Word: frauds
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...Corp. (SIPC) is helping Bernie's closest friends and investors with recovery of up to $500,000, the unregistered feeder-fund victims are likely to get little. Here's why: As it stands, the SIPC's charter helps investors recover monies only from registered brokers and firms engaged in fraud. This is all good for the 8,000 who had registered or direct accounts with Bernard Madoff Investment Securities, a broker/dealer. In fact, right now, most are busy filling out their just arrived SIPC claim-recovery forms in hopes of getting back half a mil. See a brief history...
...effect, the unregulated funds have to regulate themselves, and if there is fraud, the only recourse is to sue the unlicensed fund manager. Those investing under the SEC's amended rules have no recourse for recovery from the system that fathered them...
...Only two years earlier, McCarty had described her bitter rival on the county commission, Tony Masilotti, as a "bad apple in the bunch" after he resigned shortly before pleading guilty to honest services fraud. Her sudden fall is symptomatic of a culture of graft that has plagued Palm Beach over the years. As the county's population mushroomed to 1.3 million people, so did the egos and perceived invincibility of the county commission, a board with the power to dole out millions of dollars in taxpayer grants to tight-budgeted cities whose mayors and commissioners regularly sought their endorsement. While...
Clawing back gains absent fraud--and where there are no preset clawback agreements--is another matter. The concept is foreign to most of Wall Street. Hedge funds generally have only what you might call "claw forwards": high-water-mark provisions that prevent managers from pocketing performance fees after a loss until they've made up that loss to their investors. Investment banks, meanwhile, have for decades paid out bonuses on the basis of one year's profits and worried about the consequences later...
...wasn't the scam's first practitioner; that was probably a New York City grifter named William Miller, who fleeced investors out of $1 million--more than $20 million in today's dollars--in 1899. The cons have since grown: a Florida church netted $500 million in a 1990s fraud that promised God would double the money of pious investors. Boy-band impresario Lou Pearlman, in addition to foisting 'N Sync on an unsuspecting public, stole $300 million from clients over two decades. And citizens poured some $1.2 billion into Albanian pyramid schemes after the fall of communism; when...