Word: scams
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Arvedlund has bragging rights: her story in Barron's in May 2001 was an early warning, but ultimately it failed to foil the plot. Her account will delight those more interested in the scam than in the man. Arvedlund goes down the list of entities that were on notice about Madoff's "trading," and she holds particular contempt for the all-but-absent SEC ("one of the most dysfunctional and inept periods in the commission's history"). Also in her sights: Fairfield Greenwich, a tony hedge fund that funneled more than $7 billion into Madoff's pockets, and J. Ezra...
Andrew Kirtzman's Betrayal: The Life and Lies of Bernie Madoff (Harper) offers the biggest payoff of the three books. It's a perfect meld of business details and personalities, including the still unresolved role played by Madoff's wife and sons in the scam. The author is more interested than Arvedlund in Madoff the man and in the emotional aspect of this financial soap opera. He has perfect pitch when it comes to the agony and shame of the Jewish community for finding such a gonif (Yiddish for thief) in its midst...
...Persian carpet was really worth $60,000, the agent looked at him as if he were insane. "I bought it at Wal-Mart," the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he's doing...
Frank DiPascali, the former financial chief for disgraced billionaire financier Bernie Madoff, told a federal court judge on Tuesday that he and others knew as far back as the early 1990s that no sales were taking place in Madoff's investment scam. He made the comments while pleading guilty to criminal charges as part of a government cooperation agreement for his role in Madoff's $65 billion Ponzi scheme...
Madoff pleaded guilty on March 12 to 11 felony counts, including securities fraud, perjury, investment-adviser fraud, mail fraud, wire fraud, three counts of money laundering, false filings with the SEC and theft from an employee benefit plan. The scam's victims included high-profile celebrity names such as actress Kyra Sedgwick, actor Kevin Bacon, director Steven Spielberg, actress Zsa Zsa Gabor, actor John Malkovich, New York Daily News owner Mort Zuckerman and the family trust of DreamWorks CEO Jeffrey Katzenberg, as well as charities, universities, hedge funds, banks and pension funds around the world...