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Madoff – Books Abounding

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Strolling through B&N this week I came across a book about the major Ponzi scheming events of  recent with the largest scam ever in the 65+ billion dollar thievery.

Bernie Madoff - Arrested

Madoff Arrested

Wow, all I can say is that the first two books are out and there will be several more as the months pass and as the stretching impact.  I sat down and starting reading the more credible of the two books, To Good To Be True.  Since this is an extreme “precursor” to the book itself, I think because most people will find that they are impacted by or know somebody personal who has been impacted by Bernie Madoff’s trickery and unparalleled theft it is worth mentioning.

In just the first 50 pages or so (which I read while in the store and plan on buying the book in the coming days) I found two major things that I think are worth mentioning.  First, Bernie plead guilty, which for most of us think is a great thing, an admittance of wrong doing.  To the victims, this was a slap in the face, since this is the point that Madoff was going to make, that nobody else was involved and that he wasn’t going to cooperate with finding out all of the detail and involvement in the scam

Second, we find that Madoff had a close and influential relationship with the SEC.  This will lead to why he wasn’t investigated fully, when well warned a decade before the arrest, which could have saved millions, if not billions of dollars for investors.

Bernie Madoff

Madoff - $65 Billion +

Very interesting and looking to be a great read.

See the June 17, 2009 filing here.

UPDATE: April, 2010

Noeleen G. Walder of the New York Law Journal recently posted and updated to the happening of the Bernard Madoff case, specifically regarding the work  that Irving H. Picard of Baker & Hostetler has been performing in the effort to recoup investor funds.

Although there has been much infighting to who is deserving of how much of the recovered funds, the report is that $1.5 billion in assets has been gathered.  See law.com’s report here.

As significant as the $1.5 billion is assets is, when considering the overall Bernie Madoff fraud via ponzi in the $60 to $70 billion, we are talking about 2.1 to 2.5 percent of the overall take.  This does not account for how much of that $1.5 billion will be assessed to fees and costs associated with the recovery itself.  The investors may be looking at a 2 percent return, however the likelihood of it dropping below that mark is high.

The infighting for who deserves how much really becomes a true cause for concern and although the officials involved with do their best to be fair, the wise and resourceful investor will seek to be held and to make an early claim on the recovered funds, with the consideration that their entitlement is arguably better or more necessary than others’ claims.

Answers-Purlinks; Who is Bernard Madoff?

UPDATE: May 14, 2010

Judge awards $24.6 million in counsel fees to Irving H. Picard for the trustee work and responsibilities associated with the Bernie Madoff ponzi scheme case.  OpenReport Blog

UPDATE: August 2, 2010

So let me understand this – Madoff Investments funneled money from investors into Madoff Energy Holdings LLC, Madoff Brokerage and Trading Technology, Madoff Technologies LLC and let’s not forget Madoff Family LLC, among

Ruth Madoff

 others.  In total Irving Picard believes about $30 million has been spread through these ventures, which are believed to give some beneficial interest to Madoff family members.

Among those being sued for this $30 million are Bernie’s wife, Ruth, sons Andrew and Mark, brother Peter and niece Shana.  Let’s see, after and over the decades of fraud, do any of these parties who ever due or received money from any

Irving Picard

Madoff company, can they really think that they have a leg to stand on.  The sons are contesting the suit via their attorney and it would be surprising if the others don’t.

I am sure all of the world that is falling apart, as they knew it, is only getting worse and should end with the inevitable of facing a 40-hour a week gig with some garnishment hanging over their head, although some of that will be lost to the attorney fees they will pay to keep from form such a judgment.

Good luck Picard – get it all – we are cheering, whether you care or not.

UPDATE:  November 10, 2010,

And now OWN a piece of MADOFF.  The auction of items from two of his homes puts a historic possession in your hands.  Take a piano and burn it, grab a desk and smash it, frame his embroidered slippers like a Capone tommy gun – whatever.  The next step is getting money due the investors of the worlds largest ponzi scheme

Check it out here.

Resource:  CNNMoney, Own a Piece of Madoff

  

UPDATE:  November 18, 2010

The string of arrests continues and will continue as the FBI, SEC and other organizations continue to comb through decades of information and draw connections to what should and is expected to be a rather sophisticated infrastructure.  For a successful and long as the scheme was, Madoff’s guilty plea cannot keep all responsibility to the crime.  Although there have only been five arrests now made, in addition to Bernie Madoff himself, time should deliver a more complete result . . . meaning more criminals who knew and did nothing to stop the crime.

Overnight Joann Crupi and Annette Bongiorno were arrested by the FBI in connection to the Ponzi scheme.  One was living in New Jersey at the time of the arrest and the latter in Florida.

We will watch the slow churn continue.

Resource:  New York Times, 2 Former Madoff Aides Are Arrested (see article here)

 

 

UPDATE:  January 13, 2011

PAYDAY!!!  At least $7.2 billion, yes with a “b”.  As the recovery of the largest cash turnover in US history is handed to Irving Picard, a bankruptcy judge approved the distribution of those funds among the victims of the unparalleled scheme.

The money was relinquished by the widow of Jeffry Picower, who had invested $619 million and withdrew over $7 billion since the 1970’s.  Although Mrs. Picower continues to hold to her stance that her husband knew nothing of the fraud taking place, the “interest” earned was so high that it says otherwise.

Finally some relief for the general population of victims.

Irving Picard has also pursued many others who withdrew more than they invested during the operations of Madoff’s ponzi plan.

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Written by ebookwisdom

October 27, 2009 at 6:26 am

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  1. […] eBookWisdom; Madoff-Books Abounding Tagged with: bernard maddoff • bernard madoff • bernie maddoff • bernie madoff • fraud • maddoff • madoff • ponzi • ponzi scheme • securities fraud  If this answered your question, please consider sharing it! More Answers […]


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