Largest
swindle in Wall Street history - losses of $50 B
http://disc.yourwebapps.com/Indices/149495.html
http://tinyurl.com/6dgrcl
http://tinyurl.com/6dgrcl
BIGGEST
FRAUD EVER:
Bernard
L. Madoff fraud 50 billion
Results
1 - 10 of about 4,383 for Bernard L Madoff fraud 50 billion
December 17, 2008
Bond Hearing Put Off in Wall St. Fraud Case
By DIANA B. HENRIQUES
A federal judge has delayed a bond hearing for Bernard L.
Madoff, the New York trader accused of operating what may be the
largest swindle in Wall Street history.
Originally
set for 2 p.m. Tuesday at Federal District Court in Manhattan, the
hearing has been rescheduled for the same time on Wednesday. No reason
for the postponement was immediately available.
Mr. Madoff, 70,
was arrested by F.B.I. agents at his Manhattan apartment last Thursday
after his sons reported that he had confessed to them that his
money-management business was “basically, a giant Ponzi scheme” and
“a
big lie,” according to the criminal complaint against him.
The
complaint charged him with a single count of securities fraud. It
specified that Mr. Madoff himself had said the scheme had been going on
for years and involved losses of $50 billion — a figure that far
surpasses any previous Ponzi scheme.
He surrendered his passport
and was released on a $10 million bond, secured by his apartment and
co-signed by his wife and his brother, Peter Madoff, who was also the
longtime senior executive at his trading firm, Bernard L. Madoff
Investment Securities.
Under the terms of his bond, he needs
court permission to travel beyond the borders of the Southern District,
the federal judicial province that includes Manhattan, and its
neighboring federal district, the Eastern District on Long Island.
He was also required to return to court Tuesday so that the
conditions of his bond could be reviewed by the court.
Several
former federal prosecutors have observed privately — they are not
willing to comment publicly on a case their former colleagues are
handling — that the terms of Mr. Madoff’s bond were distinctly more
lenient than those afforded to Marc S. Dreier, the prominent Manhattan
lawyer who has been accused of defrauding investors of more than $380
million by concocting and selling fake real estate investments over a
period of years.
At a bond hearing held in federal court on the
same day Mr. Madoff was arrested, Mr. Dreier was denied bail after a
federal prosecutor argued that he was likely to flee before trial.
“He
has absolutely no incentive to stay in the United States; his life has
completely unraveled,” the prosecutor, Jonathan R. Streeter, told
Magistrate Judge Douglas F. Eaton. “He has gone from being an extremely
rich man that flies around in private jets and meets with rich and
famous people, to a person who has absolutely nothing and is facing
potentially the rest of his life in jail.”
Much the same could be said for Mr. Madoff, of course.
Once
courted and cherished for his investment results and generosity, he is
now watching as the market trading firm he spent his life building into
a Wall Street powerhouse is being liquidated. His two sons, who had
worked at the firm all their adult lives, were the ones who turned him
in, after he confessed to them. His brother is cooperating with the
army of forensic auditors and investigators are scouring his records to
discover how much money is missing and what happened to it.
And across the country, those who were once proud to know him are
blaming him for their financial ruin.
Under
criminal court rules, the prosecution has until mid-January to indict
Mr. Madoff formally or explain the case for holding him to a judge at a
preliminary hearing.
http://www.nytimes.com/2008/12/17/business/17scheme.html?ref=business
--------------------
Bernard L. Madoff Investment Securities LLC
- 10:14pm
On December 15, 2008, the Honorable Louis L. Stanton, a
Federal Judge in the ... the liquidation of Bernard L.
Madoff Investments Securities LLC (“BMIS”) ...
HTTP://www.madoff.com
#
Video of Madoff surfaces
Bernie Madoff
In a video released yesterday, Bernard Madoff, alleged
financial fraudster, discusses the strict regulatory
environment, while victims and lawyers digest the scale of
the losses
http://www.guardian.co.uk/business/video/2008/dec/16/bernard-madoff-video
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"APFN" group.
To post to this group, send email to APFN@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/APFN?hl=en
APFN-1 YahooGroups:
Subscribe: http://groups.yahoo.com/group/apfn-1/join
Unsubscribe: apfn-1-unsubscr...@yahoogroups.com
APFN MSG BOARD:
`In a time of universal deceit, telling the truth is a revolutionary act.'
http://disc.server.com/Indices/234999.html
APFN CONTENTS PAGE:
http://www.apfn.org/old/apfncont.htm
"RADIO YOUR WAY" APFN POGO NETWORK (( WOW!! ))
"All tyranny needs to gain a foothold is for people of
good conscience to remain silent" -- Thomas Jefferson
http://www.apfn.net/POGO.HTM
Find elected officials, including the president, members of
Congress, governors, state legislators, local officials, and more.
http://congress.org/congressorg/dbq/officials/
APFN,
PMB 207, 6640 W. CACTUS RD. #A111, GLENDALE, AZ 85304
-~----------~----~----~----~------~----~------~--~---
|
