December 15, 2008 · 11:18 pm

No evidence that Madoff sons involved

So far. Early days, says I.

6 Comments

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6 responses to “No evidence that Madoff sons involved”

  1. Greenwich Diva
    December 15, 2008 at 11:39 pm

    I find it hard to believe that no one else is involved with this, there MUST be others.
    I am not pointing finger at Mark, Peter and Andrew, but Bernard did not do this alone, he had help

    http://www.greenwichdiva.com

  2. CEA
    December 16, 2008 at 8:30 am

    There is no chance that he sent out quarterly statements to hundreds of investors, complete with detailed trading records, without help. I really don’t see Bernie spending hours on spreadsheets making up phony statements and printing them out. He doesn’t seem a “collate and staple” kind of guy.

    If those sons weren’t involved then either:

    1. What in God’s green earth was their job description – since at least one of them was supposedly “head of compliance” – so were they not doing their jobs, or

    2. They were merely dumb not to see what was going on.

    So – incompetence or stupidity? Which would you rather be? They are choosing the latter.

    Before my current position, I worked for a prominent “name” money manager. I did not like the way he ran his business, operationally or ethically. Everyone knew what was going on, despite the secretiveness. The performance numbers were accurate, but there was a lot of side-stepping rules and regulations so the money manager could run more personal expenses through the business and provide full-time employment for family members.

    If you see a money manager with more than 1 family member at the firm – don’t invest.

    If you don’t recognize the auditors (there are specialist hedge fund accountants, like Anchin Block, who are reputable but only known by those in the business – you can easily research them online) – don’t invest.

    If the money manager has been formally investigated more than once by the SEC – even if s/he is exonerated – don’t invest. By the time the SEC has gotten there, there is a lot of smoke – which nearly always means “fire” no matter how much the manager waves around the smoke and mirrors. As one of my buddies once told me: the SEC are coroners, not policemen.

  3. kidding really?
    December 16, 2008 at 9:04 am

    guilty…

  4. Stew Leonard
    December 16, 2008 at 9:29 am

    You go to jail to save your kids.

  5. Greenwich Diva
    December 16, 2008 at 11:34 am

    According to the police, his sons turned him in.

    I don’t know, maybe Bernie asked them to do it? Maybe this is another scheme by the Madoff ‘s family

    http://www.greenwichdiva.com

  6. Tom
    January 2, 2009 at 5:49 pm

    Give me a break. The sons were definitely involved. To think that it was just coincidental when everything was unraveling that the sons found out and turned him in. Common. They knew they were just trying to save their butts by “turning in dad”. People were asking for their money back … that’s what caused the Ponzi scheme to fail. The whole crew (dad, sons and others) decided let’s “turn in dad” to avoid getting 30 years in jail. Dad will be dead anyway in a few years.

    Other people were certainly involved. Who was creating and sending out all the phony statements? It wasn’t Madoff.

    Another interesting thing I’ve read is that the sons did not invest any of their own money with Dad. Why not? Why not get high returns with someone you know and trust … unless you knew it was all a fraud.

    The thing that annoys me is that someone who robs a bank stealing $10,000 would get 15 years easy. These people and other financial thieves make off with millions or billions and often get nothing. Something is definitely wrong with that picture.