Category: News Author : Duncan Riley Posted: December 11, 2008
Tags : bernard madoff, bernard madoff arrested, madoff, madoff arrest, madoff arrested, ponzi scheme
Well known Wall Street trader and former chairman on the NASDAQ exchange Bernard Madoff has been arrested and charged with allegedly running a multi-billion dollar Ponzi scheme.
US Federal prosecutors accuse Madoff of telling senior employees of his advisory firm that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme,” according to a criminal complaint against him.
“Madoff stated that the business was insolvent, and that it had been for years. Madoff also stated that he estimated the losses from this fraud to be at least approximately $50 billion,” said Lev Dassin, the acting United States Attorney for the Southern District of New York.
Madoff has been charged with a single count of securities fraud and faces up to 5 years in prison and a fine of up to $5 million.
The U.S. Securities and Exchange Commission also filed civil charges against Madoff.
Dec 11, 2008
Merry Christmas from Wall Street. Madoff will never be able to repay society for the staggering amount he stole
Dec 11, 2008
go to show crime does pay and pay well.
Dec 12, 2008
All men's Investors sr. Madoff should masturbates with two bricks!!!!
Dec 13, 2008
Is Wall Street Just One Big Ponzi Scheme ?
Madoff told his employees that “It’s all just one big lie”.
It's amazing that the former chairman of the Nasdaq Stock Market
was arrested and charged with one of the largest fraud schemes
in Wall Street history.
It was a giant $50 Billion Ponzi scheme!
So Where is the Money?
But didn't the SEC, wonder why this fund wasn't audited by a known firm?
You can prevent frauds and scams
just making some background research in his public records.
That's why I recommend to verify the people before doing any business.
Before any deal, just check at this free information service
ArchiveNational.Com
and don'tlose your money.
Hope that this helps someone!
ArchiveNational.Com
Dec 15, 2008
Dear Sir
Are you aware that the $1 billion dollar GABM Investment Fund III is also involved in Bernard Madoff 's fraudulent schemes. As a member of Global Association of Billionaires and Millionaires (GABM) I am absolutely shocked to the core about this situation. We as GABM members have established these funds to generate profits which we allocate to global philanthropic programs and towards the greater good of alleviating poverty all over the world. I am aware that some of our US members have already contacted the SEC and FBI to investigate this matter.
Anthony Reynolds
Dec 17, 2008
Who were Madoff's auditors?
Dec 17, 2008
It's amazing that this scheme went on for so long. It was plain and simple old fashion fraud. Of course maybe the US government should make him Secretary of Treasury as they are pretty much doing the same scheme of taking from others and handing the billions to someone else.
Of interest to me was watching the market reaction and you can almost see from the graphs that people were getting out of the markets and into gold. I was watching the first part of the week with the real time tracker ExactPrice and gold took off after the news and continues its climb today going neck in neck with platinum.