Word: ponzis
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...long-awaited report from the inspector general at the Securities and Exchange Commission concluded that the SEC received six "substantive" complaints from June 1992 to December 2008 that could have uncovered disgraced financier Bernie Madoff's Ponzi scheme as early as 1992 if it had "properly examined or investigated" Madoff's trading practices...
...page report, released Wednesday, outlines a series of fumbles in which SEC staff either failed to follow up on complaints, wrongly accepted Madoff's confusing and inconsistent answers to questions or in some cases involved junior staff who didn't understand options-trading and Ponzi schemes. (See the top 10 crooked CEOs...
...report said at least six complaints raised questions about Madoff's trading practices, with some even suggesting a Ponzi scheme was involved. They questioned "Madoff's incredible and highly unusual fills for equity trades, his misrepresentation of his options trading and his unusually consistent, non-volatile returns over several years," as well as how Madoff's alleged strategy and purported returns could not be duplicated by anyone else and had "no correlation to the overall equity markets in over 10 years." One tipster even nudged the SEC that "it may be of interest to you that Mr. Madoff keeps...
...whose family was forced to sell their home after being wiped out in Madoff's scam, spoke with TIME about the origins of the affair, how her family has reacted to the book and what may have motivated Madoff to put together what's considered to be the largest Ponzi scheme of all time. (See pictures of the demise of Bernard Madoff...
People have suggested the fact that Ruth Madoff didn't know about this affair suggests she may not have known about the Ponzi scheme, since she was completely unaware of an element of her husband's life. Do you agree? Well, our affair was a very small part of his life. If it took up a great amount of his life, she would have found out about it, because she was very much into the business. So I don't really see the analogy. I know her attorney may see the analogy, but I don't really...