Standard Due Diligence request form.

 

The Madoff investment scandal broke in December 2008, when former NASDAQ Chairman Bernard Madoff admitted that the wealth management arm of his business was an elaborate Ponzi scheme.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its Chairman until his arrest. He employed at the firm his brother Peter as Senior Managing Director and Chief Compliance Officer (Peter has since been sentenced to 10 years in prison), Peter’s daughter Shana Madoff as the firm’s rules and compliance officer and attorney, and his sons Andrew and Mark (Mark committed suicide by hanging exactly two years after his father’s arrest).

Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pled guilty to 11 federal crimes and admitted to operating the largest Ponzi scheme in history. On June 29, 2009, he was sentenced to 150 years in prison with restitution of $17 billion. According to the original federal charges, Madoff said that his firm had “liabilities of approximately US$50 billion”.Prosecutors estimated the size of the fraud to be $64.8 billion, based on the amounts in the accounts of Madoff’s 4,800 clients as of November 30, 2008. Ignoring opportunity costs and taxes paid on fictitious profits, half of Madoff’s direct investors lost no money.

Investigators have determined others were involved in the scheme.The U.S. Securities and Exchange Commission (SEC) has also come under fire for not investigating Madoff more thoroughly; questions about his firm had been raised as early as 1999. Madoff’s business, in the process of liquidation, was one of the top market makers on Wall Street and in 2008, the sixth-largest.

 

Madoff Trustee site: http://www.madofftrustee.com 

The mandate of SIPA Trustee is to oversee the BLMIS liquidation as directed by law, to recover assets stolen in this fraud and to assemble the largest Customer Fund and General Estate possible so that all BLMIS customers and creditors, as designated by the statute, can ultimately receive some compensation for their losses as a result of this unprecedented Ponzi scheme. Irving H. Picard is joined in this effort by his court-appointed counsel at BakerHostetler, a team of dedicated and experienced attorneys led by partner David J. Sheehan. Together with special experts, consultants and international counsel. Engaged in a broad range of activities required to fulfil their mission, including evaluating claims, conducting forensic analysis of years of documents, working through complex negotiations, filing and responding to motions, assembling detailed complaints and litigating them. They have worked diligently since December of 2008, laying the groundwork to ensure a maximum recovery, and as a result have positive news to report.

ORDER GRANTING TRUSTEE’S MOTION FOR AN ORDER ESTABLISHING PROCEDURES FOR THE ASSIGNMENT OF ALLOWED CLAIMS 000085-3138-order

Madoff Victim Fund :  http://www.madoffvictimfund.com

The Special Master’s function is to administer the process under which Madoff victims will be able to make claims against the forfeited assets collected by DOJ. This includes issues such as assisting DOJ in defining the criteria for eligibility (and exclusions, if any), analyzing the measurement of total eligible losses, and making payments to victims.

 

 

 

 

Madoff feeder funds diagram[/vc_column_text][/vc_column][/vc_row]

CNBC first report on the MADOFF Ponzi

CNBC's Charlie Gasparino Madoff Update, Did the Feeders Know What Was Going On ?

 

Assessing the Madoff Ponzi Scheme and Regulatory Failures (Part 1 of 3)
Assessing the Madoff Ponzi Scheme and Regulatory Failures (Part 2 of 3)
Assessing the Madoff Ponzi Scheme and Regulatory Failures (Part 3 of 3)

 

 

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