Florida stock broker

[Trojan]

Boy I sure hope none of you on here had an account with that Florida broker. I think it was in Miami. It was late and I did not pay attention just caught the last part. He made up false Monthly earnings reports and ripped off millions. Some of the people were famous people. Spielberg was one of them that got ripped. Others lost there life savings. Sounds like there should be a neutering and a hanging.

BILL

 

[Genesis]

Madoff, and he was based in NY.

The ugly is that he was a major market maker on Nasdaq and in fact a former chairman.

Lots of the Florida/NY jetset got rammed on this one, along with socialites on the west coast.

The ugly is that there had to be hundreds of people who knew at minimum something was wrong; a number of people who invested with him actually assumed he was cheating, but they never figured he was cheating them!

Its much worse than it appears; under the law its entirely possible that distributions that people have gotten for the last several years could be "clawed back" even if you didn't know about the fraud itself as the product of a fraudulent act.

The crying from the formerly-wealthy who are instantly broke will be fun to watch. This is what you deserve (and get) when you "invest" with someone thinking that they must be cheating - but oh no, it couldn't be YOU they ARE cheating, right?

 

[Trojan]

I wasn't sure where he was operating from. My attention was tuned in late. They just talked about all the rich Florida people that were ripped off. What a dog. It's going to be interesting to say the least.

BILL

 

[captddis]

Madoff, and he was based in NY.

The ugly is that he was a major market maker on Nasdaq and in fact a former chairman.

Lots of the Florida/NY jetset got rammed on this one, along with socialites on the west coast.

The ugly is that there had to be hundreds of people who knew at minimum something was wrong; a number of people who invested with him actually assumed he was cheating, but they never figured he was cheating them!

Its much worse than it appears; under the law its entirely possible that distributions that people have gotten for the last several years could be "clawed back" even if you didn't know about the fraud itself as the product of a fraudulent act.

The crying from the formerly-wealthy who are instantly broke will be fun to watch. This is what you deserve (and get) when you "invest" with someone thinking that they must be cheating - but oh no, it couldn't be YOU they ARE cheating, right?

My FIL was in an oil/ gas well deal that turned out to be a pyramid scheme.
The principal/ perpetrater put a gun to his head and then it all unravelled.
FIL had to redo his tax returns for the previous years and there were a number of legal fees.

Too many scumbags scamming honest investors.

 

[captddis]

Does anyone else see the irony that his name is pronounced madeoff .
AS in made off with the money.

 

[the kuz]

Wasn't he married to the daughter of someone heading the SEC?

 

[Westfield 11]

It was his brothers daughter and the guy was an investigator at the SEC.