Could suffer fine as large as $5 million.
Bernard Madoff, a long-time fixture and powerful adviser on Wall Street, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme, U.S. authorities said.
The former chairman of the Nasdaq Stock Market who remains a member of Nasdaq OMX Group Inc’s nominating committee, is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he founded in 1960.
But the alleged fraud involved a hedge fund he ran from a separate floor of the building where his brokerage is based.
Madoff told senior employees of his firm on Wednesday that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme,” with estimated investor losses of about $50 billion, according to a criminal complaint against him.
A Ponzi scheme is a pyramid-type swindle in which very high returns are promised to early investors, who are paid off with money put up by later ones.
The $50 billion allegedly lost to investors would make Madoff’s fund one of the biggest frauds in history. When Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets.
Prosecutors charged Madoff, 70, with a single count of securities fraud. They said he faces up to 20 years in prison and a fine of up to $5 million.
“Madoff stated that the business was insolvent, and that it had been for years,” Lev Dassin, acting United States Attorney for the Southern District of New York, said in a statement.
Authorities said that, according to a document filed by Madoff with the U.S. Securities and Exchange Commission (SEC) on January 7, 2008, Madoff’s investment advisory business served between 11 and 25 clients and had a total of about $17.1 billion in assets under management.
Bernard’s most recent 50 political contributions. I’m guessing a Fonzi scheme would have been cooler. Seems like he madoff with a lot of money. Har har har.
Better check that link, Dan.
11-25 clients is not very many I don’t think. I hope the money he lost belongs to people what I don’t like, but I’m not sure that we’ll ever know.
Looking at the title, I’m wodering: why haven’t I heard of this Senator previously?
A 5 million dollar fine on a fraud of the magnitude of 50 B-B-Billion..?
Wha-Wha-What..!
No wonder these people try this stuff…
I mean, I realize that they’re going to send him to club fed; and that prison is prison. But if these white collar criminals knew it would cost them all their dough, and put them in the same jail as gang bangahz and crack dealers; well let’s just say that there would be a greater incentive to toe the straight and narrow…
Where do you hide that kind of money? I mean, it takes WORK to make that much disappear, as a private citizen.
A Ponzi scheme is a pyramid-type swindle in which very high returns are promised to early investors, who are paid off with money put up by later ones.
How is this different than Fannie Mae exactly?
Fannie Mae CARED, man. It was all for the little guy!
D’s dominate that list. Color me surprised! Anyhow, my local rag (Cleveland Plain Dealer) had an interesting front page story today. They talked about political corruption all over the country and of the 8 cases they highlighted on the front page, 7 were democrats. Now, the PD is not the NY Times in terms of, well anything, but especially in being the propaganda arm of the Democrat party. However, it is a left leaning paper as are most, if not all, large city newspapers. I thought it quite nice they put this on the front page. Of course this is after their man won the Presidency, but nice still the same.
As for this fuck. Put him in max security after giving away all his jack. I may be over reacting, but this shit is crazy. This guy has harmed more people than 99% of small time drug dealers in the country. Fuck him.
That’s just it though Mr. Infidel. We don’t know who exactly he’s harmed. I bet there’s at least some on that list that I wouldn’t shed a tear for.
Another triumph of unregulaed Capitalism!
I agree, happy. Some of his “victims” probably had it coming for their own indiscretions, but I am willing to bet, even if it is a hedge fund, that some innocent people got hurt big time. I may be wrong. My wife tells me I am quite often.
I’m just betting his client list looks a lot like his political contribution list.
Well, that’s a good point.
BTW, how are the turtles? Ours is in a kind of, sort of state of suspended animation. It’s cold here. Very cold. And we were told to not worry about having a heater in the water. But our “lillie” is kind of very lethargic and not too interested in eating. Yet, she is still growing. I suppose you don’t have that issue in Cali.
oh. I keep mine warmed. Just cause a website gave me a temperature range to keep to. They live in the bathtub mostly now. They are fighting worse than they used to. Gapagus is really getting after darwins. I’m experimenting with maybe shallower water making them act less territorial. darwins doesn’t eat much but Gapagus is fine. darwins is being harassed constantly I think and has taken some really vicious bites but no real bloodletting yet. Partly though it’s that they hate those reptile sticks I got – they like “trout chow” … but darwins has been just sniffing at chicken which is weird… It’s supposed to actually rain here for the next five days and be too cold for them outside but they need sun and I’m too cheap to buy them uv lamp stuff from the expensive grow your own marijuana store. The other day I came home and there was a the manager has been here sign on the door and they had ransacked my closet and so I tracked the manager down and they said oh there was a plumbing emergency but it wasn’t in your apartment. So they had to have seen the turtles but she didn’t say anything about it. Maybe I can stop hiding them now. That’s really really good news if that’s true. I haven’t really decided yet cause maybe just the maintenance guy came in and maybe he himself has turtles in his apartment and totally understands the deal so he just was cool about it and didn’t say anything. It’s hard to know for sure.
Dude, DON’T smoke the turtle! Trust me.
Turtles as contraband. Who’d have thunk it. Wow, you got me wondering, now, though. When I did my internet research, before buying lillie, I read the same thing in regards to temp range. Hmmmm….I wonder why the hippie I bought it from said not to worry? I may go out and get a heater and see what that does for the turtle. I kind of am worried that it might shock her. Not literally mind you, but the shock of being warm again. I’ll report back.
Let me know – I’ve thought that too – about the shocking, but mostly if I get the water just warm enough darwins sinks to the bottom in a happy trance. Gapagus climbs on top of a rock usually or whatever to get out of the water though. Sometimes they both climb out though and then I run a little more cold water. So they have different tolerance levels for the warmness is the point I think. But I’ve taken them from 50 to 75 or so before and they seem to deal ok with it.
Sure will. Well, G’night.
good night. oh. I need to take my pills.
Merry Christmas from Wall Street. Madoff will never be able to repay society for the staggering amount he stole
Did anyone else notice on the list which politician GAVE BACK the contribution 6 months later? That would be the guy with the (R) who gave it back.
Does anyone think our Baracky will give back the donations that were ..
might be found ..
could be from non-citiz–
aw, just screw it. Nothing’ll happen.
More Info on His Arrest: http://tradingstockindices.com/breakingnews/stock-market-bernard-madoff-arrested-over-alleged-50-billion-fraud/
Happy – I have ONE turtle story. My step-brother has a turtle and my stepmother was babysitting and fed it some kind of worm. Well apparently, turtles LOVE this worm so much, after a few meals of it he wouldn’t it anything else. It got real bad, and there was talk of iv -feeding.
Being more of a dog/cat person, I was thinking … can’t you just get a new turtle? Then I denounced myself for being a turtlist, or anti-turtle or something.
The turtle eventually got better, but it involved force-feeding.
Maybe they’ll make him “Social Security Czar.” Oughta be right up his alley.
“There you go again!” Don’t you even know they regulate and enforce the capital requirements of NASDAQ market makers!
Market makers are trusted men! Sterling reputations built upon the confidence they inspire!
Something about this story is setting off my bullshit meter. Big time. First of all, we’ve been sitting around here at work, trying to figure out how the hell you could lose that kind of money. Second, the back office work to cover your tracks for so many years would be impossible for one or two people to pull off. More is going to come out on this.
It’s OK, the man donated to some Democrats! There’s the smoking gun! Guilty!
Madoff is scum. A cockroach.
Burn him at the stake.
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