Bernard L. Madoff Investment Securities LLC Financial Fraud

•December 26, 2008 • Leave a Comment

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

Hey ppls!

•December 18, 2008 • 1 Comment

OK so yea, I’m Kitty! ^^ which I don’t even have to say because all of you know me already lol Well lets see here…what can I write… Well I’ve decided I’m mostly just going to write about reality and shtuff like that. So for my first post I’m going to raise the issue of The Genocide in Darfur.

The Darfur Genocide has killed more than 400.000 citizens and displaced 2.5 million people from their homes. About the size of Texas, the Darfur region of Sudan is home to racially mixed Muslim tribes. In February 2003, frustrated by poverty and neglect, two Darfurian rebel groups launched an uprising against the Khartoum government. The government responded with a scorched-earth campaign, arming and bankrolling militias against the innocent civilians of Darfur. A small peacekeeping force run by the African Union is in place, but it is largely unsupported by the rest of the world. Civilian protection is desperately needed to stop the violence and end the genocide.

This information was taken from http://www.genocideindarfur.net

If you want to learn about how to help contribute to saving darfur go to this website: http://www.savedarfur.org/content

So yea, thats my dose of reality for the day. haha well I hope everyone has a very Merry Christmas! I’m not sure I’ll be able to post anything until I get back to school in 2 weeks.

OK so tonight is Winter Formal and I’m so excited! Its not my first formal. Its my second. I went my freshman year in HS and nwo its my Jr. year. Well anyway, I’m gonna scat on out now and watch the simpons lol 🙂

MERRY CHRISTMAS!!!!!