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September 2022


How to Become a Bounty Hunter

Tag: Madoff

Swindler Madoff Says Banks and Hedge Funds Knew He was Up to No Good

Bernie Madoff/facebook photo

By Allan Lengel

Swindler Bernie Madoff, the king of Ponzi scams, told the New York Times that his family new nothing about his crimes, and that banks and hedge funds were “complicit” in his fraud and knew he was up to no good.

From prison on North Carolina, Madoff said banks and hedge funds were guilty of “willful blindness” and failed to examine discrepancies between his regulatory filings and other information they had access to, the Times reported.

“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”

Madoff told the Times he was surprised to hear about email and messages surfacing in lawsuits that raised doubts about his operation.

“I’m reading more now about how suspicious they were than I ever realized at the time,” he said with a faint smile.

To read more click here.

No Surprise Here: Auditors and Regulators Failed to Double-Check Madoff’s Bogus Info

The bottom line was: the government was lax, and consequently people lost millions. Maybe if there were consequences for those lax people– like a big fat fine — others might not be so lax in the future.

Bernie Madoff

Bernie Madoff

By Greg Farrell and Brooke Masters
The Financial Times

Bernard Madoff’s $65bn Ponzi scheme was able to evade detection for years partly because auditors and regulators failed to double-check the information his firm gave them, court documents filed in the case of Madoff lieutenant Frank DiPascali suggest.

Mr DiPascali, 52, pleaded guilty on Tuesday to 10 criminal charges and is co-operating with prosecutors and the Securities and Exchange Commission. Based partly on his information, US authorities filed documents alleging how

Mr Madoff repeatedly deceived regulators and auditors with fake documents and false explanations that they apparently never questioned.

For Full Story

Feds Investigating 10 of Madoff’s Associates

Bernie Madoff/youtube

Bernie Madoff/youtube

By Allan Lengel

Surprise. Surprise. It looks like good old Bernie Madoff — one of the great ripoff artists of the 21st Century — didn’t act alone.

The Associated Press is reporting that the feds are investigating 10 people associated with Madoff.

The news service, attributing the report to “a person who spoke on the condition of anonymity” said the person would not provide details on whether the targets include Madoff’s family members or former employees.

Who knows, if Madoff cooperates, maybe the feds will knock off 10 years off his 150 year sentence he got on Monday.

The FBI’s Top Ten Stories of the Week

By Allan Lengel
WASHINGTON — Bernie Madoff’s accountant was charged
Madoff's accountant charged

Madoff's accountant charged

with securities fraud. An Albany on-line organ transplant broker was charged with defrauding desperately ill patients. And an ex-FBI agent was convicted in California in a home invasion robbery scheme.

These were just some of the stories that made the FBI’s Top Ten Stories For The Week, ending March 20.

To look at the list of  top 10 FBI stories of the week  click here.

FBI Seeks Victims in Stanford Financial Scandal

By Allan Lengel
WASHINGTON — As if we haven’t gotten beaten down enough financially by the crippling economy. We’ve got two princes to help us out: Madoff and  Stanford.

The FBI issued a press release Monday asking for help in putting one of those princes away. The second one is already well on his way to prison.

“Have you invested in the Stanford Financial Group or its affiliated companies in recent years? If so, you may be a victim of a multi-billion dollar investment fraud,” the press release asked.

The release goes on to say that “the Stanford Financial Group, which provides wealth management services to customers in some 140 countries, is under FBI investigation.”

It  mentions that Allen Stanford, chief investment officer, was charged Feb. 26 with obstructing a separate investigation involving the Security and Exchange Commission.

The FBI press release then asks for information from anyone who suspects they’ve been swindled.

The press release says the FBI needs:
* Your basic contact information (name, address, country, telephone numbers, e-mail address);
* Your investments/losses with Stanford Financial Group or its affiliated companies: Stanford Capital Management, the Stanford Group Company, the Stanford International Bank, the Stanford Trust Company, and the Bank of Antigua;
* Whether or not you can verify your investments/losses by providing your most recent financial statements; and
* Any additional information that may be helpful.