Madoff

[Mia]

Said at a hearing today that tomorrow he plans to plead guilty to 11 counts. May face 150 years in jail. Do I see a plea in the future?

My work neighborhood is all a flurry with all the trucks and cameras.

[sam king cat]

I think I'll be able to hear the 'shutter/clicks' of the cameras all the up here.

Say bye to the penthouse and hello to prison.

[lavender]

Great news Mia! Like to see more of these bums behind bars. It will be boost in morale
and confidence in the banks, stock market, maybe we will start on the road to recovery soon!

[Monicauf]

I was hoping he would take a plea deal, that way he would have to say where all the money is hidden and it could have gone back to all the victims that he swindled. By him pleading guilty without a deal he does not have to disclose where the money is- I feel bad for the victims and it would be great if they could recoup some of their losses.

[Mia]

I am sure there's going to be a plea somewhere along the line. The Fed's need to know who else was involved. I am sure he wants his wife to keep the apt. and PART of the $$$$$$ he claims is theirs.

[Monicauf]

This morning on the Today show they said there is no plea deal, that he is just pleading guilty to all counts- but who knows what will happen tomorrow with the judge.

[SavhLaney]

I would think that there will be some sort of "deal" and plea bargain in all of this.

I doubt any of the victims recoup their money though.

[Monicauf]

There is no deal, and this is according to Time magazine-wonder if the government will go after his family and associates, they can without him making a deal.

No Deal for Madoff, As Victims Prepare to Face Him in Court
By Robert Chew Wednesday, Mar. 11,

Bernie Madoff's lawyer, Ira Sorkin, told a federal Judge Denny Chin on Tuesday that Madoff expects to plead guilty to charges that will put him in prison for up to 150 years.


The U.S. attorney's office has filed 11 counts against Madoff for his part in the decades-long Ponzi scheme, now estimated in court documents to amount to $64.8 billion, considered the largest in history. In fact, the new dollar amount cited in a Justice Department communication to Sorkin tallies the total size of the fraud since the 1980's at $170 billion, which includes money invested with him, interest earned and payouts to investors, as well as the value of things he bought for himself such as a yacht. "The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years," said Acting United States Attorney Lev L. Dassin in a statement. (See pictures of the demise of Bernard Madoff.)

"While the alleged crimes are not novel, the size and scope of Mr. Madoff's fraud are unprecedented," Dassin said. "As a result, Mr. Madoff faces 150 years in prison, mandatory restitution to the victims of his crimes, forfeiture of his ill-gotten gains and criminal fines. The Government has not entered into any agreement with Mr. Madoff about his plea or sentencing," he said. "The filing of these charges does not end the matter. Our investigation is continuing."

The unexpected guilty plea without a plea deal, the multiple counts — which include mail fraud, wire fraud, securities fraud, money laundering, among others — and the potential prison term were revealed at what was supposed to be at minor hearing about a potential conflict of interest between Madoff and his lawyer, Sorkin. Sorkin and Sorkin's father, now deceased, once invested with Madoff. The judge waived the conflict. (See 25 people to blame for the financial crisis.)

Though a plea deal was widely anticipated, none was ever reached, according to U.S. attorney papers filed with the court. The government apparently never offered a plea deal or one fell apart.

During the hearing, Judge Chin asked Sorkin if it was his "expectation that (Madoff) will plead guilty" at the Thursday hearing.

"That's a reasonable expectation," Sorkin, replied. Judge Chin then said that he would decide at Thursday's hearing whether to accept the guilty plea and whether to remand Madoff to jail pending sentencing in several months, setting the stage for Madoff's climactic court appearance.

The U.S. Court in Lower Manhattan is bracing itself for a large crowd of Madoff victims to witness the Thursday hearing first hand. The court is preparing two additional overflow courtrooms with television monitors and additional guards to accommodate up to 300 people, according to the judge's spokesperson. (See the top 10 scandals of 2008.)

Since reports of the pending plea agreement hearing surfaced late last Friday, the Justice Department began the process of gathering victims to speak at the hearing, saying on its website that they have the right to be "reasonably heard" at any public proceeding "involving release, plea, sentencing, or any parole proceeding." The posting requires notice "prior to a plea proceeding scheduled for March 12, 2009."

If things go according to plan, Madoff, 70, will spend the rest of his life behind bars at a federal prison. The Bureau of Prisons decides where a criminal ends up, based on a formula and any special security needs. One possible spot is the medium-security facility in Otisville, N.Y.. Often referred to as Club Fed, the prison is situated 70 miles northwest of New York City and generally handles white-collar criminals in the Southern New York Judicial District.

In such low and medium security prisons there are no locked doors, no steel grills, and no gun towers. Since his December 11 arrest, after he admitted his "big lie" to his sons and the FBI, Madoff has been confined to his $7 million Manhattan penthouse. (See pictures of expensive things that money can buy.)

If the judge agrees to Madoff's guilty plea on Thursday, there could be a delay of six months or more before sentencing, according to Isabelle A. Kirshner, former assistant district attorney and now partner at Clayman & Rosenberg, New York.

"It's possible he could be jailed immediately after his plea hearing this week," said Kirshner. "He's certainly had enough time to get his things in order." If this happens, Madoff would first be sent to either the Metropolitan Correction Center, across from the courthouse, or to Brooklyn's Metropolitan Detention Center, she said.

Though there is a mountain of evidence and plenty of victims in this case, a guilty plea saves a lot of time and money for the government, according to Kirshner. But still, according to the former prosecutor, Litt will want to "know the method of the crime, how it went undetected, where the money went, where it's hidden, if any, and who's involved."

Without a plea deal, Litt is now free to pursue all those potentially involved in the crime, including Madoff's family members and associates. Madoff has already forfeited millions from his company, personal assets, such as homes, boats, planes, and artwork. His wife Ruth Madoff is fighting to keep the penthouse and some $62 million in other assets, claiming they are not part her husband's property.

[Cindyloo]

This was a TERRIBLE thing to do. I can't believe some people can actually do something this horrid to other human beings.

I sure do hope he gets what he deserves and his wife too.

[Mia]

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QUOTING FROM POSTER: SavhLaney;1846487 (Post Number)

I would think that there will be some sort of "deal" and plea bargain in all of this.

I doubt any of the victims recoup their money though.

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Laney, he took from 'Peter to pay Paul'. The firm paid early investors with money from new investors. Are these investors to give back their "profits"? If he was capable of this scam, was he capable of hidding what he skimmed off the top? Or, does it fall on other hands to save the investors?
--------------------------------

"Meanwhile, a federal judge on Monday threw a lifesaver to investors who may have been duped, saying they need the protection of a special government reserve fund set up to help investors at failed brokerage firms.

U.S. District Judge Louis L. Stanton ordered that clients of Madoff's private investment business seek relief under a federal statute created to rescue cheated investors. Stanton also ordered that business be liquidated under the jurisdiction of a bankruptcy court and named attorney Irvin H. Picard as trustee to oversee that process.

Stanton signed the order after the Securities Investor Protection Corporation asked that steps be taken to protect investors in the scheme, which has ensnared several major banks and prominent figures as victims and could result in as much as $50 billion in losses.

Congress created the SIPC in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts. Funds can be used to satisfy the remaining claims of each customer up to a maximum of $500,000. The figure includes a maximum of up to $100,000 on claims for cash.

The order came just days after federal prosecutors charged Madoff with securities fraud, saying he had admitted to orchestrating a massive Ponzi scheme. Madoff is free on $10 million bail after he was charged with securities fraud last week.

Ira Lee Sorkin, Madoff's lawyer, declined to comment.

SIPC President Stephen Harbeck said in a statement that the fund's task will be harder than in other bankruptcies because of the size of the misappropriation and the condition of the defunct firm's records.

Harbeck said it would be unlikely that the trustee can transfer the firm's customer accounts to a solvent brokerage firm. He added that it was impossible at this point to determine what share each investor might hold in any remaining assets.

From its inception through December 2007, the SIPC has advanced $507 million and made possible the recovery of $15.7 billion in assets for an estimated 626,000 investors, the fund said on its web site.

Several major banks including Spain's Grupo Santander SA, Britain's HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, France's BNP Paribas and Japan's Nomura Holdings reported falling victim to Madoff's alleged Ponzi scheme."

[sam king cat]

This has to be the largest financial crime in the history of the world !

[lavender]

He must have an army of lawyers working on his behalf each earning $300. per HR.

As usual the lawyers will become filthy rich!

[Monicauf]

Still amazes me that there is no deal, they are talking about it now on the news- and did he do this alone? What about his employees, his wife? Too bad there wont be a trial, I bet the people he stole from would love a trial

[Mia1]

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QUOTING FROM POSTER: lavender;1846584 (Post Number)

He must have an army of lawyers working on his behalf each earning $300. per HR.

As usual the lawyers will become filthy rich!

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Lavender, in this day and age, $300 per hour is considered a pittance for the top notch attorney's he needs.

I wouldn't be surprised if down the line there's a Class Action Suit filed against the SEC by the investors. The SEC who was supposed to regulate businesses like Madoff's failed to investigate when they were informed that, possibly, Madoff was a fraud.

[Cindyloo]

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QUOTING FROM POSTER: Monicauf;1846607 (Post Number)

Still amazes me that there is no deal, they are talking about it now on the news- and did he do this alone? What about his employees, his wife? Too bad there wont be a trial, I bet the people he stole from would love a trial

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Am I right in saying that tomorrow Madoff goes to court and faces his accusers, the one's that he ripped off?

I'm like you Moni, how his wife, his employees. He COULDN'T have done this alone.

[Monicauf]

Yes Cindy ( glad you are feeling better!!) he goes tomorrow and some of his victims get to speak- too bad I will be at work, it would be nice to watch if it will be televised.

[Cindyloo]

Oh thank you Moni. Getting better each day


That's too bad you won't be able to watch it, but when you get home from work, it'll probably be on where you can see most of what went on.

I can't wait to watch it. It'll be interesting.

[Cindyloo]

Oops, that's right, it may not be televised. I never thought of that.

I'm getting ahead of myself here..lol

[DKLA]

******[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]************[THIS SPAM IS A SCAM]******barefootmeg.multiply.com/video/item/56/Louis_CK_Everythings_amazing_nobodys_happy

Enjoy!

[Mia1]

DK, thanks so much for posting.

My stomach hurts from laughing so hard.

[DKLA]

Love it--- for gosh sakes, you're in a chair in the sky!!

:)

[Cindyloo]

Ole' Madoff is at the court house I think right now.

Of course the news media trailed him there..lol

I'd LOVE to be a fly on the wall in that court room.

[Jules]

Doesn't this mean it will be televised?

"The U.S. Court in Lower Manhattan is bracing itself for a large crowd of Madoff victims to witness the Thursday hearing first hand. The court is preparing two additional overflow courtrooms with television monitors and additional guards to accommodate up to 300 people, according to the judge's spokesperson. (See the top 10 scandals of 2008.)"


...or are the television monitors just for the people who can't make it into the courtroom, for lack of room....

[Jules]

And pardon me for being Blonde.....and I read all of this....but what did he actually do? I'm in a cave here, people...



I know he cheated people out of tons of money....but how? On what pretense?

[Cindyloo]

Gosh, I don't know Jules. I would love for it to be televised. It SOUNDS like maybe it WILL be televised. Just don't know though.


It's hard for me to explain how Madoff did this to so many people. Maybe Scoops or someone can post something about it.

It WAS 50 billion dollars he scammed, but I heard the ante went up to 65 billion dollars, he scammed.

[beachreader]

One Victim Asks: Was it Worth it, Mr. Madoff?
By Robert Chew Thursday, Mar. 12, 2009

Was it worth it Mr. Madoff? You knew all along, but you kept it going, you kept it quiet. You had the ability to end it years ago, you could have saved thousands of loved ones, friends, retirees, and charities from financial ruin, but you kept going deeper into the quicksand of your crime, without a struggle, without remorse, as if our lives and yours were just another deal.

We cried like babies that night three months ago when we learned how you robbed us. Did you cry, Mr. Madoff? A thousand, maybe ten thousand, cried that night. We shivered in our collective, adrenaline-fueled shock. We were physically unhurt, physically just fine, but that night our bodies shook with fear — everything was gone. A minute before the phone rang everything was good, even great, but after that it would never be the same. All the hard work, all the savings, all the plans were wiped out forever.

You knew what you were trading, 40 or more great years for 15 or twenty horrific years behind bars, until death. How could you not see what a tragic deal this was? Or maybe you did and didn't care, you imagined yourself impervious. You slipped past regulators. You fooled your family, friends, and customers. You fooled yourself. You are perhaps the final symbol of our times — greed at any cost, even at the cost of your own life, greed at the cost of our entire system. (See 25 people to blame for the financial crisis.)

It's not hard to see the arguments you made to yourself: "Look, I got into it innocently, I needed to pay people, and I thought I could work my way out, but it never happened and I kept quiet and I got in deeper and deeper, there was no turning back." Then, there's the justification story that goes: "Wait a minute, all you investors were just as greedy as me, you didn't complain when the money was good, I gave you a lot of good years, more than anyone else, blame yourself." Then, there's the cleansing argument, the one about all the charitable good: "I did the best I could, I gave back millions, don't I deserve some credit?"

No, Mr. Madoff, you took our money for yourself and gave away our money for yourself. You earned nothing; you did nothing with your life. Your life was ultimately about inflicting pain, taking what you could, and holding on to it like a common thief. You understood the irony of it all, too, those thousands of false statements representing your false life, a great, mad construction you slowly began to embrace, up in your secretive 17th floor fantasy world, they way a young boy believes he's Superman when he puts on a cape. The difference is: you never grew up, Mr. Madoff, and we're all paying for it now. But maybe because of what you've done to us, the rules of regulation will be changed so it doesn't happen to others.

I feel sorry for you, Mr. Madoff. You wasted your life and devastated thousands. But there's a fundamental difference between us: we're still in the game, we're still fighting, re-inventing ourselves, learning hard lessons, and moving on to perhaps a better life, if we survive.

You on the other hand have been a "dead-man walking" for a long time and you've known it. Now, justifiably, you are about to take the most harrowing final steps imaginable. You will be hand-cuffed, placed in a cell, and you will have nothing but the time of your final days to reflect on what your life has stood for — you're among the greatest white-collar criminals in history. Was it worth it, Mr. Madoff?

Tell us you are sorry, Mr. Madoff, it would mean you are human and not a monster. We can forgive, we can move on, we still have time to forget this and enjoy a spring day, make love, smile at our children knowing we did the best we could, while you Mr. Madoff can not. In a way, we are reborn, while you Mr. Madoff have died. Was it really worth it, Mr. Madoff?

Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado.

[Jules]

Thank you, Beachreader.

[beachreader]

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QUOTING FROM POSTER: Jules;1847095 (Post Number)

Thank you, Beachreader.

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Goodmorning Jules

=)

[Cindyloo]

Wow, that was really profound!

Thanks Beach

[Mia]

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QUOTING FROM POSTER: Cindyloo;1847078 (Post Number)

Ole' Madoff is at the court house I think right now.

Of course the news media trailed him there..lol

I'd LOVE to be a fly on the wall in that court room.

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Yeah, the choppers followed him all the way to the court house. Really strange since I was watching on TV his car going to court and I could hear the choppers.

Alan Dershowitz was on GMA this morning and they were discussing Madoff's strange way of thinking. When he found out that the whole thing was going to blow up, he could've taken his money and family and moved to Brazil. Lived a free man since so many years would pass before the U.S. government would have been able to extradite him, if ever.

Dershowitz assumes he's declaring himself guilty hoping to spare his family and associates from jail time.

[beachreader]

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QUOTING FROM POSTER: Cindyloo;1847098 (Post Number)

Wow, that was really profound!

Thanks Beach

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Goodmorning Cindyloo =)


I get the TIME daily news delivered to my email and it was todays top story.

[Jules]

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QUOTING FROM POSTER: beachreader;1847096 (Post Number)

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QUOTING FROM POSTER: Jules;1847095 (Post Number)

Thank you, Beachreader.

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Goodmorning Jules

=)

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Good morning, to you!

[monicauf1]

How can he save his family and associates since there is no plea deal? I would think that in order to save others he would have made a deal and he didn't- unless one was not offered?

[beachreader]

So his family was involved in this too?

[Mia]

There's another guy on Long Island who scammed $375 mil from investors in another Ponzi scam. He's in court today also.

Jules, the easy explanation is that Madoff took money from investors (banks, foundations, corporations, individuals) and pretended he was investing the money when he really wasn't.

Why would all these people give them their money? He was well respected and an astute investor. At one point in his life he had been chairman of NASDAQ.

[Mia]

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QUOTING FROM POSTER: monicauf1;1847106 (Post Number)

How can he save his family and associates since there is no plea deal? I would think that in order to save others he would have made a deal and he didn't- unless one was not offered?

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On the contrary, Monica. He's placing the blame on himself hoping to spare his family.

[Cindyloo]

Morning to you too Beach

Mia...How eerie to for you to hear the choppers as you were watching it on TV.

*I* always thought his family was involved. I just feel they would've HAD to have been, don't ya think?

[Mia]

If he accepted a plea, he would have to spill everything he knows in exchange for less time.

[Mia]

Good morning everyone.

Cindy, I live smack in the middle of everywhere.

[Jules]

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QUOTING FROM POSTER: Mia;1847111 (Post Number)

There's another guy on Long Island who scammed $375 mil from investors in another Ponzi scam. He's in court today also.

Jules, the easy explanation is that Madoff took money from investors (banks, foundations, corporations, individuals) and pretended he was investing the money when he really wasn't.

Why would all these people give them their money? He was well respected and an astute investor. At one point in his life he had been chairman of NASDAQ.

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Thank you, Mia!

Who needs news, when I can come here and learn everything! : )

[beachreader]

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QUOTING FROM POSTER: Cindyloo;1847114 (Post Number)

*I* always thought his family was involved. I just feel they would've HAD to have been, don't ya think?

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I was curious if his family knew and didn't not say anything so were guilty in that way or if it was meant that actual family member worked for/with him and were in on it?

[beachreader]

So I guess what I am asking were family members guilty of closing their eyes or actually helping and part of it?

[Cindyloo]

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QUOTING FROM POSTER: Mia;1847116 (Post Number)

Good morning everyone.

Cindy, I live smack in the middle of everywhere.

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I remember you saying you lived there. That is so cool!

[Mia]

His family had to know. They worked with him. It was a very complex operation, but the most obvious thing was that there was no trading and no investing.

He should've just left and gone to Brazil.

Would've been a great TV movie.

[Cindyloo]

Beach, if I'm remember right, I heard that his sons or at least one son, turned him in.

I probably shouldn't judge his wife, maybe she DIDN'T know what he was doing, but I just feel that she knew.

[Cindyloo]

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QUOTING FROM POSTER: Mia;1847121 (Post Number)

His family had to know. They worked with him. It was a very complex operation, but the most obvious thing was that there was no trading and no investing.

He should've just left and gone to Brazil.

Would've been a great TV movie.

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We'll probably see a tv movie about this in the near future.

[Mia]

What really amazes me is that the auditors of the big investors (banks/foundations/corporations) never questioned anything. The accountants for Madoff's firm were in a strip mall in Queens. No big time accounting firm here. Didn't that raise any flags?

Shame on the SEC because they ignored a guy for 10 years who kept warning them about Madoff.

[Cindyloo]

I totally agree, I know *I* sure don't understand it.

[Mia1]

Bernie never came home.............

Bernie's never going to talk and we'll never know anything.
----------------------------------------------------

Madoff: 'I knew this day would come'
One of Wall Street's biggest swindles ends in guilty plea on 11 charges. Judge orders him to jail.
By Aaron Smith, CNNMoney.com staff writer
March 12, 2009: 2:07 PM ET
NEW YORK (CNNMoney.com) -- Bernard Madoff, who stole billions from investment clients, was ordered jailed Thursday after pleading guilty to all 11 criminal counts in one of Wall Street's biggest swindles ever.

"I operated a Ponzi scheme," said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.

"I thought it would end quickly, but it proved impossible," said Madoff, who stole from thousands of victims through his investment firm. "I am ashamed for these criminal acts. I always knew this day would come."

U.S. District Court Judge Denny Chin remanded the 70-year-old to jail following his confession. He was taken to Manhattan Correctional Center, near the courthouse in lower Manhattan.

He could face a maximum 150-year sentence. His sentencing was set for June 16.

Madoff admitted that he never invested his clients' money, and that he deposited the funds into a "Chase Manhattan" bank.

"When money was requested, I paid it out from the Chase account," he said.

As Madoff wrung his hands and made other nervous gestures, the judge suggested that he pour himself a glass of water.

Madoff had successfully avoided detention after his December arrest, posting $10 million bail and cloistering himself with his wife in their $7 million Manhattan apartment.

He was able to remain in his residence, despite accusations from federal prosecutors that he tried to hide his assets from seizure by mailing diamond-studded jewelry to relatives. Only a fraction of the missing money has been recovered.

The investors
Madoff created a decades-long scheme in which new investments were used to fund payoffs to earlier investors, to falsely create the appearance of legitimate returns.

Richard Friedman, an accountant who said he lost $3.1 million to Madoff, told CNN that he hopes Madoff is sentenced to the full 150 years and that he "lives a very long life" in prison.

"The crime is really unimaginable," said Friedman. "It's not just a typical Ponzi scheme. It affects society as a whole. You don't just have to be a Madoff investor to be affected by this."

Friedman also blamed the Securities and Exchange Commission for allowing the scheme to go undetected for so long, and said that Madoff's family members are probably complicit and should go to prison.

"There's no way he could have acted alone," said Friedman. "There had to be other people involved. The whole family, as far as I'm concerned, once proof becomes available, should be thrown in jail."

In Thursday's court proceeding, Madoff faced many of his alleged victims -- with 50 courtroom seats reserved for them. Some of the investors entrusted all their savings to his firm, Bernard L. Madoff Investment Securities LLC.

But not all is lost for these burned investors. They could be eligible for $500,000 from the Securities Investor Protection Corp., a government entity that provides funds to victims of failed brokerage firms, according to Irving Picard, the court-appointed trustee for the liquidation of Madoff assets.

Fuming at the SEC
At a Feb. 20 meeting at the U.S. Bankruptcy Court in Manhattan with several hundred Madoff investors, Picard said that $650 million had been recovered thus far. He said the assets would be divided among the creditors, commensurate to how much they put in.

Many of the investors seem to be angrier with the SEC than with the man who stole their money.

At the Bankruptcy Court hearing, 77-year-old investor Raymond Spungin, who claimed he lost $700,000 to Madoff, yelled, "We're not just the victims of Madoff; we're the victims of the incompetence and irresponsibility of the SEC!"

He was answered with loud applause from the crowd of ripped-off creditors.

The SEC had been alerted to Madoff's fraudulent behavior by whistleblower Harry Markopolos, a Boston accountant who repeatedly contacted the commission but was ignored for his efforts.

"I gift-wrapped and delivered the largest Ponzi scheme in history to them and somehow they couldn't be bothered to conduct a thorough and proper investigation," he said, in testimony to the House Subcommittee on Capital Markets on Feb. 4.

But the times are changing. In January, Mary Schapiro assumed the role of SEC chairwoman, after the former chair, Chris Cox, resigned under severe criticism.

Schapiro on Wednesday requested more funds for the commission to ramp up enforcement and examination staff. Also, the SEC is taking steps to centralize whistleblower tips to better follow leads, rather than have them funneled through separate departments.

Markopolos, in testimony, said he's already alerted to the SEC to two new fraud cases, but provided no further details.

Allan Chernoff CNN senior correspondent and Julian Cummings, Laurie Segall and Deborah Brunswick of the CNN New York bureau contributed to this report.

First Published: March 12, 2009: 7:22 AM ET

[Scoops]

.....Bye Bye Bernie. : )

[Scoops]

Here are his bigger MA victims:

From Boston Magazine:



Our old friend Robert Jaffe, he of the Bernie Madoff Ponzi scheme variety, finally appeared yesterday for a meeting with Secretary of State William Galvin—all it took was a month-long delay and a subpoena. The Globe’s story on the matter quotes Galvin as saying the meeting was “not long.”

Substantially longer is the list of victims involved in the Madoff Ponzi scheme, which was made public made public late yesterday in a bankruptcy court filing in New York.

The list contains celebrities, such as Hall of Fame pitcher Sandy Koufax and actor Kevin Bacon, but the 162-page document also lists well over 13,000 more accounts of people, companies, and foundations that invested with Madoff. (Many names are listed more than once, so it’s likey that these people or organizations had multiple accounts invested with Madoff.) Alix Partners LLP compiled the list.

It does not include figures, only names and addresses. You can read the entire list here, but you’d need a roomful of interns to make it through the whole thing.

With help from Clusterstock, here are some of the hardest hit Massachusetts clients:

* The Robert Lappin Foundation lost more than $8 million to the scam. The Salem-based foundation closed its doors in December.
* Lawrence Velvel, dean of the Massachusetts School of Law, is hard on Madoff’s case after losing an undisclosed amount of money.
* Elie Wiesel’s charity, Foundation For Humanity, is estimated to have seen at least $15.2 million disappear. The BU professor was a survivor of Auschwitz and Buchenwald and a Nobel Peace Prize winner.
* Carl and Ruth Shapiro, in-laws of the aforementioned Robert Jaffe (whose name is also on the list), are estimated to have dropped at least $145 million in the Ponzi scheme. The Shapiros are key donors to Brandeis University, Beth Israel Deaconess Medical Center, and the Museum of Fine Arts.
* The Maimonides School, the largest and oldest Jewish day school in Greater Boston, lost about $3 million through its ties to the Saval Trust.
* Tufts University flushed a $20 million investment through its stake in Ascot Partners. The school is facing a $36 million budget cut for next year.
* A money manager allied with Mort Zuckerman, Chairman of Boston Properties, invested $30 million worth of Zuckerman’s charitable trust in Madoff.
* Tremont Group Holdings, a subsidiary of Springfield, MA-based Mass Mutual Life SPAMSPAMSPAMSPAMSPAMSPAMSPAMSPAMSPAM, is estimated to have lost over $3 billion. The money was invested primarily through Rye Investment Management, which placed nearly all of its $3.1 billion assets with Madoff. Tremont Group Holdings could close down by the summer, according to speculation by the New York Post.
* The Massachusetts’ State Pension Fund lost $12 million after investing in Austin Capital Management, which then—you guessed it—promptly put their money in Madoff. Trustees of the state’s pension fund fired Austin on Tuesday.

There are well over 100 other Boston-based accounts cited, ranging from investment companies to individuals. Sadly, it’s unlikely that—despite Galvin’s best attempts—any of them will see much of their money again.

[Scoops]

This is a super article if any of you have time to read it:

From Boston Magazine...I'll post the beginning few paragraphs to see if it peaks your interest....then here is the link:

www.bostonmagazine.com/articles/dispatch_reversal_of_fortune/


In Palm Beach, Boston's Jewish elite created a glittering world that unwittingly helped make Bernie Madoff possible. Laurence Leamer reports from behind the winter retreat's manicured hedges on what it looks like now that the party is over.
By Laurence Leamer



Turning their Rolls-Royces and Bentleys over to the valets, the splendidly attired couples slipped behind high hedges and glided their way into the private precincts of Palm Beach's Club Colette. The 144 people who'd turned out for the evening's proceedings, a charity-dinner dance to benefit Brigham and Women's Hospital, included a veritable social register of Boston's Jewish elite. Every night during the Palm Beach season there is one extravagant party after another, but even by those standards, this one would prove impressive. Daniel Ponton, Club Colette's owner, wouldn't have had it any other way.

It was December 14, 2007. A year earlier, Ponton's doctors had found a fist-size benign tumor on the frontal lobe of his brain. When it came time to be operated on, he flew to Boston, where the Brigham's Dr. Arthur Day performed the tricky 14-hour surgery. Ponton spent 10 days recuperating in the hospital's Carl J. and Ruth Shapiro Cardiovascular Center, a state-of-the-art facility funded largely by the philanthropists' $25 million donation. When he was healthy enough to return home, Palm Beach friends flew Ponton back in their private jet, equipped for the trip as a mini hospital with a bed, a private nurse, and ample quantities of Jewish penicillin, also known as chicken soup.

Ponton hoped tonight's $2,500-a-plate event would raise $1 million for the hospital, and got the ball rolling with his own $500,000 donation. To entertain his guests, he brought in Argentinean tango dancers and engaged En Vogue, the Grammy-nominated R&B quartet.

I found myself seated at one of the Boston tables. For months I had been going out almost every night, researching a book on Palm Beach society, and these social occasions had grown increasingly tedious. But the atmosphere this evening was electric. In half a century, the Jewish population in Palm Beach had gone from a ghettoized minority to the island's indisputably dominant cultural and intellectual force. And within that community, it was the Bostonians who ruled as the most charitable, the most intellectual, and the most cultured. They didn't merely make cocktail talk; they had conversations, over topics ranging from the tiniest nuances of Palm Beach society to the great issues of the world.

At a nearby table sat Carl Shapiro, the most universally revered figure among these Bostonians. In 1971, he sold his women's clothing company, Kay Windsor, and has since watched his investments make him a billionaire. Over the past several decades, he and his wife have given away an ample share of their fortune in a spectacle of generosity: more than $25 million to Beth Israel, where a research institute bears his name; $80 million to Brandeis University; $15 million to the MFA. The couple has donated many more millions to arts organizations in Palm Beach. Watching him at Club Colette, it was tempting to conclude that all that largesse was responsible for rewarding him with an enviable life extending well past the biblical threescore and ten. Then 94, he walked with the posture and thought with the acuity of a much younger man.

Shapiro has typically wanted his generosity publicly memorialized, his name affixed to the buildings his money puts up (Brandeis alone has three). This is not the kind of thing considered appropriate by Brahmin standards, but it's raised few eyebrows on Florida's Gold Coast, where charity is a kind of sport. "It's not such a terrible thing if the benefactor's name is publicized," says fellow Palm Beach philanthropist Sydelle Meyer. "It motivates other people to think about giving. We all like recognition in this world, one way or another. And if people see other people's names, they say, 'Oh, isn't that nice, and can't I be there, too?'"

At another table this evening sat Shapiro's daughter, Ellen, and her husband, Robert M. Jaffe. He was Ellen's greatest treasure, a sixtysomething peacock in a black dinner jacket tailored to his tall, lean frame. He had an aging gigolo's looks, with sleek black hair and a face that if not lifted by plastic surgery nonetheless looked not youthful so much as the caricature of youth.

There was no shortage of champagne toasts during the party, but by rights several of them should have been made to a man who was not in attendance. His name was Bernard Madoff. The then-70-year-old financial wizard was the son Shapiro never had. Shapiro had mentored him as a younger man, and Madoff had reciprocated by managing Shapiro's money in Bernard L. Madoff Investment Securities. It was Madoff, not Shapiro, who was the investor with the Midas touch; it was Madoff's steady 10 to 12 percent annual returns that had magnificently padded the holdings of many in the room tonight. Of course, had Madoff been on hand, the gratitude would have been mutual. Because without the people in this scene, Bernie Madoff would not have become what he did. It was Palm Beach and its Boston Jews that unwittingly helped make Bernie Madoff possible.

Palm Beach is clubby in the most literal sense, and for a long time just a few of those clubs were open to Jews. When in town, Jews stayed at the Whitehall Hotel and drove over to the Sun and Surf Club, both bought in the early 1940s by Boston entrepreneur A. M. "Sunny" Sonnabend, who later started the Sonesta hotel group. After its founding in 1952, they had the Palm Beach Country Club for golf. It's ironic in the extreme that the Shapiros live in a multimillion-dollar condominium at the Breakers, a resort that until 1965 was accused of not allowing Jews to stay there.

The Palm Beach Country Club remains the local center of elite Jewish social life. The club's palm tree–dotted course spans the width of the island, from Lake Worth to the Atlantic. Its intricate dress code dictates that members must not wear shorts that rise more than four inches above the knee; after 6 p.m., men are required to don jackets and ties. Children under age 12 are generally permitted to dine only in the Ocean Grill, one of three dining areas at the club, though exceptions are made for Thanksgiving dinners and Passover Seders. The club's directory shows that 80 of its 700 or so members maintain homes in or around Boston, with chichi addresses in the right suburbs and among the single-digit townhouses at the Public Garden end of Commonwealth Avenue.

In Palm Beach's social pecking order, people sort themselves into groups based largely on how much money they have. At the country club, the hierarchy has four or five distinct levels. Other than sitting in the same dining room and playing on the same golf course, those on one level rarely have much social contact with members on the others. If a fundraising chair is assembling a charity committee and tries linking someone from the bottom tier with someone from the top, the committee fails before it begins.

I have a friend, a banker from Pittsburgh named Dick Nernberg, who's easily worth more than $100 million. He's not a member of the Palm Beach Country Club, but one day he was there as a guest to have lunch with one of the Boston Jews.

"You guys have a lot in common," said a mutual friend at the club. "Dick here flies his own jet."

"Why would I want to fly my own plane?" the Boston man said dismissively. "I've got two big jets and pilots to fly them."

[Mia1]

Rumor on the street is that Bernie's terminally ill.

[Cindyloo]

I hadn't heard that Mia. Very possibly could be.

[beachreader]

I heard that too. They are saying that he doesn't have much time left to live.

Is he going to get his wish and this end with a terminally ill man going to jail and thats that is this going to be looked into further and his wife, sons, etc looked into.

Why 2 weeks ago did his wife hide 60 million $ and when questioned said that it was hers?

Why do they all get to keep and hide anything?

[sam king cat]

Was nice to see the stock market rise as Madoff was going down.

[Mia1]

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QUOTING FROM POSTER: beachreader;1847839 (Post Number)

I heard that too. They are saying that he doesn't have much time left to live.

Is he going to get his wish and this end with a terminally ill man going to jail and thats that is this going to be looked into further and his wife, sons, etc looked into.

Why 2 weeks ago did his wife hide 60 million $ and when questioned said that it was hers?

Why do they all get to keep and hide anything?

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BR, "technically" it may have been hers. Madoff was Chairman of NASDAQ and was a wise investor before his Ponzi scheme.

[Mia1]

I think the government doesn't want to ruffle too many feathers. "Searching" too much may open a pandora's box which would implicate too many people.

[beachreader]

Madoff files appeal to get out of jail

NEW YORK – Bernard Madoff's lawyers are appealing a judge's decision to revoke his $10 million bail and send him to jail to await sentencing. Madoff pleaded guilty Thursday to 11 felony counts including securities fraud and was immediately jailed. His lawyers filed papers with a federal appeals court Friday. The court papers were not immediately available.

Bail was revoked after the 70-year-old financier confessed to carrying out what may be the biggest fraud in Wall Street history. Madoff told U.S. District Judge Denny Chin that he was "deeply sorry and ashamed."

Sentencing is June 16. Madoff is facing up to 150 years, plus fines and mandatory restitution.

[beachreader]

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QUOTING FROM POSTER: Mia1;1848146 (Post Number)

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QUOTING FROM POSTER: beachreader;1847839 (Post Number)

I heard that too. They are saying that he doesn't have much time left to live.

Is he going to get his wish and this end with a terminally ill man going to jail and thats that is this going to be looked into further and his wife, sons, etc looked into.

Why 2 weeks ago did his wife hide 60 million $ and when questioned said that it was hers?

Why do they all get to keep and hide anything?

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BR, "technically" it may have been hers. Madoff was Chairman of NASDAQ and was a wise investor before his Ponzi scheme.

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If it was hers legally why would she feel the need to hide it.

I guess just to be safe but it makes her look even more guilty ...if that is even possible.

[gossamer]

madoff really made off

[Scoops]

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QUOTING FROM POSTER: gossamer;1848179 (Post Number)

madoff really made off

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lol. that was silly goss.

[sam king cat]

Made off is a good phonetic pronounciation for his name !

[gossamer]

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QUOTING FROM POSTER: Scoops;1848188 (Post Number)

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QUOTING FROM POSTER: gossamer;1848179 (Post Number)

madoff really made off

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lol. that was silly goss..........................................but i made ya chuckle,bottoms up my friend.

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[Madoff Mess]

Math equation:

71 age of years + life expectancy of 13 years = 150 life sentence

[NYSitter]

I saw one report on TV last night that showed his wife on the subway. The comment surrounding it was that she "only" had 2 million to live on so she has to give up using limos to take her everywhere she goes.

I almost laughed out loud.

[sam king cat]

Not only could I hear your laugh all the way up here Sitter, but I heard the loud rounds of applause coming from the court as the sentence was confirmed !

[gossamer]

yep madoff...madoff.