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It is rare these days to see Bernard Madoff’s name in print unaccompanied by the word “Ponzi.” Yet recent allegations raise the possibility of one key difference between Madoff’s crimes and those of legendary con artist Charles Ponzi. While Ponzi’s scam was under way, Ponzi himself was its biggest beneficiary. It now appears that the biggest winner in Madoff’s scheme may not have been Madoff at all, but a secretive businessman named Jeffry Picower.
Between December 1995 and December 2008, Picower and his family withdrew from their various Madoff accounts $5.1 billion more tha
...2. Jeffry Picower (“Picower”) was a beneficiary of this Ponzi scheme for more than
20 years. Since December 1995, he and the other Defendants collectively profited from this
scheme through the withdrawal of more than $6.7 billion dollars. The Trustee’s investigation to
date has revealed that at least five billion dollars of this amount was fictitious profit from the
Ponzi scheme. In other words, Defendants have received, at a minimum, more than five billion
dollars of other people’s money...
Bernard L. Madoff Investment Securities, LLC
Summary of Defendants' Accounts Maintained with BLMIS
A/C# Account Name
1P0019 Barbara Picower January 1, 1988
1C1006 Capital Growth Company January 1, 1988
1D0010 Decisions Incorporated January 1, 1988
1D0011 Decision Inc #2 January 1, 1992
1D0030 Decision Inc #3 January 1.....
Bernard L. Madoff Investment Securities, LLC
Summary of Cash Transfers to Defendants
A/C# Account Name Date Transfer Amount
1C1006 Capital Growth Company 1/2/96 CHECK $ 53,500
1C1006 Capital Growth Company 4/1/96 CHECK 72,000
1C1006 Capital Growth Company 7/1/96 CHECK 52,500
1C1006 Capital Growth Company 10/1/96 CHECK...
Originally posted by Crakeur
I'm still curious as to why we haven't heard a word about Frank Dipiscale.
Cohmad, Stanley Chais Get Sued During Run Up To Madoff’s Sentencing
...Give it some time, but we can expect criminal proceedings to be brought against some of these folks at some point. The feds are currently leaning on Frank DiPascali, Madoff’s “ninja” deputy, to extract names and information about the operation, before swinging in and rounding everyone up. Piecing together the evidence is turning into a massive ballache, what with some of the records needing to be digitised from microfilm. Madoff’s propensity for filing non-electronic records can’t be helping either....
The feds are currently leaning on Frank DiPascali
...Now that fog may be about to lift. Fortune has learned that Frank DiPascali is trying to negotiate a plea deal with federal prosecutors in which, in exchange for a reduced sentence, he would divulge his encyclopedic knowledge of Madoff's scheme. And unlike his boss, DiPascali is willing to name names.
According to a person familiar with the matter, DiPascali has no evidence that other Madoff family members were participants in the fraud. However, he is prepared to testify that he manipulated phony returns on behalf of some key Madoff investors, including Frank Avellino, who used to run a so-called feeder fund, Jeffry Picower, whose foundation had to close as a result of Madoff-related losses, and others. If, for example, one of these special customers had large gains on other investments, he would tell DiPascali, who would fabricate a loss to reduce the tax bill. If true, that would mean these investors knew their returns were fishy. (Lawyers for Avellino and Picower declined to comment. Marc Mukasey, DiPascali's attorney, says, "We expect and encourage a thorough investigation.")...
AP Source: 10 more could be charged in Madoff scam
NEW YORK -- A person familiar with the investigation into disgraced financier Bernard Madoff (MAY'-dawf) says at least 10 more people are likely to be charged by the time the probe is complete.
The person tells The Associated Press they will face federal charges over the next few months. The person spoke on condition of anonymity because the investigation is ongoing.
Bernie's Gang: Who's Next To Go Down?
...What's especially curious is that in November 1999, Picower's accounts had a negative cash balance of $3.8 billion with Madoff Securities, which later grew to $6.3 billion according to the lawsuit. This is odd because no broker is supposed to allow a client to hold a negative account.
"Even more brazenly, one account combined outrageous returns with backdating that occurred before the account was even opened," charges Trustee Irving Picard. According to the suit, "There were 57 purported purchases of securities between Jan. 10 and Jan. 24, 2006, almost three months before the account was opened or funded."
If proved, these allegedly "backdated" trades would suggest that either the Picowers or their aides knew that Madoff was committing fraud. The suit charges that "Picower and the other defendants also knew or should have known that they were reaping the benefits of manipulated purported returns, false documents and fictitious profit."...
Bernard Madoff scheme's top beneficiary found dead
A Florida billionaire who was a top beneficiary of Bernard Madoff's $65bn (£40bn) Ponzi scheme has died, apparently by drowning in the swimming pool of his mansion in the exclusive seaside enclave of Palm Beach.
Jeffry Picower, 67, was found by his wife and housekeeper shortly after midday on Sunday. Emergency services were unable to revive him and he was pronounced dead at the Good Samaritan medical centre.
An accountant turned wealthy investor, Picower was a friend of Madoff's and was named in court papers as the biggest beneficiary of returns from the Wall Street fraudster's corrupt investment empire.