Bernie Madoff
Bernard L. Madoff | |
---|---|
Born | |
Nationality | American |
Education | Hofstra University (1960) |
Occupation(s) | Financial services, Investment management, Con man |
Employer | Bernard L. Madoff Investment Securities |
Known for | Chairman of NASDAQ (prior), Ponzi scheme |
Spouse | Ruth Madoff |
Children | Mark Madoff (44), Andrew Madoff (42) |
Bernard Lawrence Madoff (/ˈmeɪdɑf/) (April 29, 1938-December 23, 2008) was a businessman and former chairman of the NASDAQ stock market. He started the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 and was its chairman until December 11, 2008, when he was arrested and charged with securities fraud.
Bernard L. Madoff Investment Securities, which is in the process of liquidation, was one of the top market maker businesses on Wall Street, often functioning as a "third-market" provider that bypassed "specialist" firms and directly executed orders over-the-counter from retail brokers.[1] The firm also encompassed an investment management and advisory division that is now the focus of the fraud investigation.[2]
On December 11, 2008, Federal Bureau of Investigation agents arrested Madoff on a tip-off from his sons, Andrew and Mark, and charged him with one count of securities fraud. On the day prior to his arrest, Madoff told his senior executives at the firm that the management and advisory segment of the business was "basically, a giant Ponzi scheme."[3] Five days after his arrest, Madoff's assets and those of the firm were frozen and a receiver was appointed to handle the case.[4] Madoff's alleged fraud may be valued at a loss of up to a $50 billion in cash and securities.[2][5] Banks from outside the U.S. have announced that they have potentially lost billions in U.S. dollars as a result.[6] [7] To date, it is the largest investor fraud ever attributed to a single individual.[8]
Madoff was a prominent businessman and philanthropist.[9][10] The freeze of his and his firm's assets significantly affected businesses around the world and a number of charities, some of which, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation, have been forced to close as a consequence of the fraud.[9][11][12][13]
Investors have questioned Madoff's statement that he alone is responsible for the large-scale operation, and investigators are looking for others involved in the scheme.[14]
Personal
Madoff was born in the New York City borough of Queens to a Jewish family.[15] He is married to Ruth Madoff[16] and has two sons, Mark and Andrew.[17] Madoff has owned an ocean-front residence in Montauk since 1981[18]. His primary residence, valued at more than $5 million, is on Manhattan's Upper East Side.[19] Madoff is listed as chairman of his Upper East Side building's co-op board.[20] He also owns a home in France[21] and a $9.3 million mansion in Palm Beach, Florida on the Intercoastal Waterway just north of Flagler Memorial Bridge.[22] He is a member of the Palm Beach Country Club and owns a 55-foot (17 m) fishing boat named "Bull".[20]
Career
Madoff started his firm in 1960 with an initial investment of $5,000 that he said was earned from working as a lifeguard and installing sprinklers.[23] At first, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange, the firm began to use information technology to disseminate its quotes. After a trial run, the technology the firm helped develop became the NASDAQ.[24] According to sources involved in the government inquiry into Madoff, the fraud might have gone back to the 1970s.[25]
He was active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, and he served as its chairman of the board of directors, and on its board of governors.[26]
Madoff's firm was "the first prominent practitioner"[27] of "paying for order flow", in other words paying a broker to execute a customer's order through Madoff, which has been called a "legal kickback".[28] Using this method, the firm became the largest dealer in NYSE-listed stocks in the U.S., trading about 15 percent of transaction volume in these stocks.[29]
Madoff viewed the payments as a normal business practice: "If your girlfriend goes to buy stockings at a supermarket, the racks that display those stockings are usually paid for by the company that manufactured the stockings. Order flow is an issue that attracted a lot of attention but is grossly overrated."[30] Academics have questioned the ethics of these payments.[31][32] Madoff has argued that these payments did not alter the price that the customer received.[33]
He brought several relatives into his business. His brother, Peter, was a senior managing director. Both of Madoff’s sons, Mark and Andrew, joined the team after finishing their education. Charles Weiner, Madoff’s nephew, also joined the firm, and Peter Madoff’s daughter, Shana, took a job with the company as a lawyer.[10]
His sons Mark and Andrew were allegedly unaware of the imminent insolvency of Madoff Investment Securities.[9] According to the authorities, the sons confronted their father, asking him how the firm could pay bonuses if it could not pay investors, prompting Madoff's admission that he was "finished", after which they reported him to the authorities.[9] The FBI investigation shows no signs of implicating family members of fraud,[34] with federal authorities saying his wife Ruth is not accused of wrongdoing.[35]
Philanthropy
Before his arrest Madoff's family was involved in philanthropic circles.[10] When his nephew, Roger Madoff, died of leukemia in April 2006, paid death notices appeared in newspapers from a range of charitable organizations, including the Lower East Side Tenement Museum.[10] Madoff donated approximately $6 million to lymphoma research after his son Andrew was diagnosed.[36]
Madoff served as the Chairman of the Board of Directors of the Sy Syms School of Business at Yeshiva University, as well as Treasurer of its Board of Trustees.[10][11] He resigned his position at Yeshiva University after his arrest.[11] Madoff also serves on the Board of New York City Center, a member of New York City's Cultural Institutions Group (CIG).[37]
Madoff undertook charity work for the Gift of Life Bone Marrow Foundation, and through The Madoff Family Foundation, a $19 million private foundation which he managed along with his wife,[9] he donated money to hospitals and theaters.[10] The foundation has also contributed to many Jewish educational, cultural, and health charities. The various organizations were mostly given charity funds backed by Madoff securities.[15][11] Madoff was also a major contributor to the Democratic party.[38]
In the wake of Madoff's arrest, the assets of the Madoff Family Foundation have been frozen by a federal court.[11][9]
Methods of operation, accusations, and case
Investment strategy
![]() | This article may be too technical for most readers to understand. |
Barron's Magazine reported in 2001[39] that a Madoff hedge fund document (a so-called "Offering Memorandum") described Madoff's strategy as follows: "Typically, a position will consist of the ownership of 30–35 S&P 100 stocks, most correlated to that index, the sale of out-of-the-money calls on the index and the purchase of out-of-the-money puts on the index. The sale of the calls is designed to increase the rate of return, while allowing upward movement of the stock portfolio to the strike price of the calls. The puts, funded in large part by the sale of the calls, limit the portfolio's downside."
This split-strike or collar trade involves three steps: 1) buying a stock at price X — say 100, 2) selling a call option with a strike price Y — say 120 — which is above X, and 3) purchasing a put option with a strike price Z — say 80 — which is below X. If the price of the stock is 125, which is above Y at expiration, the stock will be called away and the investor receives Y (120) for the stock. If the price is 70, which is below Z at expiration, the put can be exercised and Z (80) received in cash. This effectively caps the maximum gain (until the options expire) at the Y minus X (120 − 80 = 40), and the maximum loss at the X minus Z (100 − 80 = 20). The options transactions can generate positive or negative cash-flow depending on the cost of purchasing the put (say 3%), the premium received to write the call (say 4%) and dividends from the stock holdings (say 5%). To create an effective collar for a long-term stock holding, the option contracts should be rolled into contracts farther out prior to expiration.
Madoff's strategy as described in Barron's is not a perfect hedge since options are purchased/sold on an index which contains a much larger basket of stocks than the 30–35 purchased to hold. A few analysts performing due diligence on Madoff did raise alarms because they were unable to replicate the fund's past returns using historic price data for US stocks and options on the indexes.[40][41] There is no credible evidence that Madoff actually made all the required trades dictated by this strategy.[42] Barron's raised the possibility that Madoff's returns were not due to this strategy, but rather from front running the firm's brokerage clients.
Rival fund managers were unable to replicate the same returns, using the strategies from Madoff's quarterly reports.[43]
Sales methods
The New York Post reported that before his arrest Madoff "worked the so-called 'Jewish circuit' of well-heeled Jews he met at country clubs on Long Island and in Palm Beach."[44] The New York Times reported that Madoff counted many prominent Jewish executives and organizations among those investing in his funds — Jeffrey Katzenberg, Eliot Spitzer, Yeshiva University, the Elie Wiesel Foundation, and charities set up by the publisher Mortimer Zuckerman and Hollywood film director Steven Spielberg. Among one of the most prominent Jewish promoters was J. Ezra Merkin, whose fund Ascot Partners steered $1.8 billion USD towards Madoff's firm.[45] A scheme like this that targets members of a particular religious or ethnic community is a type of affinity fraud.
Fairfield Greenwich Group, based in Greenwich, Connecticut, had a Fairfield Sentry fund which was one of several so-called feeder funds that gave foreign investors portals to Madoff. Fairfield, in turn, set up further feeder funds such as Lion Fairfield Capital Management in Singapore and Stellar US Absolute Return, all ultimately conduits to Madoff, having directed a total of $7 billion USD.[45] The Wall Street Journal reported that "Several investors say Mr. Madoff's main go-between in Palm Beach was Robert Jaffe. Mr. Jaffe is the son-in-law of Carl Shapiro, the founder and former chairman of apparel company Kay Windsor Inc. and an early investor and close friend of Madoff. Jaffe, a philanthropist in Palm Beach, Florida, attracted many investors from the Palm Beach Country Club."[20]
The large sovereign wealth fund Abu Dhabi Investment Authority also indirectly invested US$400 million with Madoff. Madoff also promoted in Asia, most recently targeting China, though by that time, he was advertising to anyone with money (contrary to his initial strategy, when he handpicked investors).[45]
The Madoff sales force were well-dressed, multilingual sales representatives in the financial capitals of Europe. Madoff's fund was also considered exclusive, as he was initially giving the appearance of being very selective of which investors to take on.[45]
Madoff had a very successful track record year after year. Moderately-high consistent returns were a key factor in the perpetuation of Madoff's fraud for decades; other Ponzi schemes paid out higher returns in the neighborhood of at least 20 percent. A hedge fund run by Madoff, which described its strategy as focused on shares in the Standard & Poor's 100-stock index, averaged a 10.5 percent annual return over the past 17 years. Through November 2008, amid a general market collapse, the fund reported that it was up 5.6 percent year to date, while the year-to-date total return on the S&P 500-stock index had been negative 38 percent.[9] One investor who declined to be named said “The returns were just amazing and we trusted this guy for decades — if you wanted to take money out, you always got your check in a few days. That’s why we were all so stunned.” [41][46]
The operation was conducted out of floors 17 to 19 of the Lipstick Building, with 18 and 19 used for administration and stock-trading. The core of the business, the hedging, took place on the 17th floor, which was occupied by no more than 24 employees.[47] Since funds controlling billions as Madoff did would usually require hundreds of employees for the administrative work involved, employees from other floors say that they always assumed Madoff had an office in another location in addition to the Manhattan headquarters.[47]
Signs of trouble
Outside analysts raised concerns with Madoff's firm for years.[9] Financial analyst Harry Markopolos complained to the SEC's Boston office in May 1999 telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he claimed to use. In 2005 Markopolos sent a detailed 17 page memo directly to the SEC, entitled The World's Largest Hedge Fund is a Fraud.[48] In part, the memo concluded:
Bernie Madoff is running the world's largest unregistered hedge fund. He's organized this business as "hedge fund of funds privately labeling their own hedge funds which Bernie Madoff secretly runs for them using a split-strike conversion strategy getting paid only trading commissions which are not disclosed." If this isn't a regulatory dodge, I don't know what is.
Among the suspicious signs was the fact that Madoff's company avoided filing disclosures of its holdings with the SEC by selling its holdings for cash at the end of each period.[9] Such a tactic is highly unusual. Madoff's use of a small auditing firm, Friehling & Horowitz, which has only one active accountant, is also highly unusual.[49] Friehling & Horowitz has reported since 1993, in writing, to the American Institute of Certified Public Accountants that it doesn't conduct audits.[50] David Friehling assumed control of the firm from partner Jerry Horowitz, who reportedly did accounting work for Madoff for decades.[51]
While hedge funds typically hold their portfolio at a securities firm that acts as the fund's prime broker (typically a major bank or brokerage), allowing an outside investigator to verify their holdings, Madoff's firm was its own broker-dealer and supposedly processed all its trades.[41]
Although Madoff was a pioneer of electronic trading, he refused to provide his clients online access to their accounts.[9] He sent out account statements by mail,[52] whereas most hedge funds email statements and allowed them to be downloaded via computer for easier analysis by investors.[21]
Improbably steady investment returns despite exceedingly volatile markets were another red flag.[53] A longtime friend said that "his rate of return [...] was never attention-grabbing, just solid 12–13 percent year in, year out".[10] Robert Ivanhoe, chairman of the real estate practice of the law firm Greenberg Traurig, added that Madoff increased his allure by refusing some investors.[10]
The SEC said it conducted two inquiries of Madoff in the last several years and did not find major problems.[54] An SEC statement detailed that inspectors examined Madoff's brokerage operation in 2005, finding three violations of rules requiring brokers to obtain the best possible price for customer orders, while in 2007, SEC enforcement staff completed an investigation and did not refer the matter to the SEC commissioners for legal action.[55]
Charles Gradante, co-founder of hedge-fund research firm Hennessee Group, observed that Madoff "only had five down months since 1996",[56] and commented on Madoff's investment performance: "You can't go 10 or 15 years with only three or four down months. It's just impossible."[53]
Madoff also operated as a broker dealer with an asset management division. Joe Aaron, a longtime hedge fund professional, found the structure suspicious and in 2003 warned a colleague to steer clear of the fund, saying "Why would a good businessman work his magic for pennies on the dollar?"[57]
Early indications that Madoff may have been in trouble emerged in 2007. The Madoff Family Foundation donated only $95,000 to charitable groups. This was a major drop from previous years. In 2006, the foundation had donated $1,277,600.[36]
The scheme began to unravel when, in 2008, clients wanted to withdraw $7 billion from the firm and Madoff was struggling to raise $7 billion to cover redemptions. On December 10, 2008, he suggested to his sons that the firm pay out several million dollars in bonuses two months ahead of schedule. Then at his apartment, he admitted to his sons that his firm was a fraud.[54]
Criminal and civil charges
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/40px-Wikinews-logo.svg.png)
Madoff was arrested by the FBI on December 11, 2008 on criminal charges of securities fraud, turned in by his sons after he allegedly told them that his business was "a giant Ponzi scheme."[58][59] The alleged behavior involves an asset management unit of his firm, rather than the better known market making unit.
The criminal complaint alleges that investors lost $50 billion because of the scheme,[60] though The Wall Street Journal reports "that figure includes the alleged false profits that Mr. Madoff's firm reported to its customers for decades. It's unclear exactly how much investors deposited into the firm."[61] He was charged with a single count of securities fraud. Madoff was released on the same day of his arrest after posting $10 million bail.[58] He faces up to 20 years in prison and a fine of $5 million if convicted.[58] According to the SEC, Madoff confessed to an FBI agent that there was “no innocent explanation” for his behavior,[60] and that he "paid investors with money that wasn't there".[62] His attorney stated that he "will fight to get through this unfortunate set of events."
The case is U.S. v. Madoff, 08-MAG-02735, U.S. District Court for the Southern District of New York (Manhattan).[23]
Madoff and his wife have surrendered their passports, and he is subject to travel restrictions, a 7 p.m. curfew at his co-op, and electronic monitoring as a condition of bail. The role of Frank DiPascali, an official at the firm, is being considered. DiPascali is represented by Marc Mukasey, the son of U.S. Attorney General Michael Mukasey, who has recused himself of any involvement in the case. According to an SEC memo, DiPascali "responded evasively" to questioning following Madoff's arrest.[61]
The SEC filed a separate civil suit against Madoff on December 11, 2008.[23][63]
Separately, individual investors have filed civil suits against Madoff. The two firms leading the suits, announced on December 12, 2008 that the two firms have been retained by dozens of individual investors.[64]
Others Involved
Investigators are looking for others involved in the scheme, despite Madoff's statement that he alone was responsible for the large-scale operation.[14] Harry Sussman, an attorney representing several clients of the firm, stated that "someone had to create the appearance that there were returns," and further suggested that there must have been a team buying and selling stocks, forging books, filing reports, etc. [14]
Federal investigators have discovered apparently fraudulent documents and records in Madoff's Manhattan offices, and are looking into who prepared them. [14]
Madoff's accountant was David G. Friehling, the only active accountant at Friehling & Horowitz according to the AICPA. The accounting firm has informed the AICPA in writing for 15 years that it does not conduct audits.[65]
J. Ezra Merkin, a prominent investment advisor and philanthropist has been sued for his role in running a "feeder fund" for Madoff.[66] Merkin informed investors in his $1.8 billion Ascot Partners fund on December 11 that he was among those who suffered substantial personal losses, since all of the funds dollars were invested with Madoff. [67]
Recovery of funds
The victims of the alleged fraud are considering how to best recover some of their investments.[68] The use of the legal doctrine of fraudulent conveyance in bankruptcy proceedings might mean that investors who withdrew their money before the fraud was revealed, might be forced to return their profits or even part of their initial investments. Returning funds is uncontroversial for clients who may have known that the Madoff's business was fraudulent, but it is not so clear for clients who were not aware of Madoff's activities.[69][70]The current statute of limitations on cases involving fraudulent conveyance is six years, which means that clients who withdrew their money from Madoff's firm more than six years ago could not lose their withdrawals. But clients who withdrew their funds less than six years ago might have to return their withdrawals.
Investors may also have access to funds from the Securities Investor Protection Corporation (SIPC), which offers assistance to investors of failed brokerage firms. Investors may receive a maximum of $500,000, but only for cash or securities that are missing from their accounts. It could take several years before investigations into the scandal are concluded and investors are able to file claims. [71] [72] Victims may also file suit to have taxes, already paid on "fictitious income", restored to them.[73]
Affected clients
The Securities Investor Protection Corporation (SIPC) is liquidating Madoff’s brokerage, with Irving Picard acting as trustee. The SIPC provides up to $500,000 in insurance for missing money or securities in individual brokerage accounts, but does not protect against bad investments.[74]
Stephen Harbeck, president of the SIPC, stated that the investment management department's financial records will take six months to sort out. “There are some assets, but I have no idea what the relationships of the assets available are to the claims against them. The records are utterly unreliable on this case.”[75]
Although Madoff filed a report with the SEC in 2008 stating that his advisory business had only 11–25 clients and about $17.1 billion in assets,[76] dozens of investors have reported losses, and the SEC reports a $50 billion fraud. According to Bloomberg, “in all, companies, individuals and foundations have disclosed about $24 billion of investments with Madoff.”[74] Those affected include banks, Wall Street investors, charities, and individuals.
In December 2008, the Elie Wiesel Foundation for Humanity issued a press release[77] on their website stating that nearly all of the foundation's assets (approximately $15.2 million USD) have been lost through Madoff's firm.[78]
Largest stake-holders
According to The Wall Street Journal[79] the investors with the largest potential losses include:
- Fairfield Greenwich Advisors, $7.50 billion
- Tremont Capital Management, $3.30 billion
- Banco Santander, $2.87 billion
- Bank Medici, $2.10 billion
- Ascot Partners, $1.80 billion
- Access International Advisors, $1.40 billion
- Fortis, $1.35 billion
- Union Bancaire Privée, $1.00 billion
- HSBC, $1.00 billion
The potential losses for these nine investors total $22.32 billion. Other investors, with potential losses between $100 million and $1 billion include Natixis SA, Carl J. Shapiro (a 95-year-old Boston philanthropist, and the individual who seems to have lost most, $500 million; see also above), Royal Bank of Scotland Group PLC, BNP Paribas, BBVA, Man Group PLC, Reichmuth & Co., Nomura Holdings, Aozora Bank[80], Maxam Capital Management, EIM SA, and AXA SA. The potential losses for these investors total $4.02 billion. Twenty-three investors with potential losses of $500,000 to $100 million were also listed, with total potential losses of $540 million. They included Bramdean Alternatives run by Nicola Horlick, for example. The grand total potential losses in the Wall Street Journal table is $26.9 billion.
Suicide of client
On 23 December 2008, one of the founders of Access International, Rene-Thierry Magon de la Villehuchet, was found dead in his New York City office. Both of his wrists were slashed, in what appeared to be suicide.[81] Access International had invested $1.4 billion with Madoff's firm. De la Villehuchet had also invested his personal money with Madoff's business. De la Villehuchet came from a prominent French family and Access International had connections to wealthy and powerful aristocrats from Europe. [82] No suicide note was found at the scene.[82]
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- ^ Probe Eyes Role of Aide to Madoff, Accountant. Wall Street Journal, DECEMBER 23, 2008
- ^ Kouwe, Zachery (December 15, 2008). Andrew Ross Sorkin (ed.). "A Look at Madoff Trading Records". Deal Book. New York Times. Retrieved December 22, 2008.
- ^ a b Hamilton. "Madoff's reliable returns aroused doubts". Latimes. Retrieved 2008-12-13.
- ^ a b Healy. "Boston donors bilked out of millions". Boston Globe. Retrieved 2008-12-13.
- ^ Madoff fraud case raises questions about SEC
- ^ For Madoff investors, big returns trumped concerns
- ^ Zuckerman. "Fees, Even Returns and Auditor All Raised Flags". WSJ.
- ^ a b c Neumeister, Larry (11/12/2008). "Ex-Nasdaq chair arrested on fraud charge". Associated Press. Retrieved December 11, 2008.
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(help) - ^ "Top Broker Accused of Fraud; Madoff, Money Manager for the Wealthy, Said to Have Run '$50 Billion Ponzi Scheme'". The Wall Street Journal. December 11, 2008. Retrieved 11/12/2008.
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(help) - ^ a b Henriques, Diana (December 11, 2008). "Prominent Trader Accused of Defrauding Clients". The New York Times. Retrieved December 11, 2008.
{{cite web}}
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suggested) (help) - ^ a b Efrati, Amir (December 23, 2008). "Probe Eyes Audit Files, Role of Aide To Madoff". The Wall Street Journal. Dow Jones. Retrieved December 23, 2008.
{{cite news}}
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suggested) (help) - ^ Honan, Edith (December 12, 2008). "Former Nasdaq chair arrested over alleged £33 billion fraud". International Herald Tribune. Retrieved December 12, 2008.
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suggested) (help) - ^ Honan, Edith (December 12, 2008). "Former Nasdaq chair arrested over alleged £33 billion fraud". International Herald Tribune. Retrieved December 12, 2008.
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suggested) (help) - ^ Dozens of Defrauded Investors in Madoff Case Retain Milberg LLP and Seeger Weiss LLP to Seek Recovery of Losses Hundreds of Millions of Dollars at Issue
- ^ CNN Madoff's Auditor
- ^ Bray, Chad (2008-12-16). "3rd UPDATE: Merkin, Ascot Fund Sued Over Madoff Investments". CNN. Dow Jones Newswires. Retrieved 2008-12-23.
- ^ "Letter from Merkin to Investors" (PDF). New York Times. 2008-12-11. Retrieved 2008-12-19.
- ^ Gandel. "Madoff Victims Look for Ways to Recover Their Money". Time Magazine. Retrieved 2008-12-17.
- ^ Szep. "Madoff fraud could burn early pullouts". Reuters. Retrieved 2008-12-17.
- ^ Coolidge. "Lessons For Madoff Investors From The Bayou Fund Ponzi Scheme". Forbes. Retrieved 2008-12-17.
- ^ Kim. "Investors May Have to Surrender Gains". WSJ. Retrieved 2008-12-19.
- ^ Varchaver. "Some people who got out of Bernard Madoff Investment Securities before it imploded may have to give back gains". CNN. Retrieved 2008-12-19.
- ^ "Another LI law firm targets Bernard Madoff". Tribune Interactive, Inc. 2008-12-17. Retrieved 2008-12-19.
{{cite news}}
: Check date values in:|date=
(help) - ^ a b Scheer, David (December 15, 2008). "Madoff Said to Use Unregistered Side-Unit for Clients (Update5)". Bloomberg.com. Retrieved December 15, 2008.
{{cite news}}
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suggested) (help) - ^ Westbrook, Jesse (December 16, 2008). "Madoff's Records 'Utterly Unreliable,' Says SIPC Head (Update6)". Bloomberg.com. Retrieved December 16, 2008.
{{cite news}}
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suggested) (help) - ^ "Banks face huge losses from $50B 'scam'". CNN.
- ^ Statement on Elie Wiesel Foundation Website
- ^ Agence French Presse (AFP) (December 24, 2008). "Wiesel Foundation loses nearly everything in Madoff scheme". Retrieved 2008-12-24.
- ^ "Madoff's Victims". The Wall Street Journal. December 16, 2008. Retrieved December 17, 2008.
- ^ Statement on Aozora’s Exposure to Madoff Securities . Retrieved on Dec. 16, 2008.
- ^ "Madoff investor found dead of suicide". AP. Retrieved 2008-12-23.
- ^ a b "Police: Madoff Investor Found Dead of Suicide" (print and audio). AP Newswire. 1010 Wins.com. Retrieved 2008-12-23.
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External links
- "Bernard L. Madoff Investment Securities". Front page is now a placeholder for information on the case. (Archive)
- "The Owner's Name is on the Door". Archived from the original on 2008-12-14.
- SEC civil complaint
- SEC press release and update for investors
- Criminal complaint
- Jewish charities hit by Madoff scandal
{{subst:#if:Madoff, Bernard L.|}} [[Category:{{subst:#switch:{{subst:uc:1938}}
|| UNKNOWN | MISSING = Year of birth missing {{subst:#switch:{{subst:uc:}}||LIVING=(living people)}} | #default = 1938 births
}}]] {{subst:#switch:{{subst:uc:}}
|| LIVING = | MISSING = | UNKNOWN = | #default =
}}