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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The Optimal SUS fund, one of Madoff's largest feeder funds, [83] agreed to pay $235 million, about 85% of the $285 million that the Geneva-based hedge fund group redeemed in the 90 days before Madoff was arrested. As of December 2008, Santander had $3.2 billion of clients' money invested with Madoff, a relationship that started in 1996.
J. Ezra Merkin, a prominent investment advisor and philanthropist, has been sued for his role in running a "feeder fund" for Madoff. [151] Merkin informed investors in his $1.8 billion Ascot Partners fund on December 11 that he was among those who suffered substantial personal losses, since all of the fund's money was invested with Madoff. [152]
Of course, we can now see that the reason Madoff operated this way was to incentivize the funds to keep raising money for him. He needed new cash on a continuous basis to keep the Ponzi afloat. 4.
The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people worldwide, the ...
Richard Breeden, special master of the Madoff Victim Fund, said his office was "substantially" finished with the initial claims review process. More than 25,000 Madoff victims now eligible for $4 ...
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $ 65 billion. [ 1 ]
Convicted felon Bernard Madoff cast blame on some of the banks and hedge funds he dealt with as "complicit" in his multibillion dollar Ponzi scheme, noting they turned a blind eye to his ...