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Tag: Bernie Madoff

FBI Brings Terrorist Investigative Techniques to Wall Street

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
For AOL News

Convicted swindler Bernie Madoff was no terrorist in the traditional sense, but he did terrorize many clients by robbing them of their finances and psychological security.

Hoping to spot financial scandals before they get too far — or too Madoff-like — the FBI in New York is increasingly employing the same tools and tactics it uses in terrorist investigations to unearth the evil doings of white-collar thieves and inside traders, The Wall Street Journal reports.

“We’re trying to apply the principles of the national security side so we can prevent something from becoming a $50 billion fraud by catching it early on,” James Trainor, a special agent in charge of the FBI’s Intelligence Division in New York, told the Journal.

The FBI in New York hopes to apply the tactics it uses in terrorist investigations to nab financial criminals, like Bernie Madoff.

The FBI said some of those tools include expanding its network of human sources — a key ingredient in fighting terrorism — who are willing to tip off or guide authorities in probes, the Journal reported. The FBI is also planning to use more intelligence reports and so-called trip-wire programs, things people should be on the lookout for when something seems a little fishy in the financial world.

To read full story click here.

Bernie Madoff: “F— My Victims. I Carried Them for 20 Years”

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

It seems conman Bernie Madoff is at peace now that he’s among among fellow thieves.

New York magazine has written a fascinating piece on how Madoff seems relieved to have gotten caught and is admired by some of  his fellow inmates at the Butner Correctional Facility in North Carolina.

Lifer at the prison,  Robert Rosso, founder of convictinc.com, wrote, according to the magazine that Madoff, 71, is a “A hero. “He’s arguably the greatest con of all time.”

The magazine noted that Madoff has been known to walk with Carmine Persico, the former mob boss, or Jonathan Pollard, the spy.

The magazine said one inmate said he heard Madoff say one day: “F— my victims. I carried them for twenty years, and now I’m doing 150 years.”

Madoff’s former cellmate, the magazinze reported, recalled a conversation between Pollard and Madoff: “Bernie was telling a story about an old lady. She was bugging him for her money, so he said to her, ‘Here’s your money,’ and gave her a check. When she saw the amount she says, ‘That’s unbelievable,’ and she says, ‘Take it back.’ And urged her friends [to invest].”

Pollard thought it was “kind of f—- up” taking advantage of older women, according to the magazine.

“Well, that’s what I did,” Madoff said.

“You are going to pay with God,” Pollard warned. Madoff was unmoved. He was past apologizing, the magazine wrote.

To read the full story click here.

No Shocker: Madoff’s Brother Peter Under Criminal Investigation

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

It may come as little shock to most that ripoff king Bernie Madoff’s brother Peter Madoff is in trouble.

Bloomberg news service is reporting that Peter Madoff, the chief compliance officer at Bernard L. Madoff Investment Securities LLC, is the subject of a criminal investigation. The news came out in a civil suit.

The United States Attorney’s Office “has informed us that Peter Madoff is a subject of its criminal investigation,’’ attorney Charles Spada wrote to U.S. Magistrate Judge Madeline Cox Arleo in Newark, according to Bloomberg.

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Swindler Bernie Madoff Adjusting: He’s Finally Among His Own

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

At first blush it might seem a little surprising that world class swindler Bernie Madoff, who lived a life of luxury only few can ever realize, would adjust so well to prison life at a federal facility in North Carolina.

But when you think about it,  the 71-year-old con man is truly among his own: thieves, folks who have cheated and lied and tried to beat the system.

The Wall Street Journal reports that “he is adjusting to his new life behind rows of gleaming silver razor wire in this small Southern town.”

“Inmate No. 61727-054 shares an unlocked cell at the medium-security prison at Butner Federal Correctional Complex with a younger man named Frank,” the Journal reports. “He wears khaki prison garb and has been spotted walking on an outdoor track. He plays bocce, chess and checkers. He scrubs pots and pans in the prison kitchen.”

Inmates at the facility include Israeli spy Jonathan Pollard and Colombo crime-family boss Carmine Persico.

To Read More click here

Sales Price of Madoff’s Homes Dropping

Bernie Madoff

Bernie Madoff

By Allan Lengel
ticklethewire.com

Let’s just hope Bernie Madoff’s ego isn’t bruised knowing that people aren’t immediately snapping up his swanky properties in Manhattan and Palm Beach, Fla.

Reuters news service reports that the government has had to lower the asking price, the result of a a soft market.

“Madoff’s 4,000-square-foot duplex Manhattan penthouse, ‘perched atop a distinguished white-glove prewar cooperative’ according to the broker Sotheby’s International Realty, is now being offered for $8.9 million, 10 percent below its initial $9.9 million asking price,” Reuters reported.

The price of the 8,750-square-foot Palm Beach home was slashed 7 percent to $7.9 million, the news agency reported. The proceeds will go to help pay back some of the folks Madoff ripped off.

Madoff’s Accountant Pleads Guilty and Agrees to Cooperate

money-photoBy Allan Lengel
ticklethewire.com

The potential to snare more bad guys in the Bernie Madoff scam is growing.

Madoff’s accountant David Friehling pleaded guilty in New York on Tuesday  to nine criminal charges, and has agreed to cooperate with the feds. That could mean more indictments.

Friehling told U.S. District Court Judge Alvin Hellerstein that he failed to conduct meaningful audits of Madoff’s business from 1991 through 2008, USA Today reported. His sentencing is set for Feb. 26.

“I appear before your honor today to take responsibility for my conduct,” said Friehling, who insisted he didn’t know about the scam and lost his own and his family’s life savings to Madoff, USA Today reported. “I am truly sorry for the suffering of all the victims.”

USA Today reported that “he may qualify for leniency based on what Manhattan U.S. Attorney Preet Bharara called his agreement to ‘assist us in holding others accountable for their involvement in Madoff’s epic fraud'”.

He pleaded guilty to securities fraud, investment adviser fraud and making false filings to the Securities and Exchange Commission.

Even Madoff Indicates the SEC Was Inept at Catching Him

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

The latest evidence that, Yes, the Securities and Exchange Commission was totally inept when it came to investigating Ponzi schemer Bernie Madoff comes from Madoff himself.

In a transcript of a jailhouse interview released by the SEC’s Inspector General on Friday,  Madoff says of detecting a Ponzi scheme: “Yes, it’s very easy if you want.” The interview was conducted June 17, 2009 by SEC Inspect. Gen. David Kotz and Deputy Inspector General Noelle Frangipane

Madoff said young investigators spent too much time focusing on emails and missed some elementary steps that would have exposed his wrongdoing.

The SEC document said: “Madoff stated that the SEC could’ve gone to counterparties, and if they had, they” would’ve seen it,” adding, “they didn’t do any of that.” He stated that “it’s the only thing to do,” and clarified, “If you’re looking at a Ponzi scheme, it’s the first thing you do.”

Read Transcript

Read NY Times Story

Madoff Investor Drowned in His Palm Beach Pool After Heart Attack

palm-beach-map

By Allan Lengel
ticklethewire.com

The first thought some people had was that Jeffry Picower, the Florida man accused of making more than $7 billion from Bernie Madoff’s Ponzi scheme, had committed suicide on Sunday at his palatial oceanside home.

Not so, says the the Palm Beach County Medical Examiner Michael Bell who ruled that Picower, 67, suffered a heart attack in his pool and drowned, according to the Associated Press.

His wife Barabara found him in the pool, and according to the Associated Press, called 911 and said:

“He’s at the bottom of the pool. It’s too deep. I can’t get him out. He must have collapsed … I can’t get him out … I don’t know how long he’s been there.”

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