[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…
Madoff
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…
Say It Ain't So: The Madoffs Have a Financial Interest in P.J. Clarke's
Awwww Hell No! One of my favorite burger joints in the city is tainted with money from Ma Madoff and the Fake Trading Gang. From Bloomberg: Prosecutors are seeking the Madoff interest in the restaurant P.J. Clarke’s on the Hudson LLC. A woman who answered the phone at PJ Clarke’s declined to comment and wouldn’t…
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…
Were the Feeder Funds in on the Madoff Scam?
There’s a great scene in the movie “Casino” where Ace Rothstein (Robert DeNiro) has to fire a local young man named Don Ward, who is responsible for supervising a slot machine that pays out multiple times in a short span: Don Ward: You might regret this, Mr. Rothstein. Ace Rothstein: I’ll regret it even more…
