Madoff Cohorts

R

RobtF

What if there were savvy Madoff investors, while realizing the returns they were getting were phony, kept investing anyway - and withdrawing of course, possibly with a wink and a nod to Bernie. Will DiPascale name them? Should be interesting. Actually there was at least one of these named already, whose name escapes me, but he denies it.
 
Picower.

Of course there were people"in on it". There always is. Someone probably got to him early, told him they figured it out. And then set out his demands. Maybe THAT was Picower.

You'll learn the fraud was three times, at least, what you think it was. He hosed a ton of Europeans. Howcan the SEC survive? Any European thinking about coming here knowing the SEC is his "protecton" will stay away.
 
As a European I will confoirm that I have absolutely no faith in the US SEC. They are worse than a joke, they are run by the banks for the banks.
 
Was anything ever done about Markopoulos' shredding in which he said they needed fewer lawyers and more people trained in investigating financial fraud?
Actually, thinking about it, why isn't the SEC merged into and made an arm of the FBI, where you have to be, if I remember correctly, a trained accountant or something to become an agent?
 
Quote from mokwit:

As a European I will confoirm that I have absolutely no faith in the US SEC. They are worse than a joke, they are run by the banks for the banks.
More...

Best regulation money can buy.

But you make my point. They are toast.
 
Shouldn't any of the withdrawls of the fund be treated as proceeds of a crime? If you buy a car and later it was found to be stolen, you have to give the car back to the original owner. If any investors withdrew more than they put in, I would think that they'd have to give back the profit. Those investors who profited are basically holding stolen property now.
 
Quote from Sam Mcgee:

Shouldn't any of the withdrawls of the fund be treated as proceeds of a crime? If you buy a car and later it was found to be stolen, you have to give the car back to the original owner. If any investors withdrew more than they put in, I would think that they'd have to give back the profit. Those investors who profited are basically holding stolen property now.
More...

I think they're doing the claw back thing, which is putting a bunch of honest folk in a real bind. Oh well.

If you havent' read "Den of Thieves", go on half.com and get a copy. You won't believe the similarities, and the names. Pitt, Giuliani, Milken, ...... Oh, Picower, too.
 
Quote from Sam Mcgee:

Shouldn't any of the withdrawls of the fund be treated as proceeds of a crime? If you buy a car and later it was found to be stolen, you have to give the car back to the original owner. If any investors withdrew more than they put in, I would think that they'd have to give back the profit. Those investors who profited are basically holding stolen property now.
More...

Returning a car is pretty straightforward.

But this sounds like a nightmare.

Those guys are likely to be all over the world.

Also people would have paid some taxes on the profits.

And perhaps spent the money, lost the money or given some of it to charity etc
 
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