Word: ponzi
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Dates: during 2000-2009
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...ourselves. Bernard Madoff built his $65 billion Ponzi empire at least half on the backs of his feeder funds, like the one charged this week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...This is the second factor, what you might call the other big lie - the one Galvin is getting at - of the Madoff Ponzi scheme: the feeders and Madoff conspiring together to keep basic due-diligence issues from clients, even as Madoff lied to his own feeder-fund generals, even as he lied to government regulators. Everyone turned a blind eye, everyone was in bed on this, including down the line the hapless investor who trusted all those years. See the top 10 scandals...
...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...York. "It looks like an easy way for the IRS to handle this, but some things will be given up," Goldstein said. Those include, he says, the right to recovery by mitigation ("mitigating" or amending closed returns), claim of rights (a tax credit equal to taxes paid on Ponzi income to original investment), and amending returns based solely on phantom income (removing Ponzi or phantom income going back three years...
...said. There are an estimated 4,800 people and/or funds who invested directly with Madoff and many more thousands who invested through pension and "feeder funds." In addition, there are an estimated tens of thousands invested with R. Allen Stanford's alleged $8 billion Ponzi and in the dozen or so Ponzis that have surfaced in the last three months...