Posted on 12/11/2008 4:00:15 PM PST by joinedafterattack
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.
Press Release of Bernard Madoff's ArrestThe 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 disclosure came after Mr. Madoff tried to distribute early bonuses to employees of his firm, prompting questions by senior employees, a person familiar with the situation said.
Mr. Madoff, 70 years old, allegedly told employees he had a couple of hundred million dollars left and wanted to distribute it before turning himself in to authorities, this person said.
The Securities and Exchange Commission is expected to file parallel civil charges against Mr. Madoff.
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.
(Excerpt) Read more at online.wsj.com ...
Lobbyists working for Bernard L Madoff Investment
Securities: Lobbying Firm Hired Amount Subsidiary (Lobbied For) Lobbyist
Dow Lohnes Government Strategies $10,000 -
Lent, Norman F III
Leon, Peter A
Scrivner, Michael S
Lent, Scrivner & Roth $10,000 -
Lent, Norman F III
Leon, Pete
Molan, Richard
Molen, Richard
Roth, Alan J
Scrivner, Michael S
According to two senior employees of the Firm (the Senior Employees), Madoff conducts certain investment advisory business for clients that is separate from the firm’s proprietary trading and market making activities. According to the Senior Employees, Madoff ran his investment adviser business from a separate floor in the New York City offices of Bernard L. Madoff Investment Securities LLC. According to a Senior Employee, Madoff kept the financial statements for the firm under lock and key, and Madoff was “cryptic” about the firm’s investment advisory business.
According to a document filed by Madoff with the U.S. Securities and Exchange Commission (SEC) on Jan.7, 2008, Madoff’s investment advisory business served between 11 and 25 clients and had a total of approximately $17.1 billion in assets under management.
On Dec. 10, 2008, Madoff informed the Senior Employees, in substance, that his investment advisory business was a fraud. Madoff stated that he was “finished,” that he had “absolutely nothing,” that “it’s all just one big lie,” and that it was “basically, a giant Ponzi scheme. Madoff stated that the business was insolvent, and that it had been for years. Madoff also stated that he estimated the losses from this fraud to be at least approximately $50 billion. Madoff further informed the Senior Employees that, in approximately one week, he planned to surrender to authorities, but before he did that, he had approximately $200-300 million left, and he planned to use that money to make payments to certain selected employees, family and friends. Madoff, 70, currently resides in New York City.
$15,000 was given by people who identified their employer as “Bernard L Madoff” - 2004
$0 to Republicans
$15,000 from 8 people to Democrats
Dick Gephardt received it all.
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary 09/12/08
Google search reveals him to (of course) be a BIG democrat contributor and sociopath in a $5000 silk suit.
Outstanding and thanks again!!
I’ve had too much to drink.
When I first read the Head Line I thought it said “Tom Brokaw”... ;O)
I think he is talking about Social Security.
I’m shocked, just shocked.
Oh good grief. All that cash to elect those guys. Since he admitted his fraud, wonder just how much of that money was his own, and not bilked from his company. Iow, other people unwittingly donated in his name. So many people out of work because of ‘brokers’ like him.
Now that's irony.
Only they will enjoy the comfort of min security prisons and their Hamptons beach houses, while the folks put out of work make do and look for work. Not to mention the ones they bilked.
Like they based the movie ‘Wall Street’ on his offices.
Anyone who’s worked at anytime in the business knows the name and face and the countless rules that came out to actively counter fraud. And poof!, he’s the biggest perpetrator. Now that the One is in office, and he helped put key dems in place, he can come clean and lay off the employees. Clearly he was not following the many rules.
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CH
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
05/04/2007 $25,000.00 27020190980
09/12/2008 $25,000.00 28020611133
I added the commas, but it’s still PAY TO PLAY - even if it’s so-called legal...
Google search reveals him to (of course) be a BIG democrat contributor and sociopath in a $5000 silk suit.
~~~~~~~~~~~~~~~~~~
NO!!!! I’m shocked! Shocked, I tell you!
Ok... so you’ve made your point... this is all Bush’s fault!
Nice job on the research!
This is an incredibly HUGH story, no joke.
I'm losing it, I thought it said......
......Tom Brokaw
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