February 26, 2009 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
NEW YORK (AP) — The trustee in charge of untangling the mess left behind by Bernard Madoff told a packed auditorium Friday there was no indication the disgraced money manager had bought securities for his clients for over a decade.
“We have no evidence to indicate securities were purchased for customer accounts” in the past 13 years, said Irving Picard, the court-appointed trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC.
February 23, 2009 in FlimFlam Update, Madoff, Regulators | Permalink | Comments (0) | TrackBack (0)
UPDATE:
From: Sandra L. Manzke
Sent: Tuesday, February 03, 2009 13:27
To: Greg Newton
Subject: RE: Sleazeball of the Month: Bernie Madoff
My son came up with this idea and has rented space from my office to pursue. He is working on tennis balls, racquet balls, baseballs etc. I do think it is a good idea to shame a lot of sleazeballs. S.
February 03, 2009 in FlimFlam Update, Madoff | Permalink | Comments (2) | TrackBack (0)
Investors in a Sarasota-based hedge fund could be out $350 million, and the man behind it has vanished. Managers of the fund are telling clients that their money is gone, and they do not know if any will be recovered.
Fund principal Arthur G. Nadel, a prominent player in Sarasota social and philanthropic [misanthopic, surely? — Ed] circles, disappeared this week. His wife, Peg, filed a missing person report with law enforcement after finding a suicide note...
Idaho securities regulators are investigating allegations that a money manager in the state operated a long-running Ponzi scheme that cost investors as much as $100 million. Marilyn Chastain, securities bureau chief for the state's Department of Finance, said a formal investigation of Daren Palmer of Idaho Falls has been opened following a meeting with about 30 investors there...
...The complaints involve Mr Palmer, 40 years old, and Trigon Group Inc, a company with an office in Idaho Falls that investors say was owned by him. Neither Mr. Palmer nor the firms are registered as investment advisers with state securities regulators.
January 18, 2009 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
During the fall of 2007, Bear Stearns, the parent company, sought to reach what seemed like arbitrary settlements...Those who invested in May or June 2007 and accepted in the offer got all their money back; those who invested between January 2007 and April 2007 and accepted the offer got two-thirds of their money back; and those who invested before January 2007 and accepted the offer received one-third of their money back...
...Galvin’s November 2008 settlement with JPMorgan Chase put $9.3 million back in the pockets of the fortunate Massachusetts investors, giving them 100 cents on the dollar and, in many cases, topping up their original settlements with Bear Stearns...
January 15, 2009 in DisCredited, FlimFlam Update, Regulators | Permalink | Comments (0) | TrackBack (0)
The girlfriend of the convicted hedge fund swindler Samuel Israel III, already accused of helping him skip out on a prison sentence, tried to send him $300 in jail, officials said Wednesday. The cash was “secreted in the pages of a magazine” mailed to Mr Israel last month at the Westchester County Jail, a county police spokesman, Kieran O’Leary, said...
The judge warned Ms. Ryan to have “no contact of any kind” with Mr. Israel in the future and added that to the conditions of her $75,000 bail.
January 14, 2009 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
Here’s a heddzup on Bernie Madoff....oh, never mind.
December 19, 2008 in Due diligence, FlimFlam Update, Madoff, Regulators, Today's reading, Unsolicited opinions | Permalink | Comments (0) | TrackBack (0)
December 18, 2008 in DisCredited, FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
Fairfield Sentry LP was probably the largest feeder of the Madoff incinerator (click the image for a legible view of this composite image).
December 12, 2008 in FlimFlam Update, Madoff | Permalink | Comments (0) | TrackBack (0)
“Senior Employee 1” — understood to be one of Madoff’s sons — said that financial statements were kept under lock and key, and that Madoff was “cryptic” about the investment advisory business.
December 12, 2008 in FlimFlam Update, Madoff | Permalink | Comments (5) | TrackBack (0)
$50 BILLION? Congratulations!
[UPDATED] More than a few sleepless nights ahead for more than a few people methinks:
Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation agents and charged with criminal securities fraud by federal prosecutors in Manhattan.
The criminal complaint filed against Mr. Madoff alleges that he told senior employees Wednesday that his business was “a giant Ponzi scheme,” according to a person familiar with the matter. The alleged scheme involved tens of billions of dollars, but the extent of investor losses wasn't immediately clear...
...The alleged scheme apparently involved an asset-management unit of Madoff Securities. The New York firm is primarily known for its business of market-making in stocks. The asset-management group at Madoff oversaw money for high net-worth individuals, hedge funds and other institutions, according to another person familiar with the matter.
Madoff charged with secruities fraud
by Amir Efrati, Tom Lauricella And Dionne Searcey
The Wall Street Journal Dec. 11 2008
Bernard Madoff Charged by US Prosecutors With Fraud
by David Glovin
Bloomberg Dec. 11 2008
December 11, 2008 in FlimFlam Update, Madoff | Permalink | Comments (2) | TrackBack (0)
17. At November 28, 2008, 92% of the assets of the Sextant Fund were invested in IGP and 2.5% of the assets were invested in IGW...
18. IGP and IGW both purportedly own rights to glaciers in Iceland and intend to use those rights for the purpose of developing and selling bottled water. Neither IGP or IGW have earned any revenue and there are no indications that they will do so in the immediate future. Neither is currently operating.
19. Despite having earned no revenue and having no immediate prospect of doing so, IGP's shares have purportedly increased in value from an initial average cost of €0.226 to €2.45, or approximately 984% since initial investment by the Sextant Fund. This has contributed to the increase in value of the Sextant Fund by 730.7% over the less than three years between its inception in February 2006 and November 28, 2008...
21. Significant performance fees, in excess of $3 million dollars have flowed out of the Sextant Fund based entirely on its purported rate of return. Fees for the month of November 2008 alone were assessed at over $1.5 million.
Tug o' the forelock: Opalesque. Image source.
December 11, 2008 in FlimFlam Update, Today's reading | Permalink | Comments (1) | TrackBack (0)
Manhattan District Attorney Robert M. Morgenthau announced today the arrest and guilty plea of MENACHEM E. LIFSHITZ for falsifying his personal tax return. He has paid a total of $4.75 million in taxes, penalties and interest to settle the charges.
The defendant has served as an equity partner in the law firm of Bernstein, Liebhard & LIFSHITZ, LLP, located at 10 East 40th Street in Manhattan...
December 04, 2008 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
...Mosley with vacations, tickets to sporting events, expensive meals, all-night drinking excursions, limousine rides, plane tickets, golf outings, and the use of condominiums and houses belonging to the brokers...
...These inducements went far beyond typical or acceptable levels of client entertainment measured by the value of the gifts and favors offered, the frequency of the offers, the proximity of the offers to sales, the implicit quid pro quo nature of this entertainment, and the extent of the debauchery involved in many of the events.
The planned dinner meeting between Folan, de St. Phalle and Mosley took place on March 1, 2006, at Entourage, a restaurant owned by a friend of Folan in Schaumburg, Illinois. At about 3:00 pm, Folan had a limousine pick Mosley up at his office in Northbrook and drive him downtown, where he met Folan at a bar in the Rush Street area for drinks. Then, Folan hired a limousine to take them to Entourage with de St. Phalle and others. After dinner, a limousine transported Mosley and the others back to downtown Chicago for a drinking binge that lasted until about 5:00 the following morning. And finally, Folan hired a limousine to take Mosley home to Vernon Hills.
November 20, 2008 in DisCredited, FlimFlam Update, Sentinel Blooms | Permalink | Comments (0) | TrackBack (0)
Collins denied knowing that Refco used the round-trip loans to conceal fraud...Collins said that he didn’t know at the time why the loans were being done, and that he didn’t ask. He didn’t believe that it was his job to find out...Collins admitted that he knew there was a receivable from affiliate RGHI to Refco, but says he didn't know how big it was.
November 07, 2008 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
November 07, 2008 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
One afternoon, as the pair were watching TV, Israel took her hand. “I could not believe the soft energy from that touch,” she says. Soon, despite his painful back condition, they were enjoying a blazing sex life. “It was great. It was the best ever,” Ryan gushes. “He had the sensitivity of a holy lamb.”
November 04, 2008 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
October 31, 2008 in FlimFlam Update | Permalink | Comments (1) | TrackBack (0)
September 29, 2008 in FlimFlam Update | Permalink | Comments (0) | TrackBack (0)
Bye-bye 157. The Andy Fastow Rules are back
September 29, 2008 in DisCredited, FlimFlam Update, Regulators | Permalink | Comments (1) | TrackBack (0)
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