query: where did madoff live?

title: Bernard Madoff

text: recommend that the Federal Bureau of Prisons place Madoff in the Federal Correctional Institution, Otisville, which is located from Manhattan. The judge, however, only recommended that Madoff be sent to a facility in the Northeast United States. Madoff was transferred to the Federal Correctional Institution Butner Medium near Butner, North Carolina, about northwest of Raleigh; he is Bureau of Prisons Register #61727-054. Jeff Gammage of the "Philadelphia Inquirer" said "Madoff's heavy sentence likely determined his fate." Madoff's projected release date is November 14, 2139. The release date, described as "academic" in Madoff's case because he would have to live to

title: Bernard Madoff

text: Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion. On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed. Madoff was born on April 29, 1938, in Queens, New York, to Jewish parents Ralph Madoff, a plumber and stockbroker, and Sylvia Muntner. Madoff's grandparents were emigrants from Poland, Romania, and Austria. He is the second of three children; his siblings are Sondra Weiner and Peter Madoff. Madoff graduated from Far Rockaway High School in 1956. He attended the University of Alabama for one year, where he became a brother of the

title: Bernard Madoff

text: million on October 6, and $250,000 on September 21. Andrew owned a Manhattan apartment and a home in Greenwich, Connecticut, as did his brother Mark prior to his death. Following a divorce from his first wife in 2000, Mark withdrew money from an account. Both sons used outside investment firms to run their own private philanthropic foundations. In March 2003, Andrew Madoff was diagnosed with mantle cell lymphoma and eventually returned to work. He was named chairman of the Lymphoma Research Foundation in January 2008, but resigned shortly after his father's arrest. Peter Madoff (and Andrew Madoff, before his death)

title: Ruth Madoff

text: Ruth Madoff Ruth Madoff (née Alpern; born May 18, 1941) is the wife of Bernie Madoff, the convicted American financial fraudster. She was director of Bernard L. Madoff Investment Securities. Madoff was born in Queens, New York, and raised in Laurelton, to a practicing Jewish family. She has one sister, Mrs. Joan Roman. She is a graduate of Far Rockaway High School and a 1961 graduate of Queens College. In 1992, she graduated from New York University with a Master of Science degree in nutrition. On November 28, 1959, at age 18, she married Bernard "Bernie" Madoff, whom she had

title: Ruth Madoff

text: sister. Following Andrew's death, Ruth moved to a condo-complex in Old Greenwich. Ruth Madoff Ruth Madoff (née Alpern; born May 18, 1941) is the wife of Bernie Madoff, the convicted American financial fraudster. She was director of Bernard L. Madoff Investment Securities. Madoff was born in Queens, New York, and raised in Laurelton, to a practicing Jewish family. She has one sister, Mrs. Joan Roman. She is a graduate of Far Rockaway High School and a 1961 graduate of Queens College. In 1992, she graduated from New York University with a Master of Science degree in nutrition. On November 28,

title: Bernard Madoff

text: an ocean-front residence in Montauk. His primary residence was on Manhattan's Upper East Side, and he was listed as chairman of the building's co-op board. He also owned a home in France and a mansion in Palm Beach, Florida, where he was a member of the Palm Beach Country Club. Madoff owned a sportfishing yacht named "Bull". All three homes were auctioned by the U.S. Marshals Service in September 2009. Sheryl Weinstein, former chief financial officer of Hadassah, disclosed in a memoir that she and Madoff had had an affair more than 20 years earlier. As of 1997, when Weinstein

title: Recovery of funds from the Madoff investment scandal

text: U.S. District Court, Southern District of New York (Manhattan) was made permanent. As part of the judgment, Madoff was banned from the securities industry. He also agreed that his assets would remain frozen and not violate any securities laws. The agreement did not require Madoff to admit or deny any allegations against him. It also left the issues of any civil fines and repayments to be imposed against Madoff for a later time. The agreement was unrelated to any plea or indictment in the criminal matter. About 120 Madoff-related class actions have been filed – mainly suits on behalf of

title: Madoff investment scandal

text: for outsiders to understand". He was secretive about the firm's business, and kept his financial statements closely guarded. The "New York Post" reported that Madoff "worked the so-called 'Jewish circuit' of well-heeled Jews he met at country clubs on Long Island and in Palm Beach". (The scandal so affected Palm Beach that, according to "The Globe and Mail", residents "stopped talking about the local destruction the Madoff storm caused only when Hurricane Trump came along" in 2016.) "The New York Times" reported that Madoff courted many prominent Jewish executives and organizations; according to the Associated Press, they "trusted [Madoff] because

title: Shana Madoff

text: Madoff investment scandal. In 2015, U.S. Marshals auctioned 420 lots of assets belonging to Shana Madoff and her father Peter, pursuant to a court order. Shana Diane Madoff was born in Queens, New York, in 1967, and grew up in Woodbury on the North Shore of Long Island. She graduated from the University of Michigan in 1992, and from Fordham Law School in 1995. In 1997 she married Scott Skoller, a men's clothing store manager from Roslyn, New York, and changed her name to Shana Skoller. Together they had a daughter, Rebecca, before divorcing. In 2007, she married Eric Swanson,

title: Bernard Madoff

text: remained the targets of a tax fraud investigation by federal prosecutors, according to "The Wall Street Journal". David Friehling, Bernard Madoff's tax accountant, who pleaded guilty in a related case, is reportedly assisting in the investigation. According to a civil lawsuit filed in October 2009, trustee Irving Picard alleges that Peter Madoff deposited $32,146 into his Madoff accounts and withdrew over $16 million; Andrew deposited almost $1 million into his accounts and withdrew $17 million; Mark deposited $745,482 and withdrew $18.1 million. Bernard Madoff lived in Roslyn, New York, in a ranch house through the 1970s. After 1980, he owned

title: Bernard Madoff

text: and earned her bachelor's degree at Queens College. She was employed at the stock market in Manhattan before working in Madoff's firm, and she founded the Madoff Charitable Foundation. Bernard and Ruth Madoff had two sons: Mark (March 11, 1964 – December 11, 2010), a 1986 graduate of the University of Michigan, and Andrew (April 8, 1966 – September 3, 2014), a 1988 graduate of University of Pennsylvania's Wharton Business School. Both sons later worked in the trading section alongside paternal cousin Charles Weiner. Several family members worked for Madoff. His younger brother, Peter, an attorney, was Senior Managing Director

title: Madoff investment scandal

text: First, the New York Public Library and the Children's Health Fund. It is listed as the 71st-largest in the nation by the Council on Foundations. The foundation reportedly invested $1 billion with Madoff. Jeffry Picower has been a friend of Bernard Madoff for 30 years. The Picower Foundation, along with other smaller charities who invested with Madoff, announced in December 2008 that they would be closing. In June 2012, Madoff's brother Peter was "expected to appear in Federal District Court in Manhattan and admit to, among other things, falsifying records, making false statements to securities regulators and obstructing the work

title: Madoff investment scandal

text: loans owed to the couple by their sons, and Ruth Madoff's interest in real estate funds sponsored by Sterling Equities, whose partners include Fred Wilpon. Ruth Madoff, and Peter Madoff, invested as "passive limited partners" in real estate funds sponsored by the company, as well as other venture investments. Assets also include the Madoffs' interest in Hoboken Radiology LLC. in Hoboken, New Jersey; Delivery Concepts LLC, an online food ordering service in midtown Manhattan that operates as "delivery.com"; an interest in Madoff La Brea LLC; an interest in the restaurant, PJ Clarke's on the Hudson LLC; and Boca Raton, Florida-based

title: Madoff investment scandal

text: New York. The cases against Fairfield Greenwich Group et al. are consolidated as 09-118 in U.S. District Court for the Southern District of New York (Manhattan). While awaiting sentencing, Madoff met with the SEC's Inspector General, H. David Kotz, who was conducting an investigation into how regulators failed to detect the fraud despite numerous red flags. Because of concerns of improper conduct by Inspector General Kotz in the Madoff investigation, Inspector General David C. Williams of the U.S. Postal Service was brought in to conduct an independent outside review. The Williams Report questioned Kotz's work on the Madoff investigation, because

title: Participants in the Madoff investment scandal

text: order he imposed March 30 freezing her assets, because they were already frozen by the federal government. The pension fund case is Retirement Program for Employees of the Town of Fairfield v. Madoff, FBT-CV-09-5023735-S, Superior Court of Connecticut (Bridgeport) On January 30, 2009, a CBS News investigation discovered that the Madoffs were moving assets during the 2006 SEC investigation. Madoff had purchased their $9.5 million Palm Beach mansion in March 1994 in his wife's name. Not until December 10, 2006, did she apply for "homestead" status, shielding their home from creditors. Her initial application was rejected because there was no

title: Bernard Madoff

text: had met Shana Madoff in 2003 while investigating her uncle Bernie Madoff and his firm. The investigation was concluded in 2005. In 2006 Swanson left the SEC and became engaged to Shana Madoff, and in 2007 the two married. A spokesman for Swanson said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff. While awaiting sentencing, Madoff met with the SEC's Inspector General, H. David Kotz, who conducted an investigation into how regulators had failed to detect the fraud despite numerous red flags. Madoff said he could

title: Shana Madoff

text: giving her the choice of pleading to a felony conviction on the same grounds. She is a lawyer; lawyers don't get the benefit of the doubt. They could say you knew this [SEC filing] was false, even if you did not know it was a Ponzi scheme. Shana Madoff Shana Diane Madoff, sometimes referred to as Shana Madoff Skoller Swanson, (born December 8, 1967) is an American attorney who is now a yoga teacher. She is the daughter of Peter Madoff, and a niece of Bernard Madoff, who employed her as a compliance officer and attorney at Bernard L. Madoff

title: Madoff investment scandal

text: SEC employees were disciplined; none were fired. On January 7, 2014, Forbes magazine and other news outlets reported that the bank JPMorgan Chase, "where Madoff kept the bank account at the center of his fraud", would pay a settlement of $1.7 billion. This resolved any potential criminal case against the bank arising from the Madoff scandal. JPMorgan entered into a deferred prosecution agreement with federal prosecutors to resolve two felony charges of violating the Bank Secrecy Act. The bank admitted to failing to file a "Suspicious Activity Report" after red flags about Madoff were raised, which, prosecutors alleged, did not

title: Madoff investment scandal

text: his wealth and 20% of his brother's, Bertrand, with Madoff. Bertrand said that René-Thierry did not know Madoff but the connection was through René-Thierry's partner in AIA, French banker, Patrick Littaye. On February 10, 2009, highly decorated British soldier William Foxton, OBE, 65, shot himself in a park in Southampton, England, having lost all of his family's savings. He had invested in the Herald USA Fund and Herald Luxembourg Fund, feeder funds for Madoff from Bank Medici in Austria. Madoff's elder son, Mark Madoff, was found dead on December 11, 2010, two years to the day after his father turned

title: Michelle Madoff

text: Michelle Madoff Michelle Madoff (; August 2, 1928 – October 12, 2013) was a Canadian-born American municipal politician who served on the Pittsburgh City Council from 1978 to 1994. Born as Pauline Radzinski in Toronto, Ontario, Canada, she attended Central Commerce High School and Brown's Business College. Because her birth name was difficult for teachers to pronounce, she legally changed it to Micki Rodin. She moved to the United States in 1952, where she married Dr. Henry R. Madoff in 1958. She settled in the Squirrel Hill neighborhood of Pittsburgh in 1961. Before entering politics Madoff was a community and

title: Shana Madoff

text: no evidence that Swanson's romantic relationship with Shana Madoff influenced the closing of the SEC investigation of her uncle. He did conclude, however, that: "Swanson's communication with Shana during the period of time he was engaged in a cause examination of her uncle and father's firm, created the appearance of a potential conflict of interest." Swanson left the SEC on September 15, 2006. Swanson and Shana Madoff became engaged on December 8, 2006. The September 2007 wedding of Shana Madoff and Swanson was attended by Lori Richards, SEC Director of Compliance Investigations and Examinations, who oversaw Swanson at the SEC.

title: Shana Madoff

text: was running a Ponzi scheme, and the two started a regular correspondence; during 2003, Swanson sent Peter Madoff several regulatory requests. In March 2004, SEC lawyer Genevievette Walker-Lightfoot was reviewing Madoff's firm and raised questions to Swanson (who was her boss's supervisor) about unusual trading at one of the Madoff funds; she was told to instead concentrate on an unrelated matter. Swanson and her boss asked for her research, but did not act upon it. In February 2006, Swanson was emailed by Assistant Director John Nee that the SEC’s New York Regional Office was investigating a complaint that Bernard Madoff

title: Madoff investment scandal

text: substantial assistance complicated efforts to locate assets. A former federal prosecutor suggested Madoff would have had the possibility of a sentence with parole if he fully cooperated with investigators, but Madoff's silence implied that there were other accomplices in the fraud, which led the judge to impose the maximum sentence. Chin also ordered Madoff to pay $17 billion in restitution. Madoff apologized to his victims at the sentencing, saying, "I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren. This is something I will live in for the rest

title: Madoff investment scandal

text: for Swanson said he "did not participate in any inquiry of Bernard Madoff Securities or its affiliates while involved in a relationship" with Shana Madoff. Madoff Securities LLC was investigated at least eight times over a 16-year period by the U.S. Securities and Exchange Commission (SEC) and other regulatory authorities. In 1992, the SEC investigated one of Madoff's feeder funds, Avellino & Bienes, the principals being Frank Avellino, Michael Bienes and his wife Dianne Bienes. Bienes began his career working as an accountant for Madoff's father-in-law, Saul Alpern. Then, he became a partner in the accounting firm Alpern, Avellino and

title: Shana Madoff

text: Shana Madoff Shana Diane Madoff, sometimes referred to as Shana Madoff Skoller Swanson, (born December 8, 1967) is an American attorney who is now a yoga teacher. She is the daughter of Peter Madoff, and a niece of Bernard Madoff, who employed her as a compliance officer and attorney at Bernard L. Madoff Investment Securities (BLMIS) from 1995 until 2008. In December 2008 BLMIS was discovered to be a $65 billion Ponzi scheme, and closed as part of the Madoff investment scandal. Her uncle Bernard Madoff was sentenced to 150 years in prison for the scheme, and her father, who

title: Bernard Madoff

text: then traveled to Madoff's apartment, where with Ruth Madoff nearby, Madoff told them he was "finished," that he had "absolutely nothing" left, and that his investment fund was "just one big lie" and "basically, a giant Ponzi scheme." According to their attorney, Madoff's sons then reported their father to federal authorities. Madoff had intended to wind up his operations over the remainder of the week before having his sons turn him in; he'd directed DiPascali to use the remaining money in his business account to cash out the accounts of several family members and favored friends. However, as soon as

title: Where Did Your Heart Go?

text: Where Did Your Heart Go? "Where Did Your Heart Go?" is a song written by American musicians David Was and Don Was. The song was first recorded and released by the writers' disco-dance-rock band Was (Not Was) as a single in the UK as a double A-side with "Wheel Me Out" in September 1981. The single did not chart. It was featured as the second track on the band's début album "Was (Not Was)" in August 1981. French editions of the single included the track "It's an Attack!" as the B-side. A live recording of "Where Did Your Heart Go?"

title: Madoff (miniseries)

text: 61/100 rating based on 25 reviews. On Rotten Tomatoes, it has an approval rating of 68% based on 31 reviews, with an average rating of 6/10. The site's critics consensus reads: ""Madoff" boasts a knockout performance from Richard Dreyfuss, whose obvious enjoyment of the role helps make up for the miniseries' surplus of polish and overall lack of perspective." Madoff (miniseries) Madoff is a 2016 American television miniseries written by Ben Robbins, inspired by Brian Ross' book "The Madoff Chronicles", about the Madoff investment scandal. The Madoff investment scandal was a fraud scheme perpetrated by Bernard Madoff, a former stockbroker,

title: Michelle Madoff

text: Pittsburgh Pirates, Madoff claimed she was "threatened with impeachment". In a 1991 run for city controller, Madoff finished third, with 28.3% of votes. Madoff lost her council seat after being defeated in the 1993 Democratic primary. Madoff later lived in South Carolina and Las Vegas. She married Fred Scheske in 2001 and settled in Arizona. They had originally met on the online dating service Match.com. She died at a retirement community in Peoria, Arizona on October 12, 2013, aged 85, from leukemia. Michelle Madoff Michelle Madoff (; August 2, 1928 – October 12, 2013) was a Canadian-born American municipal politician

title: Madoff (miniseries)

text: Madoff (miniseries) Madoff is a 2016 American television miniseries written by Ben Robbins, inspired by Brian Ross' book "The Madoff Chronicles", about the Madoff investment scandal. The Madoff investment scandal was a fraud scheme perpetrated by Bernard Madoff, a former stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market and the admitted operator of a Ponzi scheme that is considered the largest financial fraud in U.S. history. The miniseries aired over two nights, February 3 and 4, 2016, on ABC. The miniseries has received favorable reviews from critics. On Metacritic, it holds a

title: Bernard Madoff

text: the fraud. Madoff did not plea bargain with the government. Rather, he pleaded guilty to all charges. It has been speculated that Madoff pleaded guilty instead of cooperating with the authorities in order to avoid naming any associates and co-conspirators who were involved with him in the scheme. In November 2009, David G. Friehling, Madoff's accounting front man and auditor, pleaded guilty to securities fraud, investment adviser fraud, making false filings to the SEC, and obstructing the IRS. He admitted to merely rubber-stamping Madoff's filings rather than auditing them. Friehling extensively cooperated with federal prosecutors and testified at the trials

title: Bernard Madoff

text: an acquaintance soon after his arrest that the fraud began "almost immediately" after his firm opened his doors. Bongiorno, who spent over 40 years with Madoff, told investigators that she was doing "the same things she was doing in 2008" that she did when she first joined the firm. Madoff targeted wealthy American Jewish communities, using his in-group status to obtain investments from Jewish individuals and institutions. Affected Jewish charitable organizations considered victims of this affinity fraud include Hadassah, the Women's Zionist Organization of America, the Elie Wiesel Foundation and Steven Spielberg's Wunderkinder Foundation. Jewish federations and hospitals lost millions

title: Bernard Madoff

text: This has been called a "legal kickback." Some academics have questioned the ethics of these payments. Madoff argued that these payments did not alter the price that the customer received. He viewed the payments as a normal business practice: If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated. Madoff was active in the National Association of Securities Dealers (NASD), a self-regulatory securities-industry organization. He served as chairman

title: Bernard Madoff

text: helped to develop became the NASDAQ. The firm functioned as a third-market provider, bypassing exchange specialist firms by directly executing orders over the counter from retail brokers. At one point, Madoff Securities was the largest market maker at the NASDAQ, and in 2008 was the sixth-largest market maker on Wall Street. The firm also had an investment management and advisory division, which it did not publicize, that was the focus of the fraud investigation. Madoff was "the first prominent practitioner" of payment for order flow, in which a dealer pays a broker for the right to execute a customer's order.

title: Bernard Madoff

text: Tau Chapter of the Sigma Alpha Mu fraternity, then transferred to and graduated from Hofstra University in 1960 with a Bachelor of Arts in political science. Madoff briefly attended Brooklyn Law School, but founded the Wall Street firm Bernard L. Madoff Investment Securities LLC and remained working for his own company. At the time of his arrest on December 11, 2008, Madoff was the chairman of Bernard L. Madoff Investment Securities LLC. The firm started in 1960 as a penny stock trader with $5,000 ($ today) that Madoff earned from working as a lifeguard and sprinkler installer. He further secured

title: Madoff investment scandal

text: "harm or flight" in its request for Madoff to be confined to his Upper East Side apartment. Cameras monitored his apartment's doors, its communication devices sent signals to the FBI, and his wife was required to pay for additional security. Apart from 'Bernard L. Madoff' and 'Bernard L. Madoff Investment Securities LLC ("BMIS")', the order to freeze all activities also forbade trading from the companies Madoff Securities International Ltd. ("Madoff International") and Madoff Ltd. On January 5, 2009, prosecutors had requested that the Court revoke his bail, after Madoff and his wife allegedly violated the court-ordered asset freeze by mailing

title: Madoff investment scandal

text: Madoff investment scandal The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate Ponzi scheme. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and

title: Where Did Our Love Go (album)

text: on December 29, 1964. It was equivalent to Motown 25 or Live Aid as a pivotal music concert event . When it hit theaters nationwide, it undoubtedly raised and extended the visibility of the "Where Did Our Love Go" album. All tracks written by Holland–Dozier–Holland except as noted. The original album sold a million copies {in 1964-1965} stateside alone. The limited exclusive "40th Anniversary" version is now listed as "sold out". It remains, to date, their third best-selling studio album. Where Did Our Love Go (album) Where Did Our Love Go is the second studio album by Motown singing group

title: Madoff investment scandal

text: Harry Markopolos at their Boston regional office and reviewed his allegations of Madoff's fraudulent practices. The SEC claimed it conducted two other inquiries into Madoff in the last several years, but did not find any violations or major issues of concern. In 2004, after published articles appeared accusing the firm of front running, the SEC's Washington office cleared Madoff. The SEC detailed that inspectors had examined Madoff's brokerage operation in 2005, checking for three kinds of violations: the strategy he used for customer accounts; the requirement of brokers to obtain the best possible price for customer orders; and operating as

title: Madoff investment scandal

text: look any more deeply into the matter, and never publicly referred to Madoff. Through Sorkin, who once oversaw the SEC's New York office, Avellino & Bienes agreed to return the money to investors, shut down their firm, undergo an audit, and pay a fine of $350,000. Avellino complained to the presiding Federal Judge, John E. Sprizzo, that Price Waterhouse fees were excessive, but the judge ordered him to pay the bill of $428,679 in full. Madoff said that he did not realize the feeder fund was operating illegally, and that his own investment returns tracked the previous 10 years of

title: Madoff investment scandal

text: Bienes. In 1962, the firm began advising its clients about investing all of their money with a mystery man, a highly successful and controversial figure on Wall Street—but until this episode, not known as an ace money manager—Madoff. When Alpern retired at the end of 1974, the firm became Avellino and Bienes and continued to invest solely with Madoff. Avellino & Bienes, represented by Ira Sorkin, Madoff's former attorney, were accused of selling unregistered securities. In a report to the SEC they mentioned the fund's "curiously steady" yearly returns to investors of 13.5% to 20%. However, the SEC did not

title: Madoff investment scandal

text: questioned the ethics of these payments. Madoff has argued that these payments did not alter the price that the customer received. He viewed payments for order flow as a normal business practice: "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated." By 2000, Madoff Securities, one of the top traders of US securities, held approximately $300 million in assets. The business occupied three floors of the Lipstick

title: Bernard Madoff

text: helped Madoff create a phony paper trail, the false account statements that were supplied to clients. Bernard Madoff suffered a heart attack in December 2013, and reportedly suffers from end-stage renal disease (ESRD). According to CBS New York and other news sources, Madoff claimed in an email to CNBC in January 2014 that he has kidney cancer but this is unconfirmed. Madoff was a prominent philanthropist, who served on boards of nonprofit institutions, many of which entrusted his firm with their endowments. The collapse and freeze of his personal assets and those of his firm affected businesses, charities, and foundations

title: Bernard Madoff

text: and Chief Compliance Officer, and Peter's daughter, Shana Madoff, also an attorney, was the firm's compliance attorney. On the morning of December 11, 2010 — exactly two years after Bernard's arrest — his son Mark was found dead in his New York City apartment. The city medical examiner ruled the cause of death as suicide by hanging. Over the years, Madoff's sons had borrowed money from their parents, to purchase homes and other property. Mark Madoff owed his parents $22 million, and Andrew Madoff owed them $9.5 million. There were two loans in 2008 from Bernard Madoff to Andrew: $4.3

title: Bernard Madoff

text: my well being, including the staff <nowiki>[…]</nowiki> It's much safer here than walking the streets of New York. After an inmate slapped Madoff because he had changed the channel on the TV, it was reported that Madoff befriended Carmine Persico, boss of the Colombo crime family since 1973, one of New York's five American Mafia families. It was believed Persico had intimidated the inmate who slapped Madoff in the face. On November 28, 1959, Madoff married Ruth Alpern, whom he had met while attending Far Rockaway High School. The two eventually began dating. Ruth graduated from high school in 1958,

title: Bernard Madoff

text: he confessed. In February 2009, Madoff reached an agreement with the SEC. It was later revealed that as part of the agreement, Madoff accepted a lifetime ban from the securities industry. Picard sued Madoff's sons, Mark and Andrew, his brother Peter, and Peter's daughter, Shana, for negligence and breach of fiduciary duty, for $198 million. The defendants had received over $80 million in compensation since 2001. According to the SEC indictment against Annette Bongiorno and Joann Crupi, two back office workers who worked for Madoff, they created false trading reports based on the returns that Madoff ordered for each customer.

title: Bernard Madoff

text: overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother about the fraud. According to the sons, Madoff told Mark Madoff on the following day, December 9, that he planned to pay out $173 million in bonuses two months early. Madoff said that "he had recently made profits through business operations, and that now was a good time to distribute it." Mark told Andrew Madoff, and the next morning they went to their father's office and asked him how he could pay bonuses to his staff if he was having trouble paying clients. They

title: Bernard Madoff

text: of its board of directors, and was a member of its board of governors. From 1991 to 2008, Bernie and Ruth Madoff contributed about $240,000 to federal candidates, parties and committees, including $25,000 a year from 2005 through 2008 to the Democratic Senatorial Campaign Committee. The Committee returned $100,000 of the Madoffs' contributions to Irving Picard, the bankruptcy trustee who oversees all claims, and Senator Charles E. Schumer returned almost $30,000 received from Madoff and his relatives to the trustee. Senator Christopher J. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim. Members of the Madoff

title: Madoff investment scandal

text: the act of putting together the various account statements, which did show trading activity, has to involve a number of people. You would need office and support personnel, people who actually knew what the market prices were for the securities that were being traded. You would need accountants so that the internal documents reconcile with the documents being sent to customers at least on a superficial basis," said Tom Dewey, a securities lawyer. The criminal case is U.S.A. v. Madoff, 1:08-mJ-02735. The SEC case is "Securities and Exchange Commission v. Madoff", 1:08-cv- 10791, both U.S. District Court, Southern District of

text: shareholders in Cohmad Securities, which steered investors to Mr. Madoff's advisory business. In 1987, Mr. Cohn had shares of Madoff Holdings Ltd., a predecessor to the current London firm. In 1998, Mr. Cohn held 35,624 non-voting shares, some of which he transferred to "BL Madoff" in 1998, and the rest that he "disposed of" in 2004. Paul Konigsberg, a New York City accountant and a longtime friend for more than 25 years, prepared two Madoff Family Foundation tax returns, and received the non-voting shares, valued at $35,000. He did work for the London office when it was first opened. Clients

title: Madoff investment scandal

text: $70 million in assets for Ruth, arguing that it was unconnected to the fraud scheme. Prosecutors recommended a prison sentence of 150 years, the maximum possible under federal sentencing guidelines. They informed Chin that Irving Picard, the trustee overseeing bankruptcy proceedings for the Madoff organization, had indicated that "Mr. Madoff has not provided meaningful cooperation or assistance." The Bureau of US Prisons had recommended 50 years, while defense lawyer Ira Sorkin had recommended 12 years, arguing that Madoff had confessed. The judge granted Madoff permission to wear his personal clothing at sentencing. On June 29, Judge Chin sentenced Madoff to

title: Madoff investment scandal

text: regional administrator. Avellino and Bienes deposited $454 million of investors' money with Madoff, and until 2007, Bienes continued to invest several million dollars of his own money with Madoff. In a 2009 interview after the scam had been exposed, he said, "Doubt Bernie Madoff? Doubt Bernie? No. You doubt God. You can doubt God, but you don't doubt Bernie. He had that aura about him." The SEC investigated Madoff in 1999 and 2000 about concerns that the firm was hiding its customers' orders from other traders, for which Madoff then took corrective measures. In 2001, an SEC official met with

title: Madoff investment scandal

text: ahead of schedule, from $200 million in assets that the firm still had. According to the complaint, Mark and Andrew, reportedly unaware of the firm's pending insolvency, confronted their father, asking him how the firm could pay bonuses to employees if it could not pay investors. At that point, Madoff asked his sons to follow him to his apartment, where he admitted that he was "finished", and that the asset management arm of the firm was in fact a Ponzi scheme – as he put it, "one big lie". Mark and Andrew then reported him to the authorities. Madoff intended

title: Madoff investment scandal

text: wish to subject themselves to the jurisdiction of the U.S. courts. In September 2017 in a case before the Irish High Court, Thema International Fund agreed to pay $687 million to resolve a trustee lawsuit brought on behalf of the fraud victims resulting from Madoff's frauds. Madoff investment scandal The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was

title: Madoff investment scandal

text: of Bernard Madoff's fraud, the bank offered in March 2009 to compensate eligible investors 50 percent of the money they initially invested with Madoff. On December 6, 2010, Union Bancaire Privée announced it had reached a settlement with the trustee for Madoff Investment Securities. UBP sidestepped the suit when it agreed to pay as much as $500 million to resolve Bernard Madoff trustee's claims. UBP was the first bank to settle Madoff trustee's claim. With this settlement, the Trustee agreed to discharge his "clawback" claims against UBP, its affiliates and clients. Bank Medici is an Austrian bank founded by Sonja

title: Madoff investment scandal

text: launder more than $250 million of client money by transferring client money from the investment-advisory business in New York to London and then back to the U.S. to support the U.S. trading operation of Bernard L. Madoff Investment Securities LLC. Madoff gave the appearance that he was trading in Europe for his clients. On March 12, 2009, Madoff appeared in court in a plea proceeding, and pleaded guilty to all charges. There was no plea agreement between the government and Madoff; he simply pleaded guilty and signed a waiver of indictment. The charges carried a maximum sentence of 150 years

title: Madoff investment scandal

text: filed an 11-count criminal information, or complaint, charging Madoff with 11 federal crimes: securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, making false filings with the SEC, and theft from an employee benefit plan. The complaint stated that Madoff had defrauded his clients of almost $65 billion – thus spelling out the largest Ponzi scheme in history, as well as the largest investor fraud committed by a single person. Madoff pleaded guilty to three counts of money laundering. Prosecutors allege that he used the London Office, Madoff Securities International Ltd. to

title: Madoff investment scandal

text: Madoff was released on the same day of his arrest after posting $10 million bail. Madoff and his wife surrendered their passports, and he was subject to travel restrictions, a 7 p.m. curfew at his co-op, and electronic monitoring as a condition of bail. Although Madoff only had two co-signers for his $10 million bail, his wife and his brother Peter, rather than the four required, a judge allowed him free on bail but ordered him confined to his apartment. Madoff has reportedly received death threats that have been referred to the FBI, and the SEC referred to fears of

title: Madoff investment scandal

text: never-invested $10 million, deposited in a Madoff account at JPMorgan, wired six days before Madoff's arrest. Judge Lifland ruled that Rosenman was "indistinguishable" from any other Madoff client, so there was no basis for giving him special treatment to recover funds. The judge separately declined to dismiss a lawsuit brought by Hadleigh Holdings, which claims it entrusted $1 million to the Madoff firm three days before his arrest. Madoff asked others for money in the final weeks before his arrest, including Wall Street financier Kenneth Langone, whose office was sent a 19-page pitch book, allegedly created by the staff at

title: Madoff investment scandal

text: Madoff struggled to keep the scheme afloat. In November 2008, Madoff Securities International (MSIL) in London made two fund transfers to Bernard Madoff Investment Securities of approximately $164 million. MSIL had neither customers nor clients, and there is no evidence that it conducted any trades on behalf of third parties. Madoff received $250 million around December 1, 2008, from Carl J. Shapiro, a 95-year-old Boston philanthropist and entrepreneur who was one of Madoff's oldest friends and biggest financial backers. On December 5, he accepted $10 million from Martin Rosenman, president of Rosenman Family LLC, who later sought to recover the

title: Madoff investment scandal

text: broker-dealer's account into his Ponzi scheme account. Eventually, he drew on $342 million from his broker-dealer's credit lines to keep the Ponzi scheme afloat through 2006. Markopolos wrote that he suspected Madoff was on the brink of insolvency as early as June 2005, when his team learned he was seeking loans from banks. By then, at least two major banks were no longer willing to lend money to their customers to invest it with Madoff. In June 2008, Markopolos' team uncovered evidence that Madoff was accepting leveraged money. To Markopolos' mind, Madoff was running out of cash and needed to

title: Madoff investment scandal

text: the impossibility of the strategy Madoff claimed to use because options volume had no relation to the amount of money Madoff was said to administer. The options volume implied that Madoff's fund had $750 million, while he was believed to be managing $15 billion. And only if Madoff was assumed to be responsible for all the options traded in the most liquid strike price. Charles J. Gradante, co-founder of hedge-fund research firm Hennessee Group, observed that Madoff "only had five down months since 1996", and commented on Madoff's investment performance: "You can't go 10 or 15 years with only three

title: Madoff investment scandal

text: Madoff. Markopolos' bosses at Rampart asked him to design a product that could replicate Madoff's returns. However, Markopolos concluded almost immediately that Madoff's numbers didn't add up. After four hours of trying and failing to replicate Madoff's returns, Markopolos concluded Madoff was a fraud. He told the SEC that based on his analysis of Madoff's returns, it was mathematically impossible for Madoff to deliver them using the strategies he claimed to use. In his view, there were only two ways to explain the figures—either Madoff was front running his order flow, or his wealth management business was a massive Ponzi

title: Madoff investment scandal

text: Madoff brothers gave $56,000 to SIFMA, and tens of thousands of dollars more to sponsor SIFMA industry meetings. In addition, Bernard Madoff's niece Shana Madoff was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest. She married former assistant director of the SEC's OCIE Eric Swanson, whom she had met in 2003 while he was investigating her uncle Bernie Madoff and his firm. The investigation concluded in 2005. In 2006 Swanson left the SEC and became engaged to Shana Madoff, and in 2007 the two married. A spokesman

title: Madoff investment scandal

text: trade group. The Madoff family has long-standing, high-level ties to the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization. Bernard Madoff sat on the board of directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA. Madoff's brother Peter then served two terms as a member of SIFMA's board of directors. Peter's resignation as the scandal broke in December 2008 came amid growing criticism of the Madoff firm's links to Washington, and how those relationships may have contributed to the Madoff fraud. Over the years 2000–08, the two

title: Madoff investment scandal

text: Building, with the investment management division, referred to as the "hedge fund", employing a staff of approximately 24. Madoff ran a branch office in London that employed 28 people, separate from Madoff Securities. The company handled investments for his family of approximately £80 million. Two remote cameras installed in the London office permitted Madoff to monitor events from New York. In 1992, Bernard Madoff explained his purported strategy to "The Wall Street Journal". He said the returns were really nothing special, given that the Standard & Poors 500-stock index generated an average annual return of 16.3% between November 1982 and

title: Michelle Madoff

text: environmental activist. The polluted air of Pittsburgh adversely affected her asthma, inspiring her to start Group Against Smog and Pollution (GASP) in 1969. Madoff co-founded and was the first president of the Pittsburgh-based organization, a local group with a long history of environmental activism. Madoff worked with Jones and Laughlin Steel Company to keep steel-working jobs in Pittsburgh. She was unsuccessful in runs for Pittsburgh City Council in 1973 and Allegheny County Commissioner in 1975. Madoff was first elected in 1978 to fill the unexpired term of Richard Caliguiri. Caliguiri was serving as President of Pittsburgh City Council and became

title: Shana Madoff

text: fabricating documents to evade taxes and to help BLMIS escape SEC scrutiny. He was sentenced to 10 years in prison. As part of her father's forfeiture deal with the Justice Department, the $2.3 million in proceeds from selling Shana's five-bedroom East Hampton house was surrendered. In October 2009, court-appointed trustee Irving Picard charged in a civil lawsuit that she played a role in filing a January 2008 form that inflated the assets that the Madoff firm in fact had. Picard sued her, her father and two cousins (Mark Madoff and Andrew Madoff) for what he claimed was $198.7 million of

title: Shana Madoff

text: In 2008, Bernard Madoff spoke at a business roundtable meeting of his "very close" relationship with an SEC lawyer, and chuckled: "my niece even married one". In April 2009, Richards recused herself from the Madoff investigation. Swanson is now general counsel at BATS Trading, the third-largest U.S. stock exchange. Shana Madoff's uncle Bernard pleaded guilty to federal charges against him, following the Madoff investment scandal becoming public, in March 2009. He was sentenced to 150 years in prison. Her father, Peter, the chief compliance officer of BLMIS, who was her boss at the company, pleaded guilty in July 2012 to

title: Shana Madoff

text: of the Executive Committee of SIFMA's Compliance & Legal Division, while her father served on SIFMA's board of directors. She resigned that position after her uncle's arrest. Subsequent to the Ponzi scheme in the Madoff investment scandal becoming public, a spokesman for Shana Madoff said she had "no prior knowledge of the horrific fraud perpetuated." She is married to Eric Swanson, an attorney and a former Assistant Director of the Office of Compliance Investigations and Examinations at the SEC, the securities regulator, whom she met in April 2003. She and Swanson met during an SEC examination of whether Bernie Madoff

title: Imagining Madoff

text: Imagining Madoff Imagining Madoff is a 2010 play by playwright Deb Margolin that tells the story of an imagined encounter between Bernard Madoff, the admitted operator of what has been described as the largest Ponzi scheme in history, and his victims. Margolin had originally planned to use Nobel Laureate and Holocaust survivor Elie Wiesel as a character representing a victim, but was obliged by legal threats to substitute a fictional character, whom she named Solomon Galkin. Wiesel had been one of Madoff's most notable victims, having lost his life savings to Madoff's fraud in addition to more than $15 million

title: Bernard Madoff

text: educational, cultural, and health charities, including those later forced to close because of Madoff's fraud. After Madoff's arrest, the assets of the Madoff Family Foundation were frozen by a federal court. Impact of Madoff The systemic problems exposed in the Madoff prosecution have not improved remedies for fraud victims. Indeed, since the exposure, it has become far harder for a fraud victim to prevail. In 2009, the Supreme Court required a plaintiff to establish his claim before any disclosure is required by the defendant. "Labels and conclusions" and "a formulaic recitation of the elements of a cause of action" will

title: Bernard Madoff

text: arrest. Madoff also served on the Board of New York City Center, a member of New York City's Cultural Institutions Group (CIG). He served on the executive council of the Wall Street division of the UJA Foundation of New York which declined to invest funds with him because of the conflict of interest. Madoff undertook charity work for the Gift of Life Bone Marrow Foundation and made philanthropic gifts through the Madoff Family Foundation, a $19 million private foundation, which he managed along with his wife. They donated money to hospitals and theaters. The foundation has also contributed to many

title: Bernard Madoff

text: left, Hadassah had invested a total of $40 million. By the end of 2008, Hadassah had withdrawn more than $130 million from its Madoff accounts and contends its accounts were valued at $90 million at the time of Madoff's arrest. At the victim impact sentencing hearing, Weinstein testified, calling him a "beast". According to a March 13, 2009 filing by Madoff, he and his wife were worth up to $126 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC. Other major assets included securities ($45 million), cash ($17 million),

title: Bernard Madoff

text: injuries as more serious and including "facial fractures, broken ribs, and a collapsed lung". The Federal Bureau of Prisons said Madoff signed an affidavit on December 24, 2009, which indicated that he had not been assaulted and that he had been admitted to the hospital for hypertension. In his letter to his daughter-in-law, Madoff said that he was being treated in prison like a "Mafia don". They call me either Uncle Bernie or Mr. Madoff. I can't walk anywhere without someone shouting their greetings and encouragement, to keep my spirit up. It's really quite sweet, how concerned everyone is about

title: Bernard Madoff

text: government announced that it would begin paying out $772.5 million to more than 24,000 victims of the Ponzi scheme. On March 12, 2009, Madoff pleaded guilty to 11 federal felonies, including securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC. The plea was the response to a criminal complaint filed two days earlier, which stated that over the past 20 years, Madoff had defrauded his clients of almost $65 billion in the largest Ponzi scheme in history. Madoff insisted he was solely responsible for

title: Bernard Madoff

text: they left their father's apartment, Mark and Andrew immediately contacted a lawyer, who in turn got them in touch with federal prosecutors and the SEC. On December 11, 2008, Madoff was arrested and charged with securities fraud. Madoff posted $10 million bail in December 2008 and remained under 24-hour monitoring and house arrest in his Upper East Side penthouse apartment until March 12, 2009, when Judge Denny Chin revoked his bail and remanded him to the Metropolitan Correctional Center. Chin ruled that Madoff was a flight risk because of his age, his wealth, and the prospect of spending the rest

title: Bernard Madoff

text: Service was brought in to conduct an independent outside review. The Williams Report questioned Kotz's work on the Madoff investigation, because Kotz was a "very good friend" with Markopolos. Investigators were not able to determine when Kotz and Markopolos became friends. A violation of the ethics rule would have taken place if the friendship were concurrent with Kotz's investigation of Madoff. In 1999, financial analyst Harry Markopolos had informed the SEC that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. According to Markopolos, it took him four minutes to conclude that Madoff's

title: Bernard Madoff

text: SEC was criticized for its lack of financial expertise and lack of due diligence, despite having received complaints from Harry Markopolos and others for almost a decade. The SEC's Inspector General, Kotz, found that since 1992, there had been six investigations of Madoff by the SEC, which were botched either through incompetent staff work or by neglecting allegations of financial experts and whistle-blowers. At least some of the SEC investigators doubted whether Madoff was even trading. Due to concerns of improper conduct by Inspector General Kotz in the Madoff investigation, Inspector General David C. Williams of the United States Postal

title: Bernard Madoff

text: Madoff, a practice that continued after Avellino and Bienes took over the firm in the 1970s. Avellino returned the money to investors and the SEC closed the case. In 2004, Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations (OCIE), informed her supervisor branch chief Mark Donohue that her review of Madoff found numerous inconsistencies, and recommended further questioning. However, she was told by Donohue and his boss Eric Swanson to stop work on the Madoff investigation, send them her work results, and instead investigate the mutual fund industry. Swanson, Assistant Director of the SEC's OCIE,

title: Bernard Madoff

text: 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said that he began the Ponzi scheme in the early 1990s, but federal investigators believe that the fraud began as early as the mid-1980s and may have begun as far back as the 1970s. Those charged with recovering the missing money believe that the investment operation may never have been legitimate. The amount missing from client accounts was almost $65 billion, including fabricated gains. The Securities

title: Bernard Madoff

text: in 1960 which eventually grew into Bernard L. Madoff Investment Securities. He served as its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms by directly executing orders over the counter from retail brokers. At the firm, he employed his brother Peter Madoff as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as the firm's rules and compliance officer and attorney, and his now deceased sons Andrew and Mark. Peter has since been sentenced to 10 years in prison and Mark

title: Bernard Madoff

text: Bernard Madoff Bernard Lawrence Madoff (; born April 29, 1938) is an American former market maker, investment advisor, financier, fraudster, and convicted felon, who is currently serving a federal prison sentence for offences related to a massive Ponzi scheme. He is the former non-executive chairman of the NASDAQ stock market, the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history. Prosecutors estimated the fraud to be worth $64.8 billion based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008. Madoff founded a penny stock brokerage

title: Imagining Madoff

text: planned "to be on the wrong side of anybody, let alone someone I admire". The New Repertory Theatre of Watertown, MA staged the New England premiere in January 2014, which included sixteen sold-out performances. An encore extension was co-presented with the Boston Center for American Performance at the Boston University Theatre-Comley Studio 210 in May-June 2014. On February 27, 2012, Deb Margolin's Imagining Madoff was nominated for the 28th Annual Helen Hayes Awards which celebrates excellence in professional theater in the Washington D.C. area. Imagining Madoff Imagining Madoff is a 2010 play by playwright Deb Margolin that tells the story

text: Investment Securities LLC, to the U.K. office and then back to accounts in the U.S. In 2000, Madoff began to add staff and expand the operation, and loaned the business $62.5 million. He had a staff of 25, including traders, managers and support. Instructions to staff was that they communicate with Madoff Securities through personal e-mail accounts, not through company e-mail. There were nine directors. Family members with shares included Mark and Andrew Madoff, Peter Madoff, and Bernard himself. Ruth Madoff, Bernard Madoff's wife, also held shares. Non-family members with shares included Maurice J. "Sonny" Cohn. Madoff and Cohn were

title: Bernard Madoff

text: initially asked the judge to impose a sentence of 7 years, and later requested that the sentence be 12 years, because of Madoff's advanced age of 71 and his limited life expectancy. Madoff apologized to his victims, saying,I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren. This is something I will live in for the rest of my life. I'm sorry. He added, "I know that doesn't help you," after his victims recommended to the judge that he receive a life sentence. Judge Chin had not received any

title: Where We Live

text: Blumenthal, Neil DeGrasse Tyson, Dave Brubeck, Gloria Steinem, United States ambassador Robert Ford and others. Where We Live "Where We Live" is the award-winning flagship news and talk program for WNPR (Connecticut Public Radio). The program is hosted by Lucy Nalpathanchil. "Where We Live" was originally created by John Dankosky in 2006. The show format includes live listener participation through phone and social media as well as long form interviews. It has been honored three times nationally as "Best Call-in Show" by PRNDI (Public Radio News Directors Inc.) "Where We Live" has included numerous local and national guests such as

title: Where We Live

text: Where We Live "Where We Live" is the award-winning flagship news and talk program for WNPR (Connecticut Public Radio). The program is hosted by Lucy Nalpathanchil. "Where We Live" was originally created by John Dankosky in 2006. The show format includes live listener participation through phone and social media as well as long form interviews. It has been honored three times nationally as "Best Call-in Show" by PRNDI (Public Radio News Directors Inc.) "Where We Live" has included numerous local and national guests such as Connecticut Governor Dannel Malloy, retired NBA player, Jason Collins, Connecticut Senators Chris Murphy and Richard

text: estate holdings. Picard charged that "red flags" were ignored, and there was no due diligence. He claimed that the Mets owners "were simply in too deep – having substantially supported their businesses with Madoff money – to do anything but ignore the gathering clouds." On February 10, 2011, former N.Y. governor Mario Cuomo was appointed as a mediator in the dispute between the trustee and Sterling. On March 19, 2012 Wilpon and Picard agreed to settle the lawsuit for $162 million. Ruth Madoff did not attend her husband's sentencing. As part of her husband's sentencing terms, she agreed to give

text: Madoff's scheme and had cooperated fully with investigators. Swain ruled that Konigsberg had earned lenience from federal sentencing guidelines and did not have to serve any time in prison. Evidence is being gathered by investigators on a U.S.-U.K. task force that Konigsberg and Levy, a real-estate mogul and philanthropist are believed to be involved in an international transfer of money. Levy is believed to have helped Paul Konigsberg funnel checks to London. And investigators in New York say there were billions of dollars' worth of checks going back and forth between Madoff and Levy. Ruth and Bernie Madoff had an

title: Madoff investment scandal

text: after his death in which René-Thierry expressed remorse and a feeling of responsibility for the loss of his investors' money. The FBI and SEC do not believe de la Villehuchet was involved in the fraud. Harry Markopolos said he had met with de La Villehuchet several years before, and had warned him that Madoff might have been breaking the law. In 2002, Access invested about 45% of its $1.2 billion under management with Madoff. By 2008, Access managed $3 billion and raised its proportion of funds invested with Madoff to about 75%. De la Villehuchet had also invested all of

title: Madoff investment scandal

text: Kohn, who met Madoff in 1985 while living in New York. Ninety percent of the bank's income was generated from Madoff investments. In December 2008, Medici reported that two of its funds—Herald USA Fund and Herald Luxemburg Fund—were exposed to Madoff losses. On January 2, 2009, FMA, the Austria banking regulator, took control of Bank Medici and appointed a supervisor to control the bank. Bank Medici, and its Austrian banking license is now for sale and has been sued by its customers both in the U.S. and in Austria. The Vienna State Prosecutor has launched a criminal investigation of Bank

title: Madoff investment scandal

text: million were also listed, with a total potential loss of $540 million. The grand total potential loss in "The Wall Street Journal" table is $26.9 billion. Some investors have amended their initial estimates of losses to include only their original investment, since the profits Madoff reported were most likely fraudulent. Yeshiva University, for instance, said its actual incurred loss was its invested $14.5 million, not the $110 million initially estimated, which included falsified profits reported to the university by Madoff. It is estimated the potential tax penalties for foundations invested with Madoff are $1 billion. Although foundations are exempt from

title: Madoff investment scandal

text: $13 billion, more than 32 times the federal cap; the commonly quoted loss of $65 billion is more than 162 times the cap. Chin said "I have a sense Mr. Madoff has not done all that he could do or told all that he knows," noting that Madoff failed to identify accomplices, making it more difficult for prosecutors to build cases against others. Chin dismissed Sorkin's plea for leniency, stating that Madoff made substantial loans to family members and moved $15 million from the firm to his wife's account shortly before confessing. Picard also said that Madoff's failure to provide

title: Madoff investment scandal

text: in prison, as well as mandatory restitution and fines up to twice the gross gain or loss derived from the offenses. If the government's estimate is correct, Madoff will have to pay $7.2 billion in restitution. A month earlier, Madoff settled the SEC's civil suit against him. He accepted a lifetime ban from the securities industry, and also agreed to pay an undisclosed fine. In his pleading allocution, Madoff admitted to running a Ponzi scheme and expressed regret for his "criminal acts". He stated that he had begun his scheme some time in the early 1990s. He wished to satisfy

title: Madoff investment scandal

text: to the investor, Madoff needed to earn 16% gross, so as to distribute a 4% fee to the feeder fund managers, who Madoff needed to secure new victims, with the 4% ensuring these feeder fund managers would stay "willfully blind, and not get too intrusive". Concerns were also raised that Madoff's auditor of record was Friehling & Horowitz, a two-person accounting firm based in suburban Rockland County that had only one active accountant, David G. Friehling, a close Madoff family friend. Friehling was also an investor in Madoff's fund, which was seen as a blatant conflict of interest. In 2007,

title: Madoff investment scandal

text: in the investment management division and advisory division may have begun in the 1970s. However, Madoff himself stated his fraudulent activities began in the 1990s. In the 1980s, Madoff's market-maker division traded up to 5% of the total volume made on the New York Stock Exchange. Madoff was "the first prominent practitioner" of payment for order flow, paying brokers to execute their clients' orders through his brokerage, a practice some have called a "legal kickback". This practice gave Madoff the distinction of being the largest dealer in NYSE-listed stocks in the U.S., trading about 15% of transaction volume. Academics have

title: Madoff investment scandal

text: compliance officer and attorney, and Madoff's sons Andrew and Mark. Peter has since been sentenced to 10 years in prison, and Mark committed suicide by hanging exactly two years after his father's arrest. Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in history. On June 29, 2009, he was sentenced to 150 years in prison with restitution of $170 billion. According to the original federal charges, Madoff said that his firm had "liabilities of approximately US$50

title: Where Did Everyone Go?

text: "there is a perceptible poignancy and longing weaved throughout Jenkins' arrangements. The opener "Where Did Everyone Go?" possesses a solitude accentuated by responsive instrumentation that supports, yet never intrudes. Cole's practically conversational delivery of pop standards...become musical soliloquies with the score as a sonic subtext." Where Did Everyone Go? Where Did Everyone Go? is a 1963 studio album by Nat King Cole, arranged by Gordon Jenkins. This was the third and final album that Cole and Jenkins recorded together, following "Love Is the Thing" (1957) and "The Very Thought of You" (1958). The initial "Billboard" review from April 13, 1963

title: Where Did Everyone Go?

text: Where Did Everyone Go? Where Did Everyone Go? is a 1963 studio album by Nat King Cole, arranged by Gordon Jenkins. This was the third and final album that Cole and Jenkins recorded together, following "Love Is the Thing" (1957) and "The Very Thought of You" (1958). The initial "Billboard" review from April 13, 1963 commented that "Here he is in a superb collection of ballad tunes, many of them in a lonesome, blue mood, with standout backing provided by Gordon Jenkins...Great mood wax for buyers and spinners". The Allmusic review of "Where Did Everyone Go?" by Lindsay Planer said