Madoff

Chinese Warren Buffett: Berkshire Hatha-Wei Ponzi Frozen

This is by far my favorite of all the ridiculous Ponzi’s (oh, so many to choose from!) From WSJ: A federal judge agreed to freeze the assets of a man accused of running a multimillion-dollar Ponzi scheme targeting Chinese-Americans, primarily near Dallas.  The Securities and Exchange Commission charged Weizhen Tang, who describes himself as the…

Judge Arthur A. Hiller aka Mr. Freeze

[vodpod id=ExternalVideo.804530&w=425&h=350&fv=%26rel%3D0%26border%3D0%26]   Oh Goody Gumdrops, a state judge in Connecticut has finally gotten around to freezing everything in sight related to Madoff and the feeder funds who loved him. From Dealbook (NYT): A state judge in Connecticut has slapped a temporary asset freeze on the managers of three large hedge funds that invested their…

More Hot Links: Madoff Insider

More Hot Links for Weekend Reading No one on the interwebs has had more big scoops on the Madoff Scandal than Lucinda Franks of The Daily Beast.  I just got around to reading her interview with an ex-Madoff employee who breaks down the whole organization and who did what. Some Highlights: The “legit” parts of…

David Friehling: Madoff Henchman #1

So, they got the accountant yesterday.  His name is David Friehling and he inherited an accounting business in New City from his father-in-law which he proceeded to turn into a gristmill for the Madoff fraud, falsifying SEC filings and auditing statements for $186,000 in fees a year. Nice guy, wonder what’ll happen to him in…

A Guide to Prison Gangs for Bernie Madoff

Dear Bernie, News of the 150 year jail sentence you may be facing has reached The Reformed Broker in his lair this evening and so I decided to take a moment out to offer some advice. Picking a prison gang is an important choice, not unlike choosing a Palm Beach country club or a Hebrew…

Madoff Newsflash: Bongiorno, Annette!

Oh boy.  Here come the accomplices. The Wall Street Journal is reporting that after interviewing assistants at Bernard L Madoff Securities, investigators have learned that Annette Bongiorno, a 40 year-plus employee of the Ponzi King, had ordered up fake trade confirmations and historical price research on the stocks they pretended to have traded. Anyone still…

Ruth Madoff Wants to Keep the Secret Stash House

Sure, let Ruth keep The House that Ponzi Built, the upper east side penthouse Madoff Attorney Ira Sorkin is now claiming is “unrelated” to the fraud charges.  Yeah, ok…unrelated!  Like the gold and art looted from every corner of Europe by the Nazis and hoarded in Swiss banks was “unrelated” to the genocide.  Sure.  Ruth’s…

Scumdog Billionaires: 2 More Hedge Fund Ponzi Schemes This Week

Chant with me, y’all:  Pon-ZI! Pon-ZI! Pon-ZI! Pon-ZI! PON-ZI! PON-ZI! Wait til you hear what these Pillars of Society were up to! Prince Charming #1: Westgate Capital Management’s James Nicholson, had a fake accounting firm since 2004.  He set up a “virtual office” and had calls to this phantom auditor forwarded to himself!  In the…

CEO-Swapping at UBS and Credit Sweeeeesse

Ah, Switzerland.  The land of fine time pieces, exquisite chocolate and institutionalized tax evasion. There’s been a switcheroo as regulators on two continents engage in a light wrist-slapping at UBS over the bank’s role in the Madoff fraud and the let’s-arm-our-unregistered-advisors-with-encrypted-laptops-to-help-Americans-cheat-Uncle-Sam affair. Troubled UBS has brought on the architect of Credit Suisse‘s recent turnaround, Oscar…