Word: fraud
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...press-release drafts were still being proofed, the SEC announced on Monday that it had reached an agreement with Madoff over a partial judgment on civil penalties related to his alleged masterminding of the now infamous $50 billion Ponzi scheme, considered the largest in history. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
Madoff consented to the SEC without "admitting or denying the allegations" that he allegedly ran the decades-long fraud under the nose of the SEC. He accepted a permanent asset freeze and agreed that the SEC's complaints against him "are established" and cannot be contested, which makes it difficult for his lawyers to switch tactics and force a trial...
Markopolos, a private-securities fraud investigator, is the man the SEC ignored for nine years. The whistle-blower presented damning evidence against the SEC's handling of the Madoff case in a House Financial Services Committee hearing last week, where he detailed his unsuccessful quest to have the SEC stop Madoff's global Ponzi. Nevertheless, he said, he would deliver fresh evidence on two new cases...
...first 30-day extension was called for in mid-January by Manhattan-based US District Attorney's office, then still piecing together the stunning global fraud. The extension agreed to today by Feds and Madoff's lawyers appears to confirm the two sides are working hard on a plea bargaining deal. Litt's office, with no comment, has not tipped their hand either way. A guilty plea would mean Madoff would escape the glare of a trial and be sentenced quickly...
...Only a couple of weeks after Madoff's mischief was revealed, French financier Rene-Thierry Magon de la Villehuchet killed himself in his New York City office, apparently distraught by his having lost more than a billion of his clients' (and his own family's) money to the unprecedented fraud. (See pictures of Bernard Madoff's demise...