From Bloomberg:
“We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.
In other news, here’s a song about Bernie Madoff/parody of those annoying FreeCreditReport.com* commercials.
Madoff Left No Trace He Made Any Trades, Picard Says (Update1) [Bloomberg]
*Free credit reports should be obtained by going to annualcreditreport.com. FreeCreditReport.com is a promotional offer for a pay service.
More From Consumerist
-
A Bunch Of Bernie Madoff’s Ponzi Scheme Victims To Get $405 Million In Settlement
-
Victims Of Bernie Madoff’s Ponzi Scheme Could Get Another Few Billion Back Soon
-
Minnesota AG Says Debt Collectors Need To Provide Better Evidence When Suing Consumers
-
Cops Forced To Break The Bad News To Store: Stolen Donut Was Not Recoverable
-
CFPB: Credit-Reporting Firms Often Ignore Consumers’ Evidence In Report Disputes
This kind of crime should be punishable by 100 years in prison. After destroying so many lives…
@Leto Versailes: Well, assuming he lives to 95, I guess they’ll have to put bars on his coffin so he can complete the last 75 years of it.
@TheStig’sNJCousin_GitEmSteveDave: Or they could just slip live scorpions into his mattress, every once in a while, for the rest of his life, just like he put all these people’s money into his mattress, and sat on it. I like that idea.
They could slip a few in his food, too.
I laughed and laughed when I heard this on NPR today. It’s like… the icing on the irony cake.
@Leto Versailes:
100 years of burning anal rape might be more appropriate.
@Leto Versailes:
Madoff isnt going to “prison” he’s going away to a country club w bars on the window.
I can see it now:
“He used a razor and he used to slice it so thin that it used to liquefy in the pan with just a little oil. It was a very good system.”
@Leto Versailes: Instead of 100 years in prison they could remove the restriction keeping him in his home. Bet he doesn’t make it to the end of the block.
So the only thing that is free at free credit report dot com is the entertainment, which can best be described as an audio “aneurysm”? Yeah, it sits in your head till one day it lets you know it’s there by bursting into your thoughts and NOT leaving. It’s just the It’s A Small World.
@TheStig’sNJCousin_GitEmSteveDave:
No… NO…. NOOOOOOOO!!!!
I was ok for a little bit reading this article and not thinking about the commercial. For some reason, when I read your comment the stupid song popped in my head. Even while I sit here listening to my iPod, the song still plays. >_<
@TheStig’sNJCousin_GitEmSteveDave: God Dammit GitEmSteveDave! It now in my head and wont leave!! >:(
@TheStig’sNJCousin_GitEmSteveDave: “audio “aneurysm”? Yeah, it sits in your head till one day it lets you know it’s there by bursting into your thoughts and NOT leaving”
That’s funny! You should copyright that…
And the SEC didn’t do shit when they were warned about this guy multiple times.
@albear:
that pisses me off more than anything. My theory: big wigs at the SEC were in bed with this guy. I’m not saying that they knew what was going on, but the attitude must have been something like, “no way are we going to investigate Madoff.” The lower people knew something was up, but were told repeatedly by their boss to “drop it.”
Remember people, something like this could not happen unless the government was corrupt too.
@albear: Well, Eliot Spitzer tried, but he was cut down at the knees to stop him.
Banging is hooker is far more serious than ripping off billions of dollars from people.
@albear: They were chasing after Stanford in Texas, right?
@albear: Part of the problem, according to NPR, is that the SEC is staffed by lawyers, not economists. They don’t know anything about money, just about breaking the law.
Of course, you would still think they would check on at least ONE of his supposed trades…
Wait what? Mark Cuban had this made? That’s pretty funny if it is true.
I’d like to know how so many experts messed up on this one.
You would think someone would at least want to know what stocks he was trading.
@Kevin Carlyle: They did, and he sent them reports. Sadly they were fake.
@Kevin Carlyle:
wowzer!!! blows a big hole in his claim that he acted alone, how could his traders, manager, etc. not know that there were no trades going on? and how could the SEC not know that no trades were going on?
Exactly- this goes a little deeper than just him–
If there was NO ACCOUNT ACTIVITY(!!!!!!!!!!!!!!!!!!!!!!)
@JGKojak: It takes more people to do less work? What?
@nytmare: He means that in a business of several people, where there is no work going, more than one person had to be complicit. He has been claiming that he was acting alone. How could the people drawing pay checks and doing nothing all day not be the slightest bit aware?
@Eliamias: Well, the story says there was no trading done “for customers’ accounts”. If he just pulled the money out and put it into his own account, then had people trading his “personal account”, they may not have been complicit. Unlikely, but at least a little plausible.
@Eliamias: I looked at internet archive captures of his company’s website and it was the biggest POS ever. It only seemed like they only advertised news that they had attended a New York area trader’s yearly function- every year. If they had had any sense they would have been making money off the website itself with advertising…
I am sure alot of other people at Madoff’s business knew- or were very stupid people who thought themselves smart…
The question I’ve had all along is how does one create that many faux account statements … assuming they were issued monthly like mine always have been. It just seems like you’d need lots of people who knew they were making stuff up.
@outoftheblew: The only person claiming that nobody else knew about the scheme is Madoff himself, it’s probably the only bit of honor left in him not to implicate others.
He’ll gladly buy you securities on Tuesday for a hundred million today.
@rickinsthelens: Stranger!
Wow – this guy is really something else. What a piece of shit.
I do, however, have a theory about the fake reports:
You see, most of Madoff’s clients thought he was up to something fishy. They thought he was doing something not quite legal, and that’s why they were getting such big returns. So, with that in mind, they were willing to look the other way when they received what were obviously doctored reports. Joke was on them though – the whole thing was a good old-fashioned ponzi scheme.
And yes, there were those super unsophisticated little old lady investors who wouldn’t have caught on no matter how fake the reports. I do feel sorry for them.
Bottom line is the Madoff scandal is far larger than just one guy, and needs to be treated (and investigated) as such. Including you guys at the SEC…don’t expect to slink away with a slapped wrist, you failed your watch and investors have lost all faith as a result.
Whoa…they got Picard involved? Go get ‘em, Jean-Luc!
Here’s a good idea for dealing with the remaining money, if the assets have been frozen: pay back investors at the same rate as bank deposits are insured. If you invested $10,000, you get it back; if you had millions, tough luck.
Individiuals whose money was put into Madoff’s scam without their knowledge or permission should get first crack at it. Charities should be the next in line if there’s any money left. Individuals with tens of millions can suck it.
With Madoff’s $10m buy-in (the gambling terminology is so a propos), this doesn’t apply to his scam, but in other cases of bank and investment fraud, it might be a good idea.
Failing that, how about a little Iranian justice: Madoff should be made to suffer the same pain his victims endured. Let’s call Jack Kevorkian for some advice.
@P_Smith: uh…in eye for an eye he would just be in debt, Jack Kevorkian would have very little advice.
@redkamel: Obviously you’re not familiar with the names Rene-Thierry Magon de la Villehuchet and William Foxton. Look them up for the Madoff-needs-Kevorkian connection.
Given how the market has done, if he hadn’t squandered the money and put it into interest bearing accounts, over the past 10 years he would have done better than the market!
How pathetic is that.
If Madoff spent the rest of his days in a “Cool Hand Luke” style prison chain gang, doing hard labor, it might make other crooks think twice before doing crime.
The real interesting thing is where is all those billions of dollars?
@ageshin: Money heaven.