Madoffs' gravy drain; Bernie's family members lose access to assets

NY POST ^ | 2/6/10 | PAUL THARP

[Liz]

None of them has been prosecuted yet in connection with Madoff’s massive swindle: brother Peter was chief compliance officer; Peter's daughter, Shana Madoff Swanson, was compliance officer; sons Andrew and Mark were co-directors of trading. Last month, a lawyer for Peter Madoff disclosed in a NJ civil suit that he was under federal criminal investigation. All have agreed to a court-ordered freeze on assets......the latest effort to squeeze Madoff family holdings, which once included three yachts, posh penthouses, summer mansions, artworks -- from Madoff's $65B Ponzi scheme. They “will incur no debt, obligation, or other liability, directly or indirectly, beneficially or otherwise, beyond $1,000 without prior written approval.....except for ordinary use of credit cards........and will file monthly expense reports." They are accused of squandering company money on luxury homes and expensive meals. ......almost $1.5B has been recovered, including $220M from the family of a longtime Madoff friend and client.

[Liz]

None of the family members who worked with Madoff daily, has been prosecuted yet, in connection with the massive swindle. "Recovery" comes under the legal principle of "fraudulent conveyance"---meaning one cannot profit from a fraud. That is why everyone in the higher levels of a “Ponzi scheme can be sued.

Many of Madoff’s investors apparently had a good idea there was fraud involved. You have to take into consideration that Madoff, and company, was running several simultaneous scams-----(1) a Ponzi fraud, (2) money laundering, (3) IRS fraud facilitation, and, (2) a protection racket (shielding certain investors from scrutiny).

The court appointed trustee looking into Madoff's assets unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... and assets and businesses in 11 places overseas.

No question, tax evasion and money laundering was the name of the game for the wealthiest Madoffians-----businessmen who were funneling income to Madoff to avoid US taxes, who were posing as "philanthropists."

FOR EXAMPLE The tax-exempt Picower Foundation took out an astounding 950% profit......depositing $1.6 billion with Madoff, and withdrawing more than $6.7 billion, for a net profit of $5.1 billion. Picower had arranged the rate of return beforehand.

Jeffry Picower was a seldom-seen philanthropist, investor and confidant of Madoff. Now a lawyer representing 100 Madoff victims suggests it was no accident that Picower was one of the few Madoff customers who made a substantial profit.

While coverage of Picower has been scant, on various occasions, The St. Petersburg Times, Forbes, and, most recently, Pro Publica, have raised the question of whether Picower used his tax-exempt "charities" to mine information—especially about the medical developments-----that he then used in chasing deals. For example, Picower was the biggest shareholder in Alaris Medical Systems and collected more than $1 billion when it was bought by Cardinal Health in 2004. (snip) http://www.thedailybeast.com/blogs-and-stories/2009-06-25/did-bernie-madoff-get-a-billion-dollar-kickback/full/

Authorities should go after The Florida-based Picower Foundation, worth $1 billion AND a major backer of the abortion industry.

Barbara and Jeffrey Picower
The Picower Foundation
1410 South Ocean Blvd
Palm Beach, Fla 33480
Tele 561-835-1332
Geographic Focus: Florida; New York;
SOURCE http://www.tgci.com/funding/fdnresultnew.asp?thisID=19499

-------------------------------------

REFERENCE The number of tax-exempt "foundations and charities" attached to Madoff's scam is VERY fishy. NOTE: the IRS has targeted tax-exempt "foundations and charities" as the locus classicus for money laundering and tax evasion. The BIGGEST fraud is one charity writing checks to another charity---the way these "altruistic philanthropists" siphon off funds for themselves--all tax-free.

[businessprofessor]

Democrats are very nervous about this scandal. It will lead to major sources of rat corruption. I predict no investigation of the Picower Foundation. Any investigation will find close ties to major rat supporters and major rats themselves.

[Liz]

Democrats are very nervous about this scandal. Any investigation of Madoff will find close ties to major rat supporters and major rats themselves.

Crooked Dems outed? Okay by me (/snix).

[Liz]

All in the family---After agreeing to have their assets frozen, the Bernie Madoff
clan will be like the “Beverly Hillbillies” in reverse. Clockwise from top: wife
Ruth, brother Peter, sons Andrew and Mark, and niece Shana.

[hoosiermama]

While collecting material on Chicago crime, three areas seemed to be involved: Banking, Real Estate, Medical related industries (including hospitals).

Looks like Made-off may have used the same three areas.

[Condor51]

The Picower Foundation
1410 South Ocean Blvd
Palm Beach, Fla 33480

You gotta check out the 'crib' this (cough -bullcarp) 'Foundation', is run out of.

Google Map: 1410 South Ocean Blvd, Palm Beach, Fla 33480

Talk abut a sweet setup. This is a 'Mansion' x 10⁵ (you may have to zoom all the way in). It makes Barry's Chicago 'mansion' look like a Three Car Garage and Rahm's Chicago 'mansion' a four person Tent.

[PelosiisaLOSER1]

Take a LOOK at who was NOT RIPPED OFF here
Fact ONE
PELOSI, REID, FRANK,and ERIC HOLDER were NOT TARGETTED!!!!!!!
you must therefore ask LEGALLY here................
WHAT INFO DID THEY POSSESS that MADE THEM SHY AWAY FROM ANYONE CONNECTED TO THIS FRAUD?????????????????
I FULLY EXPECT now YOU WILL SEE charges of INSIDER TRADING FILED AGAINST ALL OF THE ABOVE..........

[Liz]

Made-off may have used the Chicago mobsters MO---looting Banking, Real Estate, Medical industries (including hospitals).

The Chi/mob and Madoff were good at running protection rackets.

Madoff's Big Game was helping non-profits defraud........facilitating money laundering and tax evasion thru his Ponzi.

[ken5050]

G'mornin''

Ruthie is broke? Who knew? I thought she got to keep $ 2 mill..oh well, That's her definition of being broke, I guess..

How's the snow??

[Liz]

Take a LOOK at who was NOT RIPPED OFF here………PELOSI, REID, FRANK and ERIC HOLDER were NOT TARGETED.....

Oh, please……politicians NEVER use their real names in these schemes. They get come chump to front for them.

Follow the scandals. It’s always some lower level politico who goes to jail. Seldom the elected crook.

[Liz]

Yeah, she’s “broke.” Story ran about Ruthie using coupons at a pizza joint..........a first for her, I guess. Lotsa snow and getting moreso.

[moehoward]

I bet they have some “Marble Columns”...

http://www.clipjunkie.com/SNL-—Marble-Columns-vid1119.html

[Liz]

Talk abut a sweet setup. The tax-free Picower Foundation 'Mansion' makes Rahm Emanuel's Chicago mansion which houses his tax-free “The Rahm Emanuel and Amy Rule Charitable Foundation,” look like a Tent.

No surprise. Picower took an un--figgng--believable 950% profit from his (ahem) "Madoff investment.” And Picower did not know this was “unusual?”

[stephenjohnbanker]

“The BIGGEST fraud is one charity writing checks to another charity-—the way these “altruistic philanthropists” siphon off funds for themselves—all tax-free. “

Nice job ;-)

[dennisw]

More how Madoff and Picower worked in tandem
http://www.palmbeachdailynews.com/news/content/news/2009/05/18/PICOWER0519.html

They had their fun and lived like kings. Now they got to pay the price

[stephenjohnbanker]

Nice “office” LOL!

[Condor51]

LOL that’s a good one. ‘Marble Columns’.

[Brugmansian]

Almost no media interest in Sonja Kohn which leads me to believe she was a critical part of this operation.

[dfwgator]

[dennisw]

A legitimate foundation is not run out of a mansion with a swimming pool in a ultra-wealthy residential neighborhood. Real foundations are run out of boring office buildings where some real work can get done. Where real people report to real jobs and do real work.

None of this fun in the sun location