rssSome of Madoff’s Innocent Victims Might Not Be So Innocent After All
Monday, May 18, 2009 at 9:19 am
- 5 Comments
The investigation into disgraced financier Bernard Madoff’s Ponzi scheme is taking a new turn, as the Securities and Exchange Commission begins investigating whether some of Madoff’s biggest “victims” actually were in on the scam, The Wall Street Journal reports.
Some of the victims apparently were able to state the size of the annual returns they wanted from Madoff. Their accounts soon would reflect those returns, some of which regularly reached as high as 100 percent. The Journal cites people familiar with the investigation as its source.
That’s not quite the way investing works for most of us, which is why the SEC must be interested.
Here are some of the victims — who may not be victims after all — according to The Journal:
Jeffry Picower and Stanley Chais, two philanthropists who invested heavily with Mr. Madoff, and Carl Shapiro, one of the money manager’s oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U.S. attorney’s office in Manhattan.
Lots of people have wondered how Madoff got away with his scheme for so long. If these allegations are true, it gives a clearer picture of how it happened. And, if proven, it also means that Madoff wasn’t the only criminal behind the scheme.
5 Comments
Comment posted May 18, 2009 @ 4:57 pm
These are heartless evil people, they just took all they could,with no regard to the investor, if it was all they had, they are criminals. The feeder funds, Ruthie and her family, all guilty as hell. Fairfield, Ascot, this Jaffee, all guilty, they knew but the $$$ kept coming, and the SEC were totally inept, it is scarey, who do you trust, these are con men, except Ruthie she knows as much as Bernie. They are psychos,who attracted others like themselves.
Pingback posted May 18, 2009 @ 6:18 pm
[...] in Business, Daily life at 3:18 pm by LeisureGuy Mary Kane in the Washington Independent: The investigation into disgraced financier Bernard Madoff’s Ponzi scheme is taking a new turn, [...]
Comment posted May 18, 2009 @ 11:57 pm
These are heartless evil people, they just took all they could,with no regard to the investor, if it was all they had, they are criminals. The feeder funds, Ruthie and her family, all guilty as hell. Fairfield, Ascot, this Jaffee, all guilty, they knew but the $$$ kept coming, and the SEC were totally inept, it is scarey, who do you trust, these are con men, except Ruthie she knows as much as Bernie. They are psychos,who attracted others like themselves.
Pingback posted May 19, 2009 @ 11:35 am
[...] Mary Kane in the Washington Independent: The investigation into disgraced financier Bernard Madoff’s Ponzi scheme is taking a new turn, as the Securities and Exchange Commission begins investigating whether some of Madoff’s biggest “victims” actually were in on the scam, The Wall Street Journal reports. [...]
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