What is the Bernard Madoff fraud ?
According to the original federal complaint,
Bernard Madoff claimed his firm had "liabilities of approximately US$50 billion." Prosecutors increased their estimate of the size of the fraud from $50 billion to $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients in November
30, 2008. On December 10, 2008, he confessed to his sons that the asset management arm of his firm was a giant Ponzi scheme — as he put it, "one big lie." They then passed this information to authorities. The following day, Federal Bureau of Investigation agents arrested
Bernard Madoff and charged him with one count of securities fraud. Five days after his arrest, Madoff's assets and those of the firm were frozen, and a receiver was appointed to handle the case. Madoff's accountant, David G. Friehling, has been arrested in the case, and law enforcement continues to investigate if others were involved. The SEC conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled. |
Top Stories on Bernard Madoff
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Madoff investors win $12.74 mln in Merkin caseInvestors in Gabriel Capital LP, a so-called feeder fund that funneled money to imprisoned swindler Bernard Madoff, were awarded $12.74 million by a panel of three arbitrators, court records show.Madoff accountant pleads guiltyThe longtime accountant of convicted swindler Bernard Madoff pleaded guilty Tuesday to multiple fraud charges in connection to Madoff's notorious, decades-long Ponzi scheme.Madoff investors oppose payments to bankruptcy trusteeHundreds of Ponzi king Bernard Madoff's victims today challenged the latest bill from his bankruptcy trustee, which seeks more than $34 million for 120 days of work. The Aug. 20 bill, for services rendered between Feb. 1 and May 31, works out to more than $5,000 a day...Big Madoff lawyer haulHundreds of Ponzi king Bernard Madoff's victims yesterday challenged the latest mega-bill from his bankruptcy trustee -- which seeks $34 million for 120 days of work. The Aug. 20 bill, for services between Feb. 1 and May 31, comes to more than $5,000 a day for court-appointed trustee...Madoff investors win US$12.74M in Merkin caseInvestors in Gabriel Capital LP, a so-called feeder fund that funneled money to imprisoned swindler Bernard Madoff, were awarded US$12.74 million by a panel of three arbitrators, court records show |
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