Word: ponzi
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...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 of Ponzi schemes...
...others devastated by Madoff's $50 billion global Ponzi - people like me, who collectively may have contributed 30% to 50% of Madoff's billions under management and never heard of Madoff until a month ago - are wondering what to do and whom to sue. Currently there are 17 legal cases filed against Madoff or his feeder-fund managers, according to the D&O Diary, a legal blog following the case. Some of these suits are akin to grasping at straws. For example, my feeder-fund manager, Stanley Chais, has already said he's broke because of losses suffered with Madoff...
...until 2006, Madoff was not even registered as an investment adviser. When he did register as an adviser, the SEC checked him out and gave the thumbs up. No Ponzi here...
...consecutive congressman, first disgraced Representative Mark Foley and then his successor, Tim Mahoney, who lost his re-election bid in November after admitting to having multiple extramarital affairs and paying hush money to one of his former mistresses. And Palm Beach was the winter home of alleged Ponzi scheme leader Bernard Madoff, who found many of his allegedly bilked investors in the area...
...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...