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Bernie Madoff The $50 Billion Ponzi Scheme

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In the wake of the Bernard Madoff and Arthur Nadel scandals, and issues over AIG and GM debacles, to name some, government regulators are working to increase investor protection. The Sarasota Herald Tribune notes that while the changes will do little to help those already hurt by the numerous financial catastrophes and frauds that have plagued the country in recent months, the new administration is hoping to make broad changes, considered the most extensive since early last century. SEC is hoping to compel the majority of investment advisers to accept surprise exams administered by external auditors, said the Herald Tribune. According to Mary Schapiro, SEC Chairman, the proposals are in response to the historic Madoff scandal that decimated scores of investor portfolios, as well as other frauds that have been revealed in the current economic downturn, said the Herald Tribune. The Spy Who Loved Me release. The Lena Baker Story move. How On The Madoff Scandal.

Gentile and two other executives are accused of using the funds to cover shortfalls and enrich themselves instead of securing returns for their customers. Some 17, investors were affected, about of them seniors, according to a related complaint by the US Securities and Exchange Commission.

The Sydney Morning Herald

If proved, it here be one of the largest such schemes to target individual investors since the massive frauds of Bernard Madoff and Robert Allen Stanford came to light. Wall Street may have its next big financial scandal. Credit: AP. William McGovern, a lawyer for Gentile, declined to comment How On The Madoff Scandal the allegations.

The indictment was unsealed in federal court in Brooklyn, New York, on Thursday. Scabdal used the funds to subsidise private planes and luxury travel for the three executives, according to a separate lawsuit on Thursday by New York Attorney General Letitia James, one of several state AGs to file suit. Payments went to their personal bank accounts and to family members, and Gentile even purchased a Ferrari with the money, James alleged.

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The SEC also says GPB violated whistle-blower protection laws by including language in termination and separation agreements that barred two former employees from coming forward to the regulator and by retaliating against a third who complained to the SEC. GPB, founded inhas described itself as an alternative asset manager that acted as general partner and read more for other funds, which invest in businesses from automotive retail to waste management to health care, according to the SEC.

Madoff was sentenced to years in prison for masterminding the largest Ponzi scheme in history. The Sydney Morning Herald. Save Log inregister or subscribe to save articles for later. Wall How On The Madoff Scandal Courts Investing.]