Word: frauded
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...missing billions and plenty of how-could-this-have-happened awe in the media, the actual prosecution case against Madoff may be pretty straightforward. He has already admitted guilt to a federal agent. What's more, Madoff is reportedly trying to negotiate a plea agreement that could conclude the fraud case against him without a trial. But that's just the beginning of Litt's work. Madoff took as much as $50 billion from investors around the world, working with dozens of feeder funds and other middlemen to lure money into his scheme. Litt will have to decide who among...
...revoke Madoff's bail, after Litt revealed Madoff had sent more than a million dollars worth of jewelry to relatives in December. Some observers speculate prosecutors were using the threat of immediate jail time to pressure Madoff to give details on others who may have been involved in the fraud. On Wednesday afternoon, Litt returns to court again to argue that Madoff needs to be put behind bars...
Part of the reason is that in fraud cases, the presumption of the law is in favor of release. When it comes to violent crimes, it is in favor of detention. But there is also just the lens through which society views wealthy people, and the reality that wealthy people have deeper ties to the community. They also have the ability to tap into more resources, like perhaps better representation. So there are legal differences and real-world, practical differences between the situations of white-collar defendants and street criminals, and the statistics reflect that...
...prosecutors just delayed for a couple more weeks bringing the Madoff case to a grand jury. They undoubtedly are looking into other people, and I'm sure they are planning to use their extra time to investigate others connected to Madoff and the fraud...
...managers are loath to endorse more regulation, but even Chris Kundro, co-chief executive officer at New York City-based LaCrosse Global Fund Services, which manages $13 billion in assets for its clients, believes the Madoff case "has changed things." Kundro told Bloomberg TV last week that the Madoff fraud was a unique situation that added to the overall crisis in investor confidence. Since Madoff, Kundro said, there is "now a fundamental shift in thinking that some regulation may be needed for feeder funds...