Bernard Madoff to Face New Charges...

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Registered: 03-18-2000
Bernard Madoff to Face New Charges...
2
Sat, 03-07-2009 - 8:39am

Bernard Madoff to Face New Charges, May Be Nearing Plea Deal

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_rj0dqCKdzw&refer=home

Bernard Madoff, the alleged mastermind of a $50 billion Ponzi scheme, may be nearing a guilty plea after federal prosecutors filed a notice that they intend to bring new criminal charges against the New York money manager.

Assistant U.S. Attorney Marc Litt yesterday filed a one-page document in Manhattan federal court indicating the government will file an “information,” or charging document, after Madoff agrees to waive a grand jury indictment. Defendants who agree to plead guilty to an information often first waive indictment.

“Madoff is about to enter his guilty plea,” Jacob Frenkel, a former Securities and Exchange Commission attorney, said in an interview. “A criminal information is a consented-to criminal charge used to enter a guilty plea.”

Madoff is also scheduled to appear in court on March 10 for the judge to explore whether there is a conflict of interest involving another of his lawyers, Ira Sorkin, a clerk for Chin said. Sorkin’s now-deceased father had an account with Madoff, and in 1992 the lawyer represented a Florida investment firm, Avellino & Bienes, that invested with Madoff. That issue will be the subject of the March 10 hearing.
More...... see link above.

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Photobucket&nbs

iVillage Member
Registered: 03-18-2000
Sat, 03-07-2009 - 8:47am

Heart breaking video of retired Phyllis Molchatsky she lost everything. (see link)

Madoff clients' lawsuits look to others for recompense

Complete article at.....

http://www.usatoday.com/money/markets/2009-03-03-lawsuits-ponzi-madoff_N.htm

>"Illinois investor Pasha Anwar says he, too, was a victim. He's suing Fairfield Greenwich Group, one of several feeder funds that channeled clients' investments to Madoff.

New York retiree Phyllis Molchatsky says she lost her $1.7 million life savings to the alleged scam. She's suing the Securities and Exchange Commission, the agency that regulated Madoff's business.

Chilean firm Inversiones Mar Octava Limitada says it was defrauded of $300,000. The company is suing Banco Santander, the Spanish bank that invested billions of dollars in clients' funds with Madoff. Other defendants include divisions of HSBC and accounting firm PricewaterhouseCoopers."<

Regulators' effectiveness queried

Complete article at....

http://www.bbc.co.uk/worldservice/business/2009/03/090306_madoff_sec.shtml

Serious doubt have been cast on the effectiveness of American financial regulation after two major failures - the Sir Allen Stanford and the Bernard Madoff scandals.

As more details emerge of the alleged $50bn Madoff fraud, the colossal scale of that failure has become starkly clear.

The US financial regulator, the Securities and Exchange Commission, was given repeated tip-offs that fraud was underway at hedge funds run by Bernard Madoff, but the claims were dismissed.

 


Photobucket&nbs

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Registered: 03-23-2003
Sat, 03-07-2009 - 3:03pm

I just wonder how many more of these schemes are in play right now.