Saturday, December 13, 2008

Madoff fraud case

Link above goes to: MSNBC

Quote from the source:

Charities count missing millions in Madoff case
Philanthropic groups hit hard by ex-Nasdaq chief's arrest on fraud charges
By Binyamin Appelbaum, David S. Hilzenrath and Amit R. Paley
updated 1:47 a.m. PT, Sat., Dec. 13, 2008

Madoff allegedly ran a Ponzi scheme though he had substantial social standing.

Here is another quote from the page:

It may be the largest fraud in the history of Wall Street, authorities said. Madoff is charged with stealing as much as $50 billion, in part to cover a pattern of massive losses, even as he cultivated a reputation as a financial mastermind and prominent philanthropist.

And one last quote from the page:

Madoff built himself into a brand....He advertised his integrity.

"In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door," the company's Web site said. "Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark."

The credit crisis is being credited with unearthing long-standing frauds and it is suspected more will be revealed with time.
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