Clusterstock has a list of some of the victims of this pretentious, swindling s.o.b. Some of the names will surprise you; and some of the investment portolios are astonishing.
I think $50 Billion is just the tip of the iceberg with this guy.
NEW YORK (Reuters) – A judge extended an order on Tuesday barring hedge fund founder Ezra Merkin from shutting down funds that had invested with accused swindler Bernard Madoff or withdrawing money from them. Another judge issued the initial order on December 24 to stop Merkin from liquidating Ariel Fund Ltd, named in the lawsuit by the university along with Merkin and his Gabriel Capital Corp.
Madoff, an investment adviser, is accused of running a $50 billion securities fraud over many years. “Until December 12, 2008, we had no knowledge that NYU’s funds were instead being managed by Bernard Madoff,” said an affidavit filed with the court by NYU chief investment officer Maurice Maertens. “None of the documents we received throughout the years from Gabriel or Ariel ever stated that Mr Madoff was managing NYU’s assets.”
Makes you wonder whom NYU thought WAS managing their investments. Of course, this is a good thing to know – up until this moment, NYU was on my son’s short list of colleges to attend.
Obviously, that ain’t happening now.
His kids turned him in. Priceless!
NEW YORK (Reuters) – Bernard Madoff is cooperating with government investigations into his alleged $50 billion fraud, one of his lawyers said on Tuesday, as prosecutors sought to revoke his bail and jail him.
The New York Times reported on Tuesday that another lawyer for Madoff, Ira Sorkin, disavowed his earlier statements that Madoff was cooperating with prosecutors and the FBI in their investigations.
U.S. prosecutors took a stronger stance toward Madoff on Monday, arguing that he was a flight risk and that he had mailed jewelry, watches and other personal property to friends and family in violation of his bail conditions.
Sorkin told a judge in U.S. District Court in Manhattan on Monday that Madoff and his wife had already returned some of the items and did not violate the bail terms. Some of the items were sent to Madoff’s two sons, who turned them over to the government, Sorkin said.
Madoff, a former chairman of the NASDAQ stock market, is under house arrest in his $7 million Manhattan apartment while U.S. Magistrate Ronald Ellis considers the government’s request to jail him.
Madoff has been charged with one count of securities fraud, but has yet to be formally indicted by a grand jury. The government’s new stance that it wants Madoff jailed raises questions about how much Madoff is cooperating with investigators, said Steven Feldman, a partner in the white-collar defense practice at law firm Herrick Feinstein LLP in New York and a former federal prosecutor. “It sounds like that level of cooperation has fallen apart to some degree,” said Feldman, who is not involved in the case.
“The prosecutors underestimated the public outcry with respect to their agreement to bail conditions,” said Simon, a former federal prosecutor. “They were looking for something to try to go back in and have his bail revoked, so they used this,” he said, referring to the jewelry transfers.
“They can’t point to specific evidence that goes to risk of flight or danger to the community,” he said. “The fact that he is sending trinkets, or even expensive trinkets, doesn’t make it likely that he is going to be off in Tierra del Fuego next week or anywhere else.”
Makes you wonder, though why exactly he was sending off “expensive trinkets” if he wasn’t planning on fleeing the country.
And why, exactly, is he NOT in jail yet? Or been charged with anything? The only thing this is showing to the public is that rich guys get house arrest; poor people go to jail. Madoff doesn’t need to “cooperate” with police; the police just need to charge him under the RICO Act and seize everything he has until he starts singing.
Maybe when his wife is thrown out of the $7 million apartment he will start cooperating more vigorously.
Hey, I’m from Chicago. That’s the Chicago way.