Ok so first of all…… MERRY CHRISTMAS!!!!! I hope everyone had an incredible day! 
Now today I found out about this huge scheme that happened and I thought it would be interesting to post so yea……
Lieff Cabraser is investigating an alleged $50 billion fraud perpetrated by Bernard L. Madoff (“Madoff”) and the asset management company that he ran, Bernard L. Madoff Investment Securities LLC (“BMIS”).
Since its inception by Madoff in 1960, BMIS has conducted trading and market making activities for broker-dealers, banks and financial institutions. Over the past two decades, Madoff and BMIS have additionally conducted an investment advisory business providing investment services for wealthy clients, institutions, schools, and charities. Madoff’s services were marketed as providing steady double-digit returns even in the most turbulent of markets, and by all appearances – at least according to the statements provided to advisory clients – lived up to their billing.
On December 11, 2008, however, the Securities and Exchange Commission (“SEC”) charged Madoff and BMIS with securities fraud for a massive Ponzi scheme perpetrated on their advisory clients. BMIS claimed as recently as January 2008 that it had more than $17 billion in assets under its management, on behalf of dozens of advisory clients (including a number of family trusts, institutions and hedge funds).
However, according to the SEC’s allegations and Madoff’s reported statements, for years Madoff and BMIS paid “returns” out of funds sent to Madoff and BMIS by new investors, not from existing clients’ actual returns on their investments. As of now, a court-appointed receiver is sifting through BMIS’ records to determine what (if any) assets remain to satisfy investors.
The list of advisory clients who were affected by this massive fraud is growing every day. Apart from the numerous investors who entrusted their money directly with BMIS as a result of their personal relationships with Madoff, a growing number of investors are finding that investments they had made with various investment funds (including hedge funds) or “funds of funds” (private investment vehicles ostensibly designed to diversify across multiple funds) were in fact invested with Madoff, and are thus at risk.
Some of the more notable examples include Fairfield Greenwich Group, Tremont Capital Management, Ascot Partners, Maxam Capital Management, and the Optimal funds offered by Grupo Santander, though this list is not exhaustive. Investors in such instances may have potential causes of action against the fund managers or intermediaries who either recommended or placed their clients’ investments in BMIS’ care.
So there ya go. It’s mostly for people who are interested in that sort of stuff. lol slightly boring but yeps see ya
Oh and I got the information from http://www.lieffcabrasersecurities.com/cases/madoff.htm?gclid=CNny9cSZ3ZcCFSAUagod5FUnEA
