JRE Keeps You Entertained All Weekend: Just Waitin' for the Hammer to Fall
A Bernie Madoff timeline.
Bernard L. Madoff Investment Services pumps out 10% returns a year, every year, using a “split-strike conversion” strategy. Some people are suspicious. Most people are not. At the end of 2007, the company has $17 billion under management.
[December 10, 2008:
At MADOFF’s Manhattan apartment, MADOFF informed the Senior Employees, in substance, that his investment advisory business was a fraud. MADOFF stated 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 Securities and Exchange Commission today charged Bernard L. Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm. The SEC is seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm.
_The Honorable Louis L. Stanton, Federal Judge in the United States District Court for the Southern District of New York, has appointed Lee S. Richards of the law firm Richards Kibbe & Orbe LLP receiver over the assets and accounts of Bernard L. Madoff Investment Securities LLC (“BMIS”) as per the attached order.