Relevant:
- Madoff Costs Surpass Victim Pay-Offs as Strategy Lies in Ruins
- Trustee pursues Harley, another Madoff feeder fund
- Picard targets Madoff pal Noel's manse, nest egg
- Madoff Trustee Seeks $1 Billion Harley Default Award
- Judge Rakoff Limits Madoff Clawbacks To "Protect Securities Market" - Despite Lack of Real Trades
2009-02-20 — bloomberg.com
Bernard Madoff, who sent his clients thousands of receipts purporting to document their trades, has left no trace of buying any securities for customers for as much as 13 years, the trustee liquidating his securities firm said.
“We have found no evidence to indicate that securities were purchased for customers’ accounts†for “perhaps as much as 13 years,†said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,†he said.
Picard also said he found no separation between the company’s broker-dealer division and its investment advisory unit, which prosecutors have said was at the center of an alleged $50 billion Ponzi.
Our best guess is there were plenty of trades and transactions, but that the records have all been destroyed to hide where the money has gone.
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Comments:
tvsterling at 22:51 2009-02-21 said:
If you believe the SEC story which seems to be that they were only a toothless tiger & didn't do nothin' I got an excellent investment opportunity I want earnestly to speak with you about. (It involves the Brooklyn Bridge) The SEC is not a toothless tiger (even though the Texas Bumbler did his best to pull their teeth). They can come down with twelve inch hobnail boots anytime they want. They didn't seem to want. Doesn't that seem just a bit preposterous? So where did he get the juice to go on for so many years? You get that kind of juice from people to people deals. Wrongdoing. I'll bet that there is no investigation because the SEC is 'Too Big To Indict'. Once again the principles of law are to be sacrificed in the name of the supposed common good. It will all come out eventually & when it does the fallout will be even worse. Permalinkadd a comment | go to forum thread
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