Exposing Bias News Reporters

The Jewish Wall Street wizard Bernard Madoff and His $50 billion Ponzi Scheme

Posted in Jewish by just Me on December 16, 2008


Regulator Was Warned About Possible Fraud as Early as 1999 but refused to look at the details and the agency did not conduct even a routine examination of the investment business until last week.

Madoff’s business as a middleman, or broker-dealer, was subject to regular scrutiny by the SEC, including a routine examination in 2005

that identified some problems and a 2007 investigation that was closed without any further action. Madoff has been released on bail.

John R. Wing, known as Rusty, a lawyer for Peter Madoff Bernard Madoff’s son , said on Monday that investigators had advised Peter that he was a target in the case, and that he expected to cooperate with investigators.

Peter Madoff was the firm’s general counsel, while Andrew, 42, and Mark Madoff, 44, supervised the firm’s stock-trading desks, . Both have worked at the firm since their 20s.

Bernard Madoff told his sons that the trading was being done through European counterparties, according to several people familiar with the history of the firm.

The firm’s stock traders and other support staff worked on the 18th and 19th floors, where they were supervised by Peter, Andrew and Mark Madoff.


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