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A Ponzi scheme for the modern era

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A Ponzi scheme for the modern era
4 Hrs Ago
In this August 2020 file photo, a sign attached to a pole on the Brian Lara Promenade, Port of Spain, promises easy money while you relax at home. - SUREASH CHOLAI
MATT WARNER, journalist
November 2020 was the 100-year anniversary of the imprisonment of Charles Ponzi – infamous creator of the fraudulent scheme to which he gave his name. Exactly a century later, Gutemberg Dos Santos, founder of AirBit Club, a cryptocurrency mining and trading company, was charged in the US with various offences relating to an alleged 'international investment scam', which, as described by the prosecutor, has all the hallmarks of a Ponzi scheme.

Madoff Not Mourned by Many

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Madoff Not Mourned by Many
Madoff Not Mourned by Many
The architect of the multi-billion-dollar fraud damaged institutions and individuals, as well as the Jewish image.
By Dave Schechter
April 27, 2021, 5:24 pm
Dave Schechter is a veteran journalist whose career includes writing and producing reports from Israel and elsewhere in the Middle East.
Perhaps ironically, many victims of Jewish financier Bernie Madoff’s Ponzi scheme were, themselves, Jewish
Given the damage that Bernie Madoff caused in the Jewish world, the available
reaction to his death was something other than suggestions that his memory be for a blessing. The more florid responses — in Yiddish and English — cannot be published in these pages.

Money & the Law: Man known for originating Ponzi scheme died penniless

Bernard Madoff died in prison April 14. He was 82 and was serving a 150-year sentence for having operated the largest Ponzi scheme in history. Investor losses totaled $64.8 billion, inclusive of phantom investment gains appearing on fraudulent account statements.
A Ponzi scheme involves using new investor money to make payments to prior investors, thereby causing everyone to think there is actually a moneymaking business at work when, in fact, the perpetrator is looting the enterprise. What you might not know is where the name “Ponzi scheme” came from. The answer is: Charles Ponzi. He was born in Italy in 1882 and came to the United States — to Boston — in 1903. Ponzi had $2.51 in his pocket at that time, having gambled away the rest of his money on board the ship from Italy.

8 of the most notorious Ponzi schemes in US history

8 of the most notorious Ponzi schemes in US history
2 hrs ago
By Breeanna Hare and Marika Gerken, CNN
© Mario Tama/Getty Images
Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday.crin (Photo by Mario Tama/Getty Images)
An East Coast businessman lures in more than two dozen investors with promises of lucrative profits — when in reality those profits don't exist, and he's using money from new investors to pay back previous ones.
But in this particular case, his name isn't Bernie Madoff. It's Ian Bick.

Bernard Madoff and The Omer - Lessons to Learn | Susan Barth

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Please note that the posts on The Blogs are contributed by third parties. The opinions, facts and any media content in them are presented solely by the authors, and neither The Times of Israel nor its partners assume any responsibility for them. Please contact us in case of abuse. In case of abuse,
Last week’s announcement of the death of Bernard Madoff  again puts the spotlight on the $16 billion Ponzi scheme which Bernard Madoff orchestrated and which left countless victims in financial ruin. In particular, the losses to Jewish charitable institutions and individuals was staggering.
The timing of Bernard Madoff’s death and the Omer

What Bernie Madoff proved about America and the Jews

What Bernie Madoff proved about America and the Jews
April 23, 2021
(JNS) — On Dec. 11, 2008, one of the worst events to rock the organized Jewish world was revealed on the front pages of the nation’s newspapers. Few outside of the financial world had ever heard of him before that day. But when news broke that Bernard Madoff’s Wall Street investment firm was a Ponzi scheme and that some of the Jewish community’s richest and most respected individuals, as well as philanthropies and educational institutions, had been the victims of a gigantic fraud, the impact was devastating.
More than $64.8 billion had disappeared when the impact of the 2008 financi...

Madoff Talks: uncovering what the family of the late Wall Street fraudster knew

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Madoff was once one of Wall Street’s most respected leaders but his company was also the front for a Ponzi scheme where new investors’ funds were used to pay existing clients. When the financial crisis hit in 2008 and too many investors asked for their cash, Madoff was forced to reveal his company was “one big lie”.
Madoff told the author he was “a product of the corrupt culture of Wall Street” and was himself a “constant critic” of that culture, which he confessed “certainly sounds strange coming from me”.
The collapse of Bernard L Madoff Investment Securities (BLMIS) ruined the lives of thousands and triggered several suicides, including that of the couple’s son Mark.

Uncovering what Bernie Madoff's family knew

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Withdrew $10m
Ruth Madoff withdrew $10 million from an account at a Madoff-linked brokerage firm in the days running up to her husband’s arrest, according to court documents.
Before the crime was uncovered, she was spending $57,000 a month on company credit cards seen by Campbell.
Diamond earrings from Ruth and Bernard Madoff are displayed during a media preview of their personal belongings in 2009. Photograph: Bloomberg
Campbell accumulated 400 pages of communications with Bernie Madoff, including emails and some multi-page handwritten letters during his research on the book, published on April 27th.
Ruth Madoff had been with Bernie since she was 13 and, according to the book, she found it hard to separate herself from him even after the conviction. She was also deeply upset by revelations about his infidelities and told the author that in her mind she was “estranged” from him. She stopped visiting him in prison but he continued to write to and email her.

Bernard Madoff died in prison on April 14th

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T WAS RARE for Bernard Madoff to invite anyone to his investment-advisory office. Almost all the employees in his brokerage firm, Bernard L. Madoff Investment Securities, were kept out of that part, and had no idea what went on inside. The door was locked. Like his other offices, it was immaculate, with a starkly modernist décor of black, white and grey. When he caught one of his employees eating a pear there, dripping juice onto the grey carpet tiles, he immediately ripped out the stained tile and laid another. No sloppiness allowed.
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What Bernie Madoff proved about America and the Jews

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On Dec. 11, 2008, one of the worst events to rock the organized Jewish world was revealed on the front pages of the nation’s newspapers. Few outside of the financial world had ever heard of him before that day. But when news broke that Bernard Madoff’s Wall Street investment firm was a Ponzi scheme and that some of the Jewish community’s richest and most respected individuals, as well as philanthropies and educational institutions, had been the victims of a gigantic fraud, the impact was devastating.
More than $64.8 billion had disappeared when the impact of the 2008 financial crisis finally undid Madoff’s decades-long scheme and forced his firm into collapse, although most of that was actually the fictional profits his clients thought he had earned them.

LET'S REMINISCE: Investors duped by Ponzi schemes

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The recent death of Bernard Madoff, who was the mastermind behind a $20 billion Ponzi scheme — the largest financial fraud in history — prompted me to contemplate some examples of what might be called “stupid human errors.”
Go to any grocery store, and you’ll see examples of what behavioral-pricing researchers refer to as “the left-digit bias.” When an item is priced at $2.99, the idea is that consumers will think of it as $2.00. That’s because the mind compares the left-most digits before it can round up the numbers. People look left first.
Recent experiments found that when consumers see a jar of peanut butter by itself for $2.99, in their minds they round the price up to $3.00. But that’s not true when two jars of peanut butter are displayed side by side. When participants in this experiment were shown a premium brand priced at $4 alongside the store brand priced at $2.99, their minds compared the left-most digits first, before rounding any numbers. So, they thought the store brand was $2 less than the premium brand.

Bernie Madoff, disgraced Ponzi schemer, dies at 82

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United StatesBernie Madoff, disgraced Ponzi schemer, dies at 82
Sarah Lynch
8 minutes read
Bernard Madoff exits the Manhattan federal court house in New York in this January 14, 2009 file photo. REUTERS/Brendan McDermid/File Photo
Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said. He was 82.
Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.”
A spokeswoman for the prison bureau said Madoff’s death at the Federal Medical Center in Butner, North Carolina, about 3:30 a.m. EDT (0730 GMT) was believed to be from natural causes. Madoff had been suffering from terminal kidney disease and several other medical ailments.

GoLocalProv | Whitcomb: Perilous Pause; The Polar Park Era; URI's Void; The Quiet Mega-Crook

From “Spite Fence,’’ by Richard Eberhart (1904-2005), a New Hampshire-based poet
“They must be out of their minds.’’
--  Prince Philip (born 1921), in the Solomon Islands in 1982, after he was told that the annual population growth there was 5 percent. The prince, aka the Duke of Edinburgh, who died on April 9, was famous for “outrageous” remarks, some of which were very funny – to some of us.
Encouraging the Anti-Vaxxers
The decision to “pause’’ the Johnson & Johnson one-shot COVID-19 vaccine is unfortunate. After all, only a minuscule number of people (six out of 6.8 million as of last Tuesday) who have been jabbed with it have gotten blood clots. The biggest danger of pulling the vaccine is that too many people will decide not to get vaccinated with any shot. Getting COVID-19 is far, far, far more dangerous than any vaccine for it. And J&J’s vaccine is particularly useful because it requires only one shot to be effective, and thus is obviously a way to get many more people quickly and fully vaccinated than with the two-shot vaccines Pfizer and Moderna (and maybe soon the promising Novavax).

Peter Madoff and his daughter Shana are pictured for the first time following Bernie's death

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Peter Madoff - who was jailed for ten years for role in his brother's Ponzi scheme - and his compliance officer daughter Shana are pictured in West Palm Beach for first time since Bernie's death
The younger Madoff was seen walking a dog outside his home in West Palm Beach, Florida on Saturday 
His daughter Shana was pictured Sunday outside her yoga studio in Westport, Connecticut 
Their outings came days after Bernie's death, age 82, at Butner Federal Correctional Complex on Wednesday 
Peter pleaded guilty to falsifying documents and lying to regulators as part of his brother’s Ponzi scheme and was sentenced to 10 years in prison; he was released from home confinement in August last year

Bernie Madoff, Financier Behind Notorious Ponzi Scheme, Dies At 82

Bernard Madoff, shown here in 2009, died Wednesday in a federal prison facility in North Carolina. Image: Louis Lanzano/AP
Updated April 14, 2021 at 1:41 PM ET
Bernie Madoff, the financier who orchestrated what is thought to be the largest Ponzi scheme in history, has died. He was 82.
He died Wednesday at the Federal Medical Center in Butner, N.C., the Federal Bureau of Prisons confirmed, and had been serving out a 150-year sentence.
As a money manager, Madoff defrauded thousands of investors out of tens of billions of dollars over the course of nearly two decades.
His scheme wiped out the savings of individuals, charities, municipal governments and college endowment funds, and he was so hated at the time of his 2009 trial that he wore a bulletproof vest to and from the courthouse.

Bloomberg: This recovery is special, whatever bond yields say

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Believe the Hype (This Time, at Least)
There’s a lot of suspicion of daily economic journalism, much of it justified. People like me have to find something to say about markets and the economy every day. There are moves in markets throughout the working week, and new data most days. When everything else is quiet, there is an inevitable tension to over-hype changes that don’t matter that much. This is a temptation that all economic journalists must try to resist.
One problem with the over-excitability about daily data is that people might not realize when something astonishing really has happened. So, to be clear: this week’s data from the U.S. are something very special. We knew a recovery was going on, and we could guess that repeated stimulus would juice it a bit, but the data confirm an amazing rally.

Ponzi schemer Bernie Madoff dead in prison

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Ponzi schemer Bernie Madoff dead in prison
published :
14 Apr 2021 at 21:45
The Ponzi scheme of Bernie Madoff, pictured in 2009, was revealed during the 2008 financial crisis and resulted in many investors losing their savings
NEW YORK - Bernie Madoff, the mastermind behind the worst financial scam in history, died in jail at age 82 on Wednesday, US prison officials said.
Madoff was sentenced to 150 years in prison in 2009 for running a pyramid-style scheme that defrauded tens of thousands of people around the world.
The scheme was estimated to be worth around $63 billion.
"We can confirm Bernard Madoff passed away on April 14, 2021, at the Federal Medical Center (FMC) Butner, North Carolina," an official with the federal Bureau of Prisons told AFP in an email.

Madoff was an evil master of financial illusion. And a genius

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Madoff was an evil master of financial illusion
By Larry Edelman Globe Columnist,Updated April 14, 2021, 2 hours ago
Email to a Friend
“Assume fraud first until genius is proven.”
That’s what Harry Markopolos, the Boston accounting sleuth who rang alarm bells about Bernie Madoff long before the New York investor’s Ponzi scheme collapsed in 2008, wrote when he signed a copy of his book about the scandal for his friend Michael Trotsky.
It was 2010, and Trotsky, who had recently taken over as head of the state’s giant public employee pension fund, understood Markopolos’s adage all too well: When a money manager’s acumen seems to good too be true — Madoff claimed improbably consistent investment returns year after year after year — it’s probably a scam.

The Madoff Letters: Newly Revealed Correspondence Shows the Deceased Con Man's Efforts to Shape His Legacy

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For years before his death, fraud mastermind Bernie Madoff tried behind the scenes to shape his own legacy.

Ponzi schemer Bernie Madoff dies in prison at 82

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Ponzi schemer Bernie Madoff dies in prison at 82
News 12 Staff
Updated on:Apr 14, 2021, 6:03pm EDT
Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died in a federal prison early Wednesday. He was 82.
Madoff's death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.
Last year, Madoff's lawyers filed court papers to try to get him released from prison in the coronavirus pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied.

Ponzi schemer Bernie Madoff dies in prison

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AP Photo/David Karp, File
NEW YORK (AP) — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82.
Madoff's death at the Federal Medical Center in Butner, North Carolina, was confirmed by his lawyer and the Bureau of Prisons.
Last year, Madoff's lawyers unsuccessfully asked a court to release him from prison during the coronavirus pandemic, saying he suffered from end-stage renal disease and other chronic medical conditions.
His death was due to natural causes, a person familiar with the matter told The Associated Press. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.

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