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NewswireTODAY - /newswire/ -
Katy, TX, United States, 2008/12/17 - "Bernard L. Madoff Charged In Multi-Billion Dollar Ponzi Scheme: Complaint Filed In Federal Court And Application For Emergency Relief" prepared by BackgroundNow.com Staff.
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The SEC's complaint, filed in federal court in Manhattan, alleges that Madoff yesterday informed two senior employees that his investment advisory business was a fraud. Madoff told these employees that he was "finished," that he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the principal received from other, different investors. Madoff admitted in this conversation that the firm was insolvent and had been for years, and that he estimated the losses from this fraud were at least $50 billion. According to regulatory filings, the Madoff firm had more than $17 billion in assets under management as of the beginning of 2008. It appears that virtually all assets of the advisory business are missing.
Product Details
• Paperback: 38 pages
• Publisher: CreateSpace (December 13, 2008)
• Language: English
• ISBN-10: 1440494746
• ISBN-13: 978-1440494741
About BackgroundNow.com Staff
BackgroundNow.com was launched in August 2003 and provides a complete range background checks, custom research, related blogs and publishing of high-profile federal case files. BackgroundNow.com serves hundreds of companies throughout the USA. Call Lee Hill directly, 1-713-784-3232 x3142, to discuss any of these services. And go to Amazon.com to find “BackgroundNow.com Staff” publications.
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