Next month, Frontline is running a report about Bernard Madoff on a PBS station near you. The episode premiers the week of May 12. “Bernard Madoff’s success as a broker made the competition wonder how the man could produce such steady returns in good times and bad. The SEC investigated several times over the last…
Tag: Madoff
What Do Bernie Madoff, the Loch Ness Monster, and Alex Rodriguez Have In Common?
They are in the 2009 edition of Topps’ Allen & Ginter series of Trading Cards. The set will consist of 350 cards: 230 baseball players, 30 rookies, 25 historic figures and 15 world champions. It also will include 50 short-printed cards. Among the unusual inclusions to the basic set are Old Faithful (the Yellowstone geyser),…
SEC Settlements in Ponzi Scheme Cases: Putting Madoff and Stanford in Context
In the last six and half years the Securities and Exchange Commission has reached settlements with over 300 defendants in cases related to alleged Ponzi schemes. NERA Consulting has been tracking these SEC settlements since the Sarbanes-Oxley Act was enacted in July 2002. In that time frame there have been 12 Ponzi scheme settlements that…
More on Madoff’s Auditor
Yesterday, Madoff’s auditor was arrested for falsely stating that the firm had audited the financial statements. No surprise that such a small firm could be auditing a supposedly large investment company like Madoff Investments. Just in time, the AICPA (that’s the American Institute of Certified Public Accountants) has expelled Friehling from its membership following an…
Madoff’s Auditor Arrested
With Madoff in jail, it is time for the rest of his crew of fraudsters to join him. Next up…. David G. Friehling, the sole practitioner at Friehling & Horowitz, CPAs, PC, has been charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the Securities…
Madoff Goes From His Penthouse to the Big House
Bernie Madoff filed past a sea of reporters and camera flashes to enter his guilty plea in front of Judge Denny Chin. Several victims spoke, asking the judge to reject the plea and force a trial. They want grueling trial to make Madoff suffer and to bring more facts out to the public. Since he…
Madoff and Markopolos on 60 Minutes
On Sunday night, 60 Minutes aired an interview with Harry Markopolos: The Man Who Figured Out Madoff’s Scheme. Last month, Markopolos supplied similar information to a Congressional panel. By its vary nature, the SEC does not stop a financial crime until happens. As with all prosecutions, the bad act needs to happen before there is…
Madoff in Limerick Form
Freakonomics ran a contest for the best definition for Bernie Madoff in limerick form. They had special guest judge Chris J. Strolin, founder and editor-in-chief of The Omnificent English Dictionary In Limerick Form announce The Winning Definition of “Madoff,” in Limerick Form. The best of the best was #98 by sqlman: His investments’ ascent: like…
U.S. Senate Hears About Madoff
On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the background and implications of the Madoff scandal: Madoff Investment Securities Fraud: Regulatory and Oversight Concerns and the Need for Reform. Video Archive Member Statements Senator Christopher J. Dodd Witness Testimony Professor John C. Coffee, Adolf A. Berle Professor…
Madoff Liquidation and Suits Filed Against Madoff
On January 2, 2009, the trustee charged with liquidating Bernard Madoff Investment Securities, LLC issued a notice outlining the requirements for filing SIPC claims. Notice of Commencement of Liquidation Proceeding for Madoff Investment Securities Anyone having a claim or potential claim against BMIS should read that notice. It provides that customers of BMIS must file…