on behalf of victims of Madoff’s Ponzi scheme, CBS News reported Wednesday. “He wrote me last weekend that he was so looking forward to that trial,” said Diane Henriques, author of the book “Wizard of […]

    / Mar 21, 2012 at 3:27 PM
  • News

    Bernie Madoff Was Just Trying To “Change The Way Money Was Managed,” Not That Anyone Cares

    For about a year now, Bernie Madoff has been holding court with various members of the press about something that’s been plaguing him: the fact that few people if any are willing to give credit where credit is due. Yes, he may have pleaded guilty to a $50 billion crime that ruined countless people’s lives, including those of his wife and children, one of whom committed suicide as a result, but he did a lot of other stuff too, like run a “successful business” for which he won lots of “industry awards” during his “legitimate years.” And, yet, everyone seems to forget all that when his name comes up, much like they conveniently forgot about how Mussolini made the trains run or time, or how Hitler built those wonderful autobahns, or how Ted Bundy made women feel special. And since he’s serving a 150 year sentence, Berns has had lots of time to ponder why his years of legitimate achievements go unmentioned and the one thing he keeps coming back to? Irving Picard, who’s pulled a fast one on you all, by suggesting that Bernie’s crime started wayyyyy before it did, when, in fact, Madoff Securities was only running a Ponzi scheme for barely even 20 years. Examine the evidence Madoff shared with Forbes contributor Diana B. Henriques via email:

    Jan. 17, 2011 11:05 A.M. … Also remember that the U.S. Attorney admitted that they had no evidence that the crime started in the 80’s and could establish that Montauk and the N.Y. homes in Ruth’s name were not purchased with tainted funds …

    Mar. 10, 2011 7:35 A.M. … I would love to know what evidence [Picard] has to date my crime back to 1983 … THE FACT IS THAT THERE IS NONE.

    8:05 A.M. … I say once again the fraud started in the 90’s …

    Mar. 18, 2011 9:26 A.M. … I guess I’m obsessed with this START OF CRIME ISSUE.

    Don’t you see, idiots of the media?! That’s the real issue here. Not the crime itself but the start of the crime. Do the math.

    Oct. 11, 2011 7:20 A.M. … You can do a back of the envelope calculation as follows. From 1963 I made substantial arbitrage profits for the Picower, Shapiro and Chais families joined by the Levy family in 1970. [M]ost of these profits were re­invested and the amounts compounded. In 1970 Saul Alpern formed his partnerships later [run] by Avellino and Bienes. In 1980 I started trading for [French banker] Albert Igoin and his French and Swiss banking associates. All of these accounts averaged about 20% annually and were involved in various forms of convertible arb using bonds, pfds [preferreds], Rts. [rights] and units. [A]nd ALL WERE LEGITIMATE TRADING. THIS CONTINUED THRU THE EARLY 90’S.

    Nov. 24, 2011 6:51 P.M. … When you look at my RIDDLE [in the Nov. 23 letter], consider the fact that there was in fact no crime until I did not have enough capital in the firm to cover the losses. There is your real STORY

    The interesting thing here is not that there was an 11-figure fraud, okay? The interesting thing is how long the 11-figure fraud went on. And it stinks to high hell that that slippery fuck Picard and Co. are claiming it dates back to 1983 and that you’re all buying it, hook, line and sinker. Come on, people. They’re lawyers. Who are you gonna trust, them or a Ponzi schemer? But don’t feel sorry for Bernie. Feel sorry for yourselves, for what could have been and what never was.

    Near the end of that e-mail the clouds of self-deception close in again, and Madoff turns himself into a pitiful martyr: “I made the tragic mistake of trying to change the way money was managed and was successful at the start, but lost my way after a while and refused to admit that I failed at one point.”

    HE WAS TRYING TO THE WAY MONEY WAS MANAGED! A legitimate way to make Ponzi scheme payments, before it was tragically snuffed out.

    Oct. 11, 2011 7:36 A.M. … I will never get over the distortions being presented by everyone as to the poor and now homeless when in fact they all signed documents when opening their accounts that they were sophisticated and had enough wealth to withstand the possible losses of short term trading. I wish I had saved the hundreds of letters I received thanking me for how I was responsible for their happiness over the years and their pleading with me to keep their accounts open when I tried to close them … when I worried about the wreckage I might cause if I couldn’t recover.

    Is the REAL STORY that the investor agreements specifically authorized BLMIS to make Ponzi scheme payments (a totally legitimate type of securities transaction, a short term trade if you will)? Unless someone pulls their head out of their ass, the world will never know.

    Exclusive: The Secret Madoff Prison Letters [Forbes]

    / Mar 20, 2012 at 1:48 PM

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista
  •