No way— I will not pay for another’s lack of due diligence.Take your loss and leave me alone!!!I would never have invested with that snake oil salesman. Wake up.
The SEC didn't bring charges against Stanford until February 2009, when it alleged a $7 billion fraud. SEC Inspector General David Kotz's report also said "institutional influence" in the enforcement division was a factor in the agency's repeated decisions not to conduct a full investigation. Last June, Stanford was jailed on Justice Department charges that his international banking empire was really a pyramid scheme. The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme and an agency enforcement official who helped quash investigations of his business later represented the billionaire, according to a new report.
welfare for (foolish) millionaires.
i don’t think anyone was complaining when madoff was lining their pockets ... they shouldn’t complain now.
These people were not covered by SIPC, yet they are getting payment. What about all those ripped off by other scam artists over the years? I think they are getting compensation because Madoff was in NY. This is also why 911 families got a govt settlement, but OKC victim’s families did not. More selective justice for citizens instead of equal treatment for all.
Gangster government wants new laws to render clawback laws illegal----b/c under the existing law of "fraudulent conveyance"---no one can profit from a fraud.
So I guess the tax-exempt Picower Foundation can keep its astounding 950% profit. Picower deposited $1.6 billion with Madoff, and withdrew more than $6.7 billion, for a net profit of $5.1 billion. Picower had arranged the rate of return beforehand.
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REFERENCE Jeffry Picower was a seldom-seen self-styled "philanthropist," investor and confidant of Madoff. One 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
NOTE: After the scandal broke, Mr Picower was found dead, floating in his swimming pool. Mrs Picower had just had her hair and nails done….....so you could not expect her to jump in and save the guy.
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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.