- Prison Planet.com - http://www.prisonplanet.com -
Madoff’s alleged $50 billion fraud hits other investors
Posted By admin On December 13, 2008 @ 4:19 am In Money Watch | Comments Disabled
Jon Stempel and Christian Plumb
Saturday, Dec 13, 2008
Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.
Prosecutors and regulators accused the 70-year-old, who was chairman of the Nasdaq Stock Market in the early 1990s, of masterminding a fraud of epic proportions through his investment advisory business, which managed at least one hedge fund.
Hundreds of people, investing with him through the firm’s clients, entrusted Madoff with billions of dollars, industry experts said.
(ARTICLE CONTINUES BELOW)
“Madoff’s investors included captains of industry, corporations — some of which are publicly traded — that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds,” said Douglas Kass, who heads hedge fund Seabreeze Partners Management.
“It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to ‘money heaven,’” he said.
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/madoffs-alleged-50-billion-fraud-hits-other-investors.html
URLs in this post:
 Reuters : http://finance.yahoo.com/news/Madoff-alleged-50-billion-rb-13819411.html
 Madoff jailed after pleading guilty to £47 billion fraud and telling court: ‘I am deeply sorry and ashamed of my crimes’: http://www.prisonplanet.com/madoff-jailed-after-pleading-guilty-to-47-billion-fraud-and-telling-court-i-am-deeply-sorry-and-ashamed-of-my-crimes.html
 Dollar hits 11-month high on global growth worry: http://www.prisonplanet.com/dollar-hits-11-month-high-on-global-growth-worry.html
 FDIC Hits Record “Default” Level As Deposit Insurance Fund Plunges By $12.7 Billion To NEGATIVE 20.9 Billion: http://www.prisonplanet.com/fdic-hits-record-default-level-as-deposit-insurance-fund-plunges-by-12-7-billion-to-negative-20-9-billion.html
 Gold Bears Pull $20.8 Billion as BlackRock Says Buy: Commodities: http://www.prisonplanet.com/gold-bears-pull-20-8-billion-as-blackrock-says-buy-commodities.html
 Financial market losses could top 1,600 billion dollars: report: http://www.prisonplanet.com/financial-market-losses-could-top-1600-billion-dollars-report.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.