Bernard L. Madoff, the Chairman of Madoff Investment Securities, is seen speaking in this image from a video made during a panel discussion on the future of the stock market at the Philoctetes Center in New York in this file video from October 20, 2007 that was released by the center to Reuters.
May 12 2009 The '60s: When It All Began Madoff starts a stock trading firm. Unknown to Wall Street he's got a side business, investment advising, and hires Michael Bienes to recruit clients.
2009
Friday 03 July 2009 Oil brokerage PVM names rogue trader PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10-million (U.S.).
Friday 03 July 2009 Oil brokerage PVM names rogue trader PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10-million (U.S.).
Tuesday 30 June 2009 Fraudster Madoff gets 150 years
Bernard Madoff has been given the maximum sentence of 150 years for a fraud that robbed investors of $65bn (£40bn).
Friday, June 19, 2009 Charlie Rose in A conversation withRonnie Sue Ambrosino is married to Dominic Ambrosino and a victim of the Bernie Madoff Ponzi Scheme
Monday 29 June 2009 Madoff Slammed With 150-Year Sentence
Confessed Scam Artist Gets Maximum Sentence; Says He'll Live With "This Torment For The Rest Of My Life"
Bernard Madoff (71), the former Wall Street financier that pleaded guilty to defrauding clients out of billions in an unprecedented Ponzi scheme, was sentenced to 150 years in prison Monday.
Wednesday 24 June 2009 Madoff asks for 12 years in jail
Disgraced US financier Bernard Madoff's lawyer has said his client deserves 12 years in prison for his crimes.
Antigua fires finance regulator
Antigua and Barbuda fires its chief financial regulator, accused of accepting bribes from Texan billionaire Sir Allen Stanford. Sir Allen was charged last week with fraud and obstruction related to a $7bn (£4.2bn) scheme to defraud investors.
Jun. 19, 2009 Stanford charged with massive fraud
- Texas billionaire Allen Stanford has been charged with orchestrating a massive fraud through his Antigua bank that bilked investors out of billions of dollars.
Sunday 14 June 2009 a class="b2" href="http://www.nytimes.com/2009/06/13/your-money/13wealth.html?8au&emc=au" onmouseover="return overlib('click to nyt By PAUL SULLIVAN ', LEFT);" onmouseout="return nd();" target="_"> How Do I Know You’re Not Bernie Madoff?
In the wake of the Ponzi scheme, investors are asking wealth managers tougher questions, including how to vet what’s on their statement.
(U.S. Marshals Service)
The timely withdrawal of $12 billion from Bernard Madoff's client accounts may give wiped out investors hope of recouping some of their losses.
Some clients withdrew billions from their accounts the year prior to the financier's arrest on fraud charges – about $6 billion of which was pulled out just three months before Madoff revealed his elaborate Ponzi scheme, according to a New York Times report Wednesday.
How is wealth destroyed?
Accounts of the destruction of wealth are puzzling to many - isn’t wealth transferred from one individual or group to another? In the commodity business, there has to be a buyer and a seller, and whatever the buyer makes in a subsequent transaction, the seller looses. This is not, however, the case with a stock, or for that matter, real estate. If the value of the purchase goes down, the owner loses money, but nobody makes that money. There are variations on this theme, including tax gimmicks (realized versus unrealized portfolio losses) and failure of businesses, but the underlying logic is the same
Then of course, there is the Ponzi scheme most recently illustrated by Bernard Madoff. Another view is that the financial economy is a zero-sum game, some people win, some people lose, but the sum of the gains and losses is always constant. In the real economy, if for some reason - the financial economy, a pandemic … people stop producing and the world GNP goes down, then everyone loses. By the same token, when the real economy expands, then everybody gains. So in the real economy there can be positive or negative sum games.
from Wed1417
Saturday 02 May 2009 Madoff trustee sues Stanley Chais
NEW YORK (MarketWatch) -- Irving H. Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, said on Friday that he has filed suit against Stanley Chais and related entities, accusing them of getting about $1 billion via Madoff that actually belonged to other investors. more related
Monday 13 April 2009 Madoff Can Be Forced Into Bankruptcy, Judge Rules
Some investors have sought to force Bernard Madoff to file bankruptcy to assure that all possible assets are transferred to victims. Over the objections of the government, a federal judge cleared the way on Friday for Bernard L. Madoff to be forced into personal bankruptcy, a ruling that could help those who invested with one of the many big hedge funds that lost money in his vast Ponzi scheme.
Thursday 02 April 2009 US marshals seize Madoff property
Marshals in Florida seize the home, luxury yacht and a smaller boat of disgraced US financier Bernard Madoff.
Monday 16 March 2009 Government Seeking Madoff Assets
Listed in the two-page notice are the Madoffs’ homes in Manhattan, Montauk, N.Y., Palm Beach, Fla. and the Antibes in France.
Federal prosecutors filed a notice in federal court on Sunday evening declaring their intent to seek the forfeiture of a wide swath of property owned by Bernard L. Madoff and his wife, Ruth.
Listed in the two-page notice are the Madoffs’ homes in Manhattan, Montauk, N.Y., Palm Beach, Fla. and the Antibes in France. Prosecutors are also seeking their interests in Cohmad Securities, a securities firm under investigation by the state of Massachusetts, and a Wachovia bank account in Ruth Madoff’s name holding more than $17 million.
Saturday 14 March 2009 Court documents show that financier Bernard Madoff and his wife had assets worth $823 million at the end of last year. The documents were filed by his lawyers in an effort to have him again freed on bail. Mr. Madoff is accused of what could be the worst securities fraud in Wall Street history. He was sent to jail on Thursday and his bail of $10 million revoked after he pleaded guilty to 11 felonies, including securities fraud. He risks as long as 150 years in prison.
Friday 13 March 2009 Bernard Madoff
History's biggest swindler faces life behind bars ... more
Madoff fraud investigation widens
With Bernard Madoff now behind bars, attention turns to whether others were involved in his $50bn (£35bn) fraud.
Wednesday 11 March 2009 Madoff 'expected to plead guilty'
Disgraced US financier Bernard Madoff is expected to plead guilty to orchestrating a $50bn (£35bn) fraud, his lawyer says.
Saturday 07 March 2009 Madoff guilty plea on the cards
Disgraced US financier Bernard Madoff, may plead guilty next week , reports suggest.
Airtime: Wed. Feb. 4 2009 Ackerman's Attack on SEC
Rep. Gary Ackerman (D-NY) lets SEC officials know what he thinks about their lack of oversight in the alleged Madoff Ponzi scheme
on February 26, 2009 Madoff’s Montreal effect By Jessica Murphy Among the victims of Bernie Madoff's alleged Ponzi scheme were a number of prominent Canadians, including former Westmount resident Phil Robinson. Robinson, part-owner of the Gray Rocks and Mont Blanc ski resorts, lost about $4 million to the accused Wall Street swindler, according to a report by The Globe and Mail newspaper. His extended family lost upwards of $13 million...
Saturday 21 February 2009 Madoff Never Made Supposed Investments
A report raises the question of how fake statements were generated in the absence of any genuine trading.
Friday 20 February 2009 The FBI has located Texas financier R. Allen Stanford and served him legal papers in Fredericksburg, VA. The U.S. Securities and Exchange Commission had been unable to locate him after accusing him on Tuesday of a US$8-billion fraud. According to the SEC, he duped investors with promises of fabulous returns on certificates of deposit and other investments. The Venezuelan authorities on Thursday seized a failed bank controlled by Mr. Stanford after a run on its deposits, while clients in a half-dozen other countries were prevented from withdrawing their money from Stanford International Bank and its affiliates.
Friday 20 February 2009 Madoff Likely Bought No Securities
Irving H. Picard, the court-appointed trustee, has been attempting to recover as much money as possible for victims of Bernard L. Madoff’s alleged fraud.
Updated at 4 p.m. The court-appointed trustee overseeing the liquidation of Bernard L. Madoff’s investment firm said Friday that the disgraced financier did not buy any securities for his clients in at least the last 13 years.
The Securities and Exchange Commission charged Sir Allen Stanford, a Texan billionaire, with an $8 billion fraud. The allegations centre on Stanford International Bank, which operates from Antigua; many investors who have lost money are from Latin America. The charges are an embarrassment for England’s cricket board, which had been negotiating a sponsorship deal with Sir Allen. Last year, he put up $20m for a controversial tournament in which England played Sir Allen’s team of Caribbean all-stars. See article
Thursday 12 February 2009 Wife Withdrew Millions Before Madoff’s Arrest
Records show Ruth Madoff withdrew $10 million on the day before Bernard L. Madoff was arrested, and $5.5 million a few weeks before.
reached a partial settlement in its civil case against Bernard L. Madoff, the financier accused of masterminding a vast Ponzi scheme. The agreement, submitted to the federal judge overseeing the case, could eventually force him to pay a civil fine and return money raised from investors
Tuesday 10 February 2009 Madoff Deal on S.E.C. Civil Claims
By DEALBOOK
The Securities and Exchange Commission reached a partial settlement in its civil case with Bernard L. Madoff, the financier accused of masterminding a vast Ponzi scheme.
Monday 09 February 2009 Madoff agrees to partial civil judgment in SEC case NEW YORK (Reuters) - Accused Wall Street swindler Bernard Madoff has agreed to a proposed partial judgment in a civil case brought by the U.S. Securities and Exchange Commission without admitting or denying fraud charges, the regulator said on Monday.
Friday 06 February 2009
Bernie's Madoff's Canadian connection
Hamilton retailer Mark Gould finds it comical that the name of his deceased father Allen H. Gould – renowned for being a savvy investor and entrepreneur in his day – should appear on a list of thousands of clients of disgraced financial guru Bernard Madoff.
Friday 06 February 2009 Ponzi north
When people around Phillip Robinson saw how lucrative his investments were, they wanted in. Now, the Canadian link to Bernard Madoff is becoming clear, and it isn't pretty
Monday 26 January 2009 Zsa Zsa 'loses $7m in US fraud'
Veteran actress Zsa Zsa Gabor is said to have lost at least $7m in the alleged multi-billion fraud by US trader Bernard Madoff.
Tuesday 13 January 2009 As we continue to shake our heads over the Madoff saga, how many noticed the Frank Rich column about the U.S. government’s own Ponzi scheme: “THREE days after the world learned that $50 billion may have disappeared in Bernie Madoff’s Ponzi scheme, The Times led its front page of Dec. 14 with the revelation of another $50 billion rip-off. This time the vanished loot belonged to American taxpayers. That was our collective contribution to the $117 billion spent (as of mid-2008) on Iraq reconstruction - a sinkhole of corruption, cronyism, incompetence and outright theft that epitomized Bush management at home and abroad.” OUCH! DTN
Monday 12 January 2009 Judge allows Madoff to stay out of jail NEW YORK (Reuters) - Accused swindler Bernard Madoff will be allowed to stay in his Manhattan apartment under house arrest, a U.S. judge ruled on Monday, rejecting a government request to throw him in jail.
Saturday 10 January 2009 New Timing on Madoff’s Confession
Bernard Madoff remained free on bail as questions arose about when he told his brother Peter B. Madoff, the firm’s chief compliance officer, of his Ponzi scheme. Peter B. Madoff, the younger brother and longtime business partner of Bernard L. Madoff, has said that his brother disclosed his huge fraud scheme to him the evening before confessing to his sons, according to people briefed on the chronology of the scandal. The timing of the confessions raises questions about whether Peter Madoff had an obligation to report his brother’s alleged $50 billion Ponzi scheme to federal authorities immediately, as the Madoff sons did when their father informed them the next day, Dec. 10.
Madoff Trustee Mails 8,000 Claims
The trustee overseeing Bernard L. Madoff’s firm has sent the forms to customers seeking to recover collectively billions from the money manager’s alleged Ponzi scheme.
Monday 05 January 2009 TORONTO: JEWISH CHARITY LOST IN WALL STREET SCAM
A Jewish charity is the first Canadian entity to acknowledge having lost money in the Ponzi scheme run by New York financier Bernard Madoff. The Jewish Federation of Greater Toronto says it lost $486,000. The charity says that it had earned decent returns from Mr. Madoff in recent years and that the loss won't affect its activities. Other charities in the U.S., including some Jewish ones, have had to shut down after Mr. Madoff's alleged fraud scheme was uncovered. Royal Bank of Canada says some of its customers lost less than $50 million and Toronto-Dominion Bank $5 million, although the banks affirm that they themselves didn't lose money.
Friday 02 January 2009 Madoff money chase offers long road and little reward LOS ANGELES/NEW YORK (Reuters) - Everyone caught up in the scandal of accused Wall Street swindler Bernard Madoff wants to know where the money is. Madoff, who authorities say confessed to losing $50 billion in "a giant Ponzi scheme," has given a list of his assets, liabilities and property to U.S. regulators.
2008
Greetings
all,
The illustration reflects the rather sober mood of the world in this normally
festive season. Trees,
yes; tinsel, no.
In the midst of the continuing financial crisis and debate over the auto
industry bailout (we were overly optimistic last week), the news
of the Madoff
Ponzi Scheme adds a dramatic and dismaying note to the follies
of Wall Street that have dominated the headlines for months. The enormous
impact of the scheme on thecharitable
foundations of such as Steven Spielberg, Elie Wiesel and Mort Zuckerman, along
with many
others affects us in a way that the losses of tycoons on Wall Street could
never do. The Globe
& Mail puts the problem in context: " There seems to have been a
massive failure of due diligence at Madoff Investments. Mr. Madoff's wealthy
friends can be forgiven for trusting their buddy. But professional financial
advisers, charged with helping their clients make investment decisions, should
never have been doing business with this fund. Madoff Investment failed the
most basic of screening processes." We also thank John Evdokias for
forwarding an excellent analytical piece from Castle Hall Alternatives "Madoff -
Where do we even begin?" more on w-n
| on Youtube
Wednesday Feb 13, 2008 SocGen rights issue seen as no deterrent to predators
A deeply discounted $8-billion rights issue from Société Générale, seen in part as a bid by the scandal-hit French bank ..
Monday 11 February 2008 Société Générale Seeks to Raise $8 Billion
The French bank offered millions of new shares to investors at a fire-sale price Monday, seeking to replace the more than $7 billion it lost in a trading scandal.
Monday 11 February 2008 Theory Gains That Trader Had a Helper
By NICOLA CLARK and KATRIN BENNHOLD
The investigation into the $7.2 billion trading scandal at Société Générale appears to be aiming toward a theory that the bank’s rogue trader might not have acted alone.
Sunday 10 February 2008 Transcript Reveals Details of French Trader’s Actions
Documents suggest that a trader at Société Générale was aware of Jérôme Kerviel’s surreptitious trading and that Mr. Kerviel understood the gravity of his actions.
Thursday 31 January 2008 No Défense
France continued to reel at the scale of the trading scandal at Société Générale, the country's second biggest bank. Jérôme Kerviel, the trader said to be responsible for a euro4.9 billion ($7.2 billion) loss, was placed under formal investigation by the courts for forgery and breach of trust. France's president, Nicolas Sarkozy, dropped a strong hint that Daniel Bouton, SocGen's boss, and other executives should go. SocGen's board disagreed, giving Mr Bouton a unanimous vote of confidence. See article
Wednesday 30 January 2008 Societe board begins crisis talks
Directors at scandal-hit Societe Generale begin talks to decide the fate of the bank's head, Daniel Bouton.
Tuesday 29 January 2008 The man at the centre of a huge bank fraud at Societe Generale was charged on Monday with breach of trust and two other related charges. The prosecutor said that Jerome Kerviel admitted during two days of questioning that he carried out acts to conceal reckless positions on the markets, but he did not profit personally from the financial deals. Jean-Claude Marin said that Mr. Kerviel wanted to be seen as an exceptional trader who was attracted by a 300 thousand Euro bonus. According to the allegations, his scam cost the Societe-Generale almost five billion Euros, or more than CDN$7 billion. After the charges were laid, Mr. Kerviel was released on bail.
French bank 'had trader warning'
Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
Monday 28 January 2008
A French Style of Capitalism Is Now Stained
Société Générale, the French bank that earned the respect of it rivals, is now embarrassed by a rogue trader. PARIS — In a country where the hurly-burly of market capitalism has long been viewed with suspicion, Société Générale was a rare Gallic success story — the Chanel or Château Margaux of French banking.
Bank Outlines How Trader Hid His Activities
Société Générale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
Monday 28 January 2008 French trader 'concealed deals'
French trader Jerome Kerviel has admitted to hiding deals that lost his bank billions, prosecutors say. PARIS — The French bank Société Générale, facing persistent questions over how a lone, junior trader could have instigated more than $7 billion in losses, acknowledged on Sunday that his activities prompted questions from risk managers several times last year, but that the bank never began an investigation because his explanations defused any suspicions.
Sunday 27 January 2008 Police in France on Saturday took Jerome Kerviel into custody for questioning to determine his role in the loss of billions of dollars at the country's second-largest bank, Societe Generale. Mr. Kerviel worked as a trader at the bank. His whereabouts were unknown on Thursday, when the bank announced that it had uncovered a fraud that led to huge losses. On Friday, police raided Mr. Kerviel's apartment in a wealthy Paris suburb. The bank has taken legal action against Mr. Kerviel, accusing him of falsifying documents and gaining access to computer files without permission. The bank has denied making errors in its security, but the head of the European Central Bank has called for better self-regulation among Europe's banks.
Saturday 26 January 2008 The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7-billion dollars, as it emerged he gambled on over 73 billion dollars - more than the bank's current value. Societe Generale said a single Paris trader, named by bank sources as 31-year-old Jerome Kerviel, amassed the losses, virtually wiping out the bank's 2007 profit and leaving it as a potential takeover target. Societe Generale has suspended its trader and filed a criminal complaint, but a source at the Paris prosecutors office said it was too early to say what charges, if any, he would face. The trader's whereabouts were unknown, but his lawyer says he's "not on the run."
Friday 25 January 2008 Rogue trader scandal broadens out Questions have been raised over the effects on the markets of the rogue trader who lost 4.9bn euros ($7.1bn; £3.7bn) at Societe Generale.
Friday 25 January 2008 Did rogue trader set off world market panic? Jérôme Kerviel believed that he was executing a brilliant trading strategy.
Instead, the trader’s activities over the past year appeared yesterday to
have cost his employer, Société Générale, €4.9 billion (£3.7 billion), and
fuelled a global crisis in stock markets.
The 31-year-old’s web of lies and trades began to unravel late on Friday, as
his supervisors spotted an anomaly in his handling of futures contracts on
European stock market indices. On Saturday Mr Kerviel was hauled into the
bank’s Paris offices where he was questioned by Jean-Pierre Mustier,
SocGen’s head of investment banking, and confessed to making a series of
unauthorised bets on CAC, DAX and the EuroStoxx 50.
Factbox: Major trading scandals
Reuters
Published: Thursday, January 24
French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets.
Here is a list of some of the major financial markets trading frauds in recent years:
Nov. 1989 - Michael Milken, known as the junk bond king when he headed bond operations at U.S. investment bank Drexel Burnham Lambert, was sentenced to 10 years in jail for securities fraud. Drexel filed for bankruptcy after being fined $650 million in fines and restitution.
April 1992 - Indian banks and brokers were accused of colluding illegally to siphon $1.3 billion from the inter-bank securities market to fuel a boom on the Bombay Stock Exchange. Top broker Harshad Mehta, the main person accused in the scandal, died in jail during the trial.
Feb. 1995 - One of Britain's oldest investment banks, Barings Plc, collapsed after lone futures trader in Singapore, Nick Leeson, lost some $1.4 billion in derivatives trading. Leeson was jailed in Singapore. Barings was subsequently sold to Dutch bank ING (ING.AS) for one pound.
Sept. 1995 - Japan's Daiwa Bank suffered a $1.1 billion loss from unauthorised bond trading by Toshihide Iguchi, one of its executives in the United States. He was imprisoned in 1996.
June 1996 - Japan's trading house Sumitomo Corp suffered a $2.6 billion loss over 10 years from unauthorised copper trades, primarily by chief copper trader Yasuo Hamanaka. Sumitomo fired Hamanaka, once dubbed "Mr Five Percent" because his trading team was believed to control five percent of the world's copper trading. He was later jailed for eight years.
Jan. 2001 - Former chief financial officer of the now-defunct Griffin Trading Co., Scott Szach, was charged with diverting more than $5.56 million from a company bank account to a brokerage trading account to fund unauthorised trading in the 18 months before the firm's demise.
Sept. 2001 - Merrill Lynch fired two senior executives for their failure to supervise a currency dealer who diverted profits on foreign exchange deals to favoured clients, leaving the bank facing a $10 million bill.
Feb. 2002 - Ireland's largest bank Allied Irish revealed a rogue U.S. trader John Rusnak had defrauded its U.S. subsidiary of up to $750 million. Rusnak was sentenced in January 2003 to 7-1/2 years in prison. He admitted devising a scheme that netted him $850,000 in salary and bonuses from 1997 to 2001.
March/April 2006 - Hedge fund Amaranth Advisors LLC and its former head trader, Brian Hunter, tried to manipulate gas futures contracts on the NYMEX in 2006. Amaranth racked up $6.4 billion in losses from the bad natural gas contracts before it folded in 2006. In July 2007 the Commodity Futures Trading Commission charged Amaranth and Brian Hunter, with trying to manipulate natural gas futures prices.
PARIS--He may have disappeared, but the French rogue trader blamed for a five-billion-euro banking fraud has become a cult figure on the Facebook social ...
July 1, 2007The story of futures trader Nick Leeson, the man who brought Barings Bank to its knees.
This is the disturbing story of futures trader Nick Leeson, who punted other people's money in reckless deals that came unstuck and brought the venerable Barings Bank to its knees. Doubtless, viewers who have had their life savings frittered away by unconscionable ratbags on the world's currency exchanges or in reprehensible stockmarket plays conducted by the scum of the Earth will find much in Leeson's heartbreaking story to engage their sympathy. Ewan McGregor and Anna Friel (having a busy week) star and the unsavoury behaviour on display is equalled by a good deal of less-than-couth language.
Wednesday-night.com (W-N) publishes reports & Stock charts providing information on selected companies that W-N believes have investment potential. W-N is NOT a registered investment advisor or broker-dealer. These reports are provided as an information service only, and the statements and opinions in these report should not be construed as an offer or solicitation to buy or sell any security. W-N accepts no liability for any loss arising from an investor's reliance on or use of this report.
Nick Leeson in Rogue Trader. My experiences may be unusual, but they offer real insight into how stress can get out of hand and affect
all of us. This book will help people who feel overwhelmed by life’s difficulties.
– An excerpt from Nick Leeson’s “Back from the Brink: Coping with Stress”
Andy Nulman 
Among the victims of Bernie Madoff's alleged Ponzi scheme were a number of prominent Canadians, including former Westmount resident Phil Robinson.
Madoff Likely Bought No Securities 
Madoff agrees to partial civil judgment in SEC case
Please phone (514)934-0023 
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