Madoff With Your Money

Online Stock Trading - Madoff With Your Money

Who is Bernie Madoff?

Bernie Madoff is the guy who perpetrated possibly the biggest financial scam of all time.

The scale of Bernie Madoff's Ponzi scheme is slowly becoming known- see Bernie Madoff's Incredible Ponzi Scheme. According to the Wall Street Journal the secret was an air of exclusivity and secrecy and the aura of being a 'sophisticated sucker' i.e. investor. "If you did get invited in, then you were anointed a member of this particular club of "sophisticated investors." ... Mr. Madoff was also known to throw investors out of his funds for asking too many questions, so no-one wanted to rock the boat."

So who were these 'sophisticated investors'? According to the WSJ, New York Mets owner Fred Wilpon, GMAC LLC Chairman J. Ezra Merkin and former Philadelphia Eagles owner Norman Braman. So sports celebs, you might expect that, after all they ain't so sophisticated. But also Giant French bank BNP Paribas, Tokyo-based Nomura Holdings Inc. and Neue Privat Bank in Zurich (all very sophistcated, and even rather snooty).

Plus at least three funds of hedge funds - Fairfield Greenwich Group and Tremont Capital Management of New York, also Maxam Capital Management LLC which has reported a combined loss of $280 million on funds with Mr. Madoff.

"I'm wiped out, ... The Darien, Conn., fund of hedge funds will have to close" said Sandra Manzke, Maxam's Chairman.

According to Brad Friedman, alwayer at Milberg LP the alleged fraud has "swept up some of the most prominent and wealthy Americans, along with many people who thought they were embarking on a comfortable retirement and have now been left destitute."

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