Youre Now officially a Madoff victim! Another Madoff Rip-off in the making

[Dripping Rain]

Yes its happening


I've been waiting for it: some of the Madoff victims are seeking to victimize the rest of us, by forcing us to pay for their mistake in believing a con.
continue here
http://www.lewrockwell.com/blog/lewrw/archives/025771.html

[devil21]

Ive been saying it since damn near this "scandal" started. Madoff was not running a Ponzi scheme. He was running a hedge fund that failed and is now gaming the system by claiming it was a Ponzi scheme to get the taxpayers to pay the losses back to his *ahem* like-minded investors. The proof will be in his sentence after his guilty plea. If it's a slap on the wrist, which it will be, you'll know Im right. The Feds just have to play along now or they'd have serious egg on their face if they admitted it wasn't a Ponzi scheme after all.

[Zuras]

I haven't read the link, but I've thought this whole thing smelled awfully fishy, from Madoff just basically turning himself in more or less, up to now where he doesn't even offer a plea deal. Something is very, very strange here.

[AuH20]

I seriously doubt that the Mexican drug cartels who invested in Madoff's sheme were among those who got duped. He wouldn't be breathing right now if that was the case.

[Dripping Rain]

Bump for importance. I wonder even if this was proven. I suppose Maddoff cant be tried again for the same crime right?

[devil21]

Bump for importance. I wonder even if this was proven. I suppose Maddoff cant be tried again for the same crime right?

Nice bump. I was wrong about his sentence (assuming it's accurate and he's not elsewhere) but I saw something during my surfing recently that his investors were winning lawsuits and the Feds were paying the damages, not Madoff's estate.

[Dripping Rain]

Nice bump. I was wrong about his sentence (assuming it's accurate and he's not elsewhere) but I saw something during my surfing recently that his investors were winning lawsuits and the Feds were paying the damages, not Madoff's estate.
thank you devil21 and good catch. Ive said it all along since the day rense talked about this. If proven, Maddoff and his investors(accomplices) have pulled off the worlds 2nd largest and most sophisticated fraud(2nd only to the Fed) on the largest scale ever
pure genius. This will make an awesome hollywood blockbuster someday in the far far away future

[Valli6]

My senator Robert Menendez D-NJ (along with Schumer and Cantwell) put these "victims":rolleyes: at the top of their list of things to do early last year.
From an email I received from Menendez 4/09:

Menendez Message! - Volume 5, Issue 6 - April 17, 2009
HELP FOR VICTIMS OF PONZI SCHEME
The impact of the Bernie Madoff Ponzi scheme has been felt well beyond Wall Street.* There are families and retirees who have been utterly devastated, and many live* right here in New Jersey. Last month, together with my colleagues Senator Schumer and* Senator Cantwell, I requested that the Senate Finance Committee conduct* the first-ever hearing to look into ways that the federal government could help* innocent victims of ponzi schemes gain some relief for the taxes they had paid* on phantom investments. We were able to make this happen, and as a result of* our efforts, the IRS announced tax relief that allowed victims of Ponzi schemes* to deduct up to 95% of their losses. (There was a press release at the time, but it's no longer posted on his website)

Never heard an explanation to justify the need for the special treatment. Why couldn't they just report their losses on a tax form and wait, like anyone els?

Interesting note: Fellow NJ dem senator Frank Lautenberg was reported as one of the bigger losers of Madoff's scheme when the story first broke.

[Dripping Rain]

My senator Robert Menendez D-NJ (along with Schumer and Cantwell) put these "victims":rolleyes: at the top of their list of things to do early last year.
From an email I received from Menendez 4/09:
(There was a press release at the time, but it's no longer posted on his website)

Never heard an explanation to justify the need for the special treatment. Why couldn't they just report their losses on a tax form and wait, like anyone els?

Interesting note: Fellow NJ dem senator Frank Lautenberg was reported as one of the bigger losers of Madoff's scheme when the story first broke.

This explains a lot. It will never be justified and I dont think it can be revisisted again. If a lawyer could confirm I think if Maddoff and some of his clients are engaged in a deeper fraud like many of us suspect he can never be tried for the same crime twice.
This is the perfect "double crime"

[Brian4Liberty]

Larry Kudlow has twice hinted he supports this second swindle, and I predict it will happen.

Imagine that. The Head Cheerleader for the Oligarchy and all of their related scams supports this. :rolleyes:

[devil21]

The "victims" sure are having an easy time getting everyone else to make them whole again. Im curious to know more about this trustee appointed by the court.

http://finance.yahoo.com/news/Swiss-bank-to-pay-up-to-500M-apf-3285958380.html?x=0



NEW YORK (AP) -- A private Swiss bank has agreed to pay up to $500 million to investors defrauded by Bernie Madoff.

The trustee appointed to recover money for the notorious Ponzi schemer's victims on Monday said he reached an agreement with Geneva-based bank Union Bancaire Privee, and M-Invest Ltd., a corporation the bank set up in the Cayman Islands to invest with Bernard L. Madoff Investment Securities LLC.

Trustee Irving H. Picard said the settlement is for no less than $470 million in cash and could reach $500 million. The deal was submitted for approval Monday with the U.S. Bankruptcy Court for the Southern District of New York. A hearing was scheduled for Jan. 6.

The deal was announced a day after Picard sued British bank HSBC seeking $9 billion in illicit earnings and damages. Picard alleged HSBC helped funnel more than $8.9 billion to Madoff through a dozen so-called feeder funds based in Europe, the Caribbean and Central America. He also says HSBC ignored warnings from its own accountants that Madoff's phenomenal investment record was suspect.

"The UBP settlement agreement is the largest feeder fund bank cash settlement to date and the first major international bank settlement, two important milestones for the overall recovery initiative," Picard said in a statement.

Last week, Picard sued JPMorgan Chase & Co. for $6.4 billion, charging the bank had a central role in working with the disgraced financier as he carried out his fraud. He has also pursued more than $30 million he claims Madoff's family members squirreled away.

All of the funds recovered through the settlement will go to a fund set up for Madoff's customers.

Madoff is serving a 150-year term in federal prison.

[enhanced_deficit]

Drudge: Bernie Madoff dead and in hell

Ponzi schemer Bernie Madoff dies in prison at 82
April 14, 2021
NEW YORK (AP) — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82.

Madoff’s death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.
Last year, Madoff’s lawyers unsuccessfully asked a court to release him from prison during the coronavirus pandemic, saying he suffered from end-stage renal disease and other chronic medical conditions.
One of those lawyers, Brandon Sample, said on Wednesday it was believed Madoff died from natural causes related to his failing health.

For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients — from Florida retirees to celebrities such as film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.

But his investment advisory business was exposed in 2008 as a Ponzi scheme that wiped out people’s fortunes and ruined charities. He became so hated he wore a bulletproof vest to court.

Madoff raised his profile by using the expertise to help launch Nasdaq, the first electronic stock exchange, and became so respected that he advised the Securities and Exchange Commission on the system. But what the SEC never found out was that, behind the scenes, in a separate office kept under lock and key, Madoff was secretly spinning a web of phantom wealth by using cash from new investors to pay returns to old ones.
For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients — from Florida retirees to celebrities such as film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.
apnews.com/article/bernie-madoff-dead-9d9bd8065708384e0bf0c840bd1ae711


Related

Bernie Madoff's $100,000 American Express monthly bill now available! (http://www.ronpaulforums.com/showthread.php?191828-Bernie-Madoff-s-100-000-American-Express-monthly-bill-now-available!&)

Madoff Moved Money to Israel! (http://www.ronpaulforums.com/showthread.php?181200-Madoff-Moved-Money-to-Israel!&)

Israeli Nonprofits, Shaken by Madoff Scandal, Regroup
nytimes.com › World › Middle East
Apr 4, 2009 — Bernard L. Madoff's Ponzi scheme created losses in Israel amounting ... Study of Philanthropy in Israel at the Hebrew University of Jerusalem, ...