Word: madoff
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That the e-mail came just days after Wall Street trader Bernard L. Madoff had been accused of running a $50 billion Ponzi scheme—the largest in history by a single individual—made Flier and Kahn immediately suspect that something was amiss. The doctors were on their way to meeting to present the results of their diabetes research thus far to Picower, whose foundation supported the work...
...Immediately after the meeting in New York City, we Googled ‘Picower’ and ‘Madoff’ and found that Madoff had served on at least three of the boards of the Picower Foundation,” Kahn said. “That connection looked pretty bad.” Four days later, the two received an e-mail from Picower informing them that the Florida-based foundation, which has offices on New York’s Park Avenue, had not escaped the fate that has befallen Madoff’s many victims...
...Madoff, Bernard •badness of - on so many levels - for the Jews •hustling people out of $50 billion by is somehow deemed by courts to be a minor enough offense to warrant part-time house arrest - in a luxury apartment, with the freedom to come and go as desired between 9 a.m. and 7 p.m. - rather than actual, you know, 24-hour-a-day JAIL...
...they really had to substantiate the gains of these funds was Madoff's own statements," says Harry Susman, a lawyer at Houston-based Susman Godfrey. "They were supposed to be the watchdogs. Why did they sign off on these funds' books...
...York Anatomy of a Scam Celebrated money manager Bernard Madoff was arrested for allegedly bilking investors out of up to $50 billion in a Ponzi scheme described as one of history's largest swindles. The scam's blueprint hasn't changed much since Charles Ponzi's 1920 fraud: 1 Entice investors by promising an unusually lucrative rate of return. 2 Use a portion of the raised capital to pay out early dividends, thereby giving the appearance of legitimacy--which in turn attracts more investors. 3 Pay off earlier investors with money accrued from later victims. 4 When no further capital...