Results tagged “investor”

A meeting for investors of admitted Ponzi schemer Bernard Madoff was either confirmation of their worst fears or another shattering realization: The trustee overseeing Madoff's estate said that it appeared that the once-revered financial guru made any of the investments that were listed on investors' statements. So while client were told their investments—which were supposedly earning attractive returns— were in stocks and Treasury bills, trustee Irving Picard said, "We have found no evidence to indicate that securities were purchased for customers’ accounts [for] perhaps as much as 13 years... [It was] cash in and cash out."

The NY Post has quite a few articles devoted to $50 billion Ponzi schemeister Bernard Madoff. First, Madoff's two sons haven't spoken to "disgraced financier father since they turned him in to the authorities on Dec. 11." They haven't spoken to their also under-investigation mother either. The Post adds Fifth Avenue Synagogue members lost about $2 billion: "The synagogue was a breeding ground for Madoff investors" since president, J. Ezra Merkin, "reportedly served as a powerful recruiter for the alleged scamster" and gave "Madoff, who does not belong to the synagogue, access to a slew of universities and Jewish organizations." Then there's the 60-something recent widow whom Madoff convinced to "hand over her entire life savings...just weeks before his arrest." The Daily News gets Palm Beach chronicler Lawrence Leamer to break down Madoff's secret: "His was the shrewdest hustle... He seemed not to want your money or care about your wealth - and he was very quick to turn it down - so all you wanted to do was give him more."