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According to legal documents from that case, these two started raising money from clients, friends and relatives in the early 1960s and handed over that cash over to Bernie Madoff to invest.
In 1989, two other accountants Steven Mendelow and Edward Glantz and later Glantz's son Richard also began raising funds for Bernie Madoff. By the time that the S.E.C. ordered these three firms to return all funds to their investors for selling unregistered shares, some $454 million had been raised from more than thirty-two hundred investors.
Lee Richards, who has been appointed by the SEC as the receiver of all Bernard Madoff Investment Securities assets, also served as the court-appointed trustee over Avellino & Bienes during its legal dispute with the federal agency, .
Friehling, who faces a maximum 105 years in prison, isn’t accused of knowing about the scheme, Acting U.S. Attorney Lev Dassin said in a statement. Rather, he allegedly deceived investors by falsely certifying that he had audited the financial statements of Madoff’s firm, Bernard L. Madoff Investment Securities.
2:30 p.m. | Again, no answer: Representative Joe Donnelly of Indiana asks how long the S.E.C. knew there was a one-person accounting firm involved in Mr. Madoff’s operation. Ms. Thomsen said she couldn’t answer that question.
Bill King - King World News
Tuesday, March 2, 2010
National Hero For Exposing The $65 Billion Bernie Madoff Ponzi Scheme & Author of “No One Would Listen”- David Einhorn from Greenlight Capital wrote the foreword for Mr. Markopolos’ new book “No One Would Listen” and called Harry a hero for what he did. Harry’s last interview was in May of ‘09 with King World News after I suggested he go into a “media blackout.” This true financial thriller does not disappoint and King World News listeners will again be among the very first to hear Harry Markopolos as he breaks his media silence. Harry is a friend of mine and you will hear things in this interview that you simply will not hear in the mainstream media. In this interview Harry discusses the SEC’s failure, goes after the SEC for what he terms their incompetence, how he, his family and his team’s lives were threatened, the fact that Bernie Madoff was a mob boss, Greenspan’s failure as Fed Chairman, he knew Madoff was a fraud, criminal banking syndicates, how ruthless Madoff was, the devastation and heartbreak in the wake of the fraud and much more.