I found Madoffs money

Maybe some group made him an offer he couldn't refuse.

"Bernie, we have the goods on you and you are going to go down. Now you can live the rest of your life in prison with your wife and sons, or you can use what is left of the money to help _____. If you work with us, your reputation will be ruined but your family will be protected and (maybe) you will be allowed to escape somewhere for the rest of your years."
 
Quote from Sam Mcgee:

The original investors who collected dividends or made withdrawls were collecting the proceeds of crime. Wouldn't they be liable for the illegal profits? If I buy a stolen car, even if I don't know it was stolen, I don't get to keep it when it's found out that it was stolen.
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This would be described as a 'clawback' and described in the following article:

http://www.nytimes.com/2008/12/19/business/19ponzi.html?hp

Jay B. Gould, a former lawyer at the Securities and Exchange Commission who now runs the hedge funds practice at Pillsbury Winthrop Shaw Pittman, said the client was correct to be concerned. New York State law may allow the receiver or bankruptcy trustee to demand that Mr. Madoff’s investors return money they received from the scheme any time in the last six years, Mr. Gould said.

Such so-called clawbacks may occur even if the client had no idea that the gains were fraudulent, he said.
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Google 'clawback + madoff' for more stories of the same topic....
 
people can make all kinds of demands
careful reading of the article suggests that . it is one lawyer's interpretation and nothing more. judges make erroneous ruling all the time. that is why u have appeals courts. innocent parties will find tooth and nail not to give up any received winnings.

perhaps this a new niche for the insurance industry. they can create insurance against fraud for hedge fund distributions.

why should any of these losses be covered by SIPC? this is not a case of broker fraud.
 
c'mon, give the guy a break, he's an old man, he's confused (uncle leo). he forgot where he put his money.
actually he looks very good for his age.
my only hope is that bernie gave away the cash to poor people around the world (palestinians included). the next time a mistery benefactor approaches you with a crisp $100 bill in a goodwill store (it's a second hand store for those of you who read this and are bernie's "victims") think it might come from bernie.
and don't scream "thief" too loudly, it might come around and chase you as to where you got your cash in the first place.
you want sec protection and hand holding now, but when bernie was "the jewish bond" and handed you 10% yr no matter what, you wanted sec to stay away so that if bernie was doing some insider trading nobody bothered him. well, you can't have it both ways.
oh no, say it ain't so, little tel aviv (palm beach) is in financial distress. oh, but wait, it is an insider who screwed them, how bizarre, i thought they were not supposed to steal from one another. it was ok to steal from the poor, but from rich? that's crazy. bernie went from the "jewish bond" to the "jewish robin hood". he decided that all the charities he "served" were not worthy and came up with his own "charity".
and for people unaffected who are screaming on the forums against bernie, get a life, "the victims" don't care if you lose your few tens of thousands in 401k, don't lose sleep over their losses.
 
Looked like the early Madoff investors were Jews who withdrew money regularly from their accounts, had you with Madoff from the beginning the game, you would have gained 1.1^30 = 17 times of return, ... So most the lost money weren't really lost, they found way to Jews charity programs.
 
Who are the last players of Madoff games? European and Japanese Banks (No German banks).

Let's guess what happened:

Jews were slaughtered in Europe during WWII, 40 years after WWII, European again treated German like an old friend (Same American) that must hurt Mr. Madoff so much and he decided to punish the European Banks. So Mr. Madoff increased his fake return to pay Jews charity programs which withdraw money regularly while European Banks continue to pour money in. German Banks on the other hand, still don't trust Jews so they didn't bite.

Look into Madoff's eyes after his arrest, he is like a winner, shows no regret, did that tell you something?
 
Quote from TM_Direct:

...and the idea that he acted alone??? LMAO...There had to be no less then 20-30 maybe 100 others who knew
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They're all going to cut deals to pin it on the kid in the mail room.
He passed out the envelopes.
 
Quote from TM_Direct:

HEDGE FUND MESS JUST BEGINING TO COME HOME TO ROOST
Madoff will not be an isolated case

Over a year ago we questioned whether there was sufficient regulation of the Hedge Fund industry (click here to read). In light of the Madoff meltdown the important question brokers must be asking now is not IF more regulation is necessary, but should remove your client’s money as soon as possible from the many managed accounts around the world. I would say unequivocally the answer is the latter. Madoff is not a single rotten apple in the bunch and the lone exception to the rule. Rather, Madoff is a reflection of lack regulation and quite frankly negligence on the part of many of the various agencies who were entrusted to protect investors. In August of 2007 Goldman and Bear each reported losses in proprietary hedge funds to the tune of 10 billion combined. At the time we questioned why nobody was looking at these companies and more importantly, we were concerned that ‘if the best and brightest minds on Wall Street are losing billions, what about all these main street American hedge funds”? The simple truth is that these hedge fund managers are desperate right now to retain investors and stop liquidations and redemptions of their funds. One prominent Hedge fund manager told me last week “ I had nearly a billion dollar fund last summer and now im down to 375 million in assets due o redemptions”
These numbers are staggering to say the least and as a Financial Advisor you better be on your guard for Enron type of accounting in the next few months. Think about this for a second: The regulators allowed a “ponzi scheme” to be allowed for over 10 years at Madoff until Madoff turned himself in and had his children call the authorities.
Im going to say this again for affects sake but hear what I’m saying:
Madoff turned himself in and had his children call the authorities.
In other words, this whole charade could have continued without anyone knowing for several more years. More chilling is the obvious fact that in all likelihood many hedge funds are not even being reviewed for the most basic of things like year end reporting, accounting and performance. This is not to say that all hedge funds are frauds like Madoff, however we truly believe that the environment was right for abuses due to the lack of any basic oversight. Unless your hedge fund can provide total transparently (which they very rarely do) we would caution brokers about the safety of heir funds. Sadly, when the proverbial crap hits the fan, these hedge funs will close and the trial lawyers and the regulators will turn on the individual advisors and question why THEY didn’t due more due dillie on the fund or its managers. We would urge all Financial Advisors to immediately DEMAND complete transparency from any money manger or hedge fund in which they have recommended. If they refuse to back up their performance numbers, show their holdings and provide complete accounting, its time to get out of dodge quick. Madoff will not be one isolated case. Remember, MADOFF TURNED HIMSELF IN AFTER 10 YEARS OF UNDETECTED FRAUD!
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One thing I would rebutt here is that most hedge funds do not run self-clearing broker dealers. Most use prime brokers. When you have a prime broker, your assets are custodianed with a presumably unaffiliated third party and it makes the assets in the funds verifiable thru the third party's books and records. When you run a self-clearing broker dealer that carries all the accounts of the fund then it makes it easier to concoct false statements and perpetuate the fraud.
 
3rd party, ok. But I have postulated that IN GENERAL, hedge funds are run by folks that would sell their mothers for a buck.

So if you want to gamble that you are in the exception, and not worry, be my guest.

It is after all YOUR MONEY.

4 now.
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