Word: investors
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Dates: during 2000-2009
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...While the Securities Investor Protection 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...
...checks on these now very large "small funds"? Who blows the whistle when there are more than 100 investors or when each investor truly has the deep pockets to invest? "Either the manager of the fund has to regulate this, or someone in the fund has to raise a red flag," says John Heine, deputy director of the SEC's Office of Public Affairs...
...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...
Ponzi 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...
...Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...