I will be covering today’s Senate Hearing (”Oversight of the SEC’s Failure to Identify the Bernard L. Madoff Ponzi Scheme and How to Improve SEC Performance“) along with several guest panelists via the interactive discussion below. Please visit this page today at 2:30 pm to join me, Bruce Carton of Securities Docket, Compliance Week editor [...]
Tag Archives | Madoff
The SEC’s Madoff Report
The SEC decided to take a look at how it failed to uncover the Madoff fraud. The SEC’s Inspector General has been running an investigation and compiling information. The SEC Inspector General, H. David Kotz, released a public version of their report on August 31: Investigation of Failure of the SEC to Uncover Bernard Madoff’s [...]
Ex-Madoff Finance Chief Frank DiPascali Pleads Guilty
Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, pleaded guilty to helping his boss carry out a $65 billion Ponzi scheme. DiPascali pleaded guilty to 10 counts, including conspiracy, fraud and money laundering. DiPascali has been cooperating with prosecutors, explaining how he and others helped Madoff defraud investors by using money from [...]
DiPascali to Plead Guilty as Madoff’s Accomplice
Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, is being charged with 10 crimes related to his boss’s $65 billion Ponzi scheme. Nobody thinks Madoff was acting alone in his scheme. They already arrested Madoff’s auditor, David G. Friehling. U.S. Attorney Lev Dassin posted the charges today in a one- page filing [...]
Watch Frontline’s “The Madoff Affair” Online
For those of you who missed last night’s airing of “The Madoff Affair” it’s now available online. The program has a startling interview of Michael Bienes, one of the first people to set up a feeder fund for Madoff. Bienes describes those early years as “easy, easy-peasy, like a money machine.” When asked if he [...]
“Hello, Madoff” What the Secretary Saw
The June issue of Vanity Fair continues its coverage of Bernie Madoff. This issue centers around Eleanor Squillari, who spent two decades as Madoff’ private secretary. The article, entitled “Hello, Madoff!,” is accompanied by more than a dozen intimate photos of Madoff and his family from as far back as the 1970s. According to Eleanor [...]
Coming Attractions – Frontline Reports on Madoff
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 [...]
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 [...]
