This just in: Bernie Madoff was a crook!

He passed out investors’ money to all his family and spent most of it on himself. No sign yet of the Madoff boys’ houses on Tomac or Cherry Valley being put up for sale, but my guess is that they’ll be just behind Walt’s Round Hill cottage. Maybe a “Madoff real estate tour” should be organized for this fall?

Mr. Madoff listed family members, boat captains, housekeepers and others as employees of Bernard L. Madoff Investment Securities, even though they never actually worked for the firm, newly released documents show. Mr. Madoff also used his firm’s money to pay for real estate, yachts, private planes and country club memberships, according to court filings by the trustee charged with liquidating the Madoff firm and recovering money for victims of Mr. Madoff’s multibillion-dollar Ponzi scheme.

The documents back up a previous assertion by lawyers for the trustee, Irving H. Picard, that Mr. Madoff used his business as a personal “piggy bank.”

[snip]

In January, Mr. Madoff, his wife, Ruth, and other family members spent more than $100,000 on his firm’s American Express Corporate Card. Among the charges were $1,564 at Bistro Chez Jean-Pierre in Palm Beach, Fla.; $2,000 at Georgio Armani in Paris; and $2,813 at the Apple computer store in New York.

Mr. Madoff, the mastermind of the world’s biggest Ponzi scheme, doled out more than $7 million to various companies owned by his wife, Ruth, his two sons and his niece Shana. Peter Madoff’s wife, Marion, was paid a salary of $163,500 by the Madoff firm last year, even though investigators found no evidence that she actually worked there.

Mr. Madoff also paid out $471,000 to a marina in Long Island and nearly $1 million to a number of exclusive country clubs including the Breakers, the Atlantic Country Club on Long Island, the Palm Beach Country Club and the Trump International Golf Club.

If the IRS never audited this guy, who were they auditing? Just asking.

8 Comments

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8 responses to “This just in: Bernie Madoff was a crook!

  1. anonymous

    IRS is about as moronic/conflicted as SEC (or any other government agency); would guess most much-revered “small business owners” under-report their income

    Scammers need dumb/greedy customers to make any scam work; weren’t many of Bernie’s customers surely upstanding, tax-paying guys like car dealer owners?

    Some criminals deserve each other; alleged theft at the WASP/Jewish “country club” is about as irrelevant to most honest taxpayers as violent crime/deaths in drug warfare amongst gangsters, their customers, etc

  2. Acecino Cilenciozo

    That of course validates my point against all those people who claim that “feeder” funds, Noel are you there?, were entitled to keep their “profits” from their “””work”””.
    Guys, i told you so! (haha :-) ) , these were UNREAL, illusory profits. They *never* existed.
    Time to pay your dues, welcome back to planet Earth where real money involves real work.

  3. Walter

    I am not a crook and my “cottage” is not for sale. I have enough money in my offshore accounts to support the lavish lifestyle of my 5 beautiful daughters and their no good husbands. To suggest that I didn’t perform due diligence is flat out preposterous. I have worked really hard at taking people’s life savings. I don’t know why I get such a bad rap. And if that isn’t enough, I have to deal with frivolous law suits.

    Off to the polo match

    Your Pal,

    Walter

  4. Peg

    Someone who would steal from Elie Wiesel and his own sister could do little else that would surprise me.

    When you look up “amoral” in the dictionary, Bernie Madoff’s photo ought to be adjacent.

  5. Anonymous

    No comment

  6. Walt

    Walter:
    I don’t do polo – it is cruel to the pony’s (S.I.H.)
    OFF TO HAPPY HOUR!!!
    Your Pal,

  7. Walter

    Walt,

    I stand accused of stealing people’s life savings. Do you think I care about the welfare of ponies. I once bought a pony for my daughter Marisa but I had to euthanize it after it defocated on my beautiful green lawn.

    OFF for a round of golf

    Kind Regards,
    Walter