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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.
Markopolos was suspicious about Madoff from the first time he heard about the investment scheme based on the consistently high returns Madoff was supposedly generating.
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 ...
Disgraced financier Bernard "Bernie" Madoff, who ran the largest Ponzi scheme in history, is seen arriving at a federal court in New York City in 2009.
In 2002, while touring Europe alongside de la Villehuchet to recruit potential investors, Markopolos recalled hearing managers from 14 separate funds claim that Madoff's investment advisory arm was "closed," but that their fund was the only source of new money for Madoff–a classic "robbing Peter to pay Paul" scenario. [10]
Frank DiPascali, who referred to himself as "director of options trading" and as "chief financial officer" at Madoff Securities, pleaded guilty on August 11, 2009, to 10 counts: [106] conspiracy, securities fraud, investment advisor fraud, mail fraud, wire fraud, perjury, income tax evasion, international money laundering, falsifying books and ...
At the time of his arrest on Dec. 11, 2008, Bernie Madoff had more than 4,900 active clients, with another 40,000 people whose investments had passed through Madoff’s company, Bernard L. Madoff ...
The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the ...