related thread:
Full Lists of Madoff Clients, Brokers, Employees
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Post #3.....
Mind boggling when you think about the fact that there was a $1M minimum investment.
see #26....Looks like everybody gets Half of their initial investment back....bet that fund isn’t BIG ENOUGH!
Madoff "investors" whining they were screwed-over.......yet they made a lot of money over the years.......and took out a heckava lot more than they put in. Clearly, some of the "pigeons" were in on the scam.
Some investors gave Madoff AN ASTOUNDING $100-500 million to "invest" for years and years. Some investors wrote PERSONAL checks to Madoff's subrosa spinoff vehicle that was not listed on the Securities Exchange (tax evasion modus?) THAT ISN'T COVERED BY THE SIPC----NO WAY.
NOT EVEN ONE INVESTOR blew the whistle on Madoff.....all accusations of fraud were made by objective analysts outside Madoff's scam operation. And when fraud raised it's ugly head, Madoff and his investors scared off accusers. As Laura Goldman wrote---whistle-blowers were accused of being anti-Semitic---a very scary charge.
The now-famous 2005 Markopolis Report to the SEC raised fraud issues and yet the SEC "turned a blind eye."
It must be considered that the SEC backed-off investigating Madoff NOT because they are incompetent, but because SEC investigators risked losing their jobs if they zeroed in on Madoff. CAREER KILLER In the ranks of L/E, it is NOT advisable to imply people of Jewish heritage are doing something illegal---even moreso, it is a career killer to suggest it. FBI agents have been lacerated and condemned----even losing their jobs. Madoff's concentrating
Madoff seemed to know L/E dared not suggest he was doing something illegal and he may have colluded to use scary charges of anti-Semitism to forestall investigations into his operation.
Madoff had a lot to lose if he was investigated. He knew he was operating a fraud----a fraud that subsidized his lavish lifestyle; posh homes all over the world, several yachts, private planes, country club memberships, and purchases that included pricey watches and jewelry.
You are correct. SIPC is an insurance agency and as such should have the first dibs on recovered funds up to the amount of its liabilities. Anything in excess of $500K per plaintiff in recovered funds, if any, is outside of its authority and will be distributed to plaintiffs through legal process. Deficit of the recovered funds will be covered by the insurance fund up to $500K per eligible plaintiff account.
So far, as I understand, there was a claim of about $650M recovered, so that’s enough to pay out 1300 accounts, assuming they all had “balances” over $500K.