executive in the securities industry, Harry Markopolos, contacted the SEC's Boston office in May 1999, urging regulators to investigate Mr. Madoff. Mr. Markopolos continued to pursue his accusations over the past nine years... and according to documents he sent to the SEC that were reviewed by The Wall Street Journal. (emphasis added)
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Mr Madoff has been charged with a single count of securities fraud. He declined to enter a plea in Manhattan's US District Court and was released on $10 million bail. He faces up to 20 years in jail and a $5 million fine if convicted.
In other news, a man robbed a gas station at gun point, stealing $500 dollars. He was soon thereafter arrested, and if convicted, will be forced to pay $0.50 in fines.
Some crimes are too perfect. Some facades too well-painted to be original or convincing. A good hustler knows he must lose sometimes in order to win. THAT is the reflection of reality that makes it believable, and gives confidence to the punter who will shortly be taken out. THAT was what was wrong with Bernie Madoff's ponzi. The people who were taken - like the Family Office and many others investors who in time will go public on their fleecing - wanted badly to believe they were onto to something that was so good that they ignored the most obvious signs of bogusness. It just didn't make sense. It just didn't add up. Even Jim Simons earns it. There is no free lunch.
"There has been such a rush to try and get into the next hot hedge fund that some people are obviously not doing their homework as diligently as they should be."
There is something fitting and just in the timing of this. It is emblematic of America since Reagan and the Great Leveraging. Something for nothing. Thank you Mr Laffer. But as a philosophy and modus operandi it is quite literally, bankrupt and without merit. And Laffer has since been proven to be full of shit. Now, Americans will have to confront this, the premise that greed is good and self-guiding and somehow omnisciently beneficial for it has had repurcussions down to the core of our society and values. "Sorry everyone....what you've been pursuing has all been a lie, a big ponzi, a rat-hole to nowhere....". Re-boot.
The two sons, Andrew and Mark, have worked for the securities firm since graduating from college 20 or so years ago. Neither is involved in the asset-management business that their father runs, according to a person familiar with the situation.
"As of November 1, 2008, assets under management at FGG totaled approximately $14.1 billion, of which approximately $7.5 billion was invested in vehicles connected to Bernard L. Madoff Investment Securities."
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"The fraud may not have been the work of Rene-Thierry Magon de La Villehuchet, but it came on his watch. For a man with a deep sense of rectitude, that was shame enough.
Friends and colleagues tried to console the fund manager, the scion of French aristocracy who despaired after losing more than $1 billion of his wealthy clients' money in the Ponzi scheme allegedly run by Wall Street wizard Bernard Madoff.
'Listen, people make mistakes,' Leon Cooperman, founder of hedge fund Omega Advisors, said he told de La Villehuchet in a telephone conversation Monday. 'You're not at fault and you have to pick yourself up from this.'
But when a security guard opened the door to de La Villehuchet's office at Access International Advisors the following morning, he found the businessman dead at his desk, both of his wrists slashed. A box cutter and a bottle of sleeping pills lay nearby. Police say it was a suicide."
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