"Madeoff" Victims are Numerous
The Madoff scandal has affected more people than had originally been anticipated. It was originally thought that 12 to 25 people were going to be affected by the largest Ponzi scheme in modern history. However, a lot more people are being affected than had originally been anticipated. It is said now that the Bernard Madoff scandal has devastated at least 5000 people
Madoff befriended many people and basically made off with all of their money. He is considered to be the most hated individual in New York City. This does not come as a surprise when so many people where involved with this individual. The list of victims is very large. Not all of Madoff’s victims were ultra rich. The Madoff scandal is affecting many people who entrusted their nest eggs with this individual. A stock analyst from Florida has reportedly lost 95% of his $11,000,000 fortune to Bernard L. Madoff. Other institutional investment corporations have also lost billions to the Madoff scandal. Tremont Group Holdings, a hedge fund group, is said to have lost an estimated $7.5 billion. Even large banking entities such as Banco Santader of Spain and the worldwide banking conglomerate HSBC lost an estimated $2.87 billion and $1 billion respectively.
Other victims of the Madoff scandal include many Jewish charities who once gave millions of dollars to worthy causes worldwide. The Carl and Ruth Shapiro Family Foundation is also said to have lost $145,000,000 to Madoff. Carl Shapiro is a 95 year old textile magnate had also invested $400 million of his family fortune with Madoff. He is also said to be one of Madoff’s first investors and the largest. No one was safe from Bernie Madoff. The Fairfield Connecticut town pension fund which protected over 900 workers has also lost $41.9 million invested with Madoff. Too many people trusted Madoff with too much money.
Several charitable foundations that had money invested with Madoff will be forced to shut their doors. The Picower Foundation which supports medical research at universities including The Massachusetts Institute of Technology will be forced to shut its doors. The foundation had assets in excess of $1 billion with Bernard Madoff. Foundation President Barbara Picower stated on Friday that “this act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic and nonprofit organizations”.
Like many con artists, Bernard Madoff operated completely undetected for years. He was a well trusted individual who had contributed millions of dollars to the same charitable foundations which he ultimately stole from. He has calm demeanor about him that exudes confidence and charisma. However, Mr. Madoff chose to use his natural talents for less than ethical business practices which he used to steel from thousands of people.
The SEC is said to have past up several tips dating back to 1999 that indicated Madoff was running a large Ponzi scheme. He was very friendly with many SEC officers and was called upon to help develop regulations. His niece is also married to an SEC attorney. There are many who wonder what involvement the SEC has had with Madoff. How did so many years of un detection went by without any sort of major formal inquiry into this man’s financial practices. Instead the SEC is out busting Mark Cuban, the owner of the Dallas Mavericks, for supposedly being involved in an insider trading scam where he saved himself $700,000.
Bernard L. Madoff has unfortunately negatively impacted the lives of so many innocent people. He has wiped out many fortunes and put many people in the non profit and philanthropic sectors out of work. Tens of thousands of beneficiaries will also go without the funding that enabled them to operate. Important medical research will loose years of advancement if funding is unavailable. It is unfortunate that individuals such as Bernard Madoff exist in society. Perhaps, society will learn a great lesson from this scandal. The days of wild, wild west financial investments are coming to a screeching halt!
The Madoff scandal has affected more people than had originally been anticipated. It was originally thought that 12 to 25 people were going to be affected by the largest Ponzi scheme in modern history. However, a lot more people are being affected than had originally been anticipated. It is said now that the Bernard Madoff scandal has devastated at least 5000 people
Madoff befriended many people and basically made off with all of their money. He is considered to be the most hated individual in New York City. This does not come as a surprise when so many people where involved with this individual. The list of victims is very large. Not all of Madoff’s victims were ultra rich. The Madoff scandal is affecting many people who entrusted their nest eggs with this individual. A stock analyst from Florida has reportedly lost 95% of his $11,000,000 fortune to Bernard L. Madoff. Other institutional investment corporations have also lost billions to the Madoff scandal. Tremont Group Holdings, a hedge fund group, is said to have lost an estimated $7.5 billion. Even large banking entities such as Banco Santader of Spain and the worldwide banking conglomerate HSBC lost an estimated $2.87 billion and $1 billion respectively.
Other victims of the Madoff scandal include many Jewish charities who once gave millions of dollars to worthy causes worldwide. The Carl and Ruth Shapiro Family Foundation is also said to have lost $145,000,000 to Madoff. Carl Shapiro is a 95 year old textile magnate had also invested $400 million of his family fortune with Madoff. He is also said to be one of Madoff’s first investors and the largest. No one was safe from Bernie Madoff. The Fairfield Connecticut town pension fund which protected over 900 workers has also lost $41.9 million invested with Madoff. Too many people trusted Madoff with too much money.
Several charitable foundations that had money invested with Madoff will be forced to shut their doors. The Picower Foundation which supports medical research at universities including The Massachusetts Institute of Technology will be forced to shut its doors. The foundation had assets in excess of $1 billion with Bernard Madoff. Foundation President Barbara Picower stated on Friday that “this act of fraud has had a devastating impact on tens of thousands of lives as well as numerous philanthropic and nonprofit organizations”.
Like many con artists, Bernard Madoff operated completely undetected for years. He was a well trusted individual who had contributed millions of dollars to the same charitable foundations which he ultimately stole from. He has calm demeanor about him that exudes confidence and charisma. However, Mr. Madoff chose to use his natural talents for less than ethical business practices which he used to steel from thousands of people.
The SEC is said to have past up several tips dating back to 1999 that indicated Madoff was running a large Ponzi scheme. He was very friendly with many SEC officers and was called upon to help develop regulations. His niece is also married to an SEC attorney. There are many who wonder what involvement the SEC has had with Madoff. How did so many years of un detection went by without any sort of major formal inquiry into this man’s financial practices. Instead the SEC is out busting Mark Cuban, the owner of the Dallas Mavericks, for supposedly being involved in an insider trading scam where he saved himself $700,000.
Bernard L. Madoff has unfortunately negatively impacted the lives of so many innocent people. He has wiped out many fortunes and put many people in the non profit and philanthropic sectors out of work. Tens of thousands of beneficiaries will also go without the funding that enabled them to operate. Important medical research will loose years of advancement if funding is unavailable. It is unfortunate that individuals such as Bernard Madoff exist in society. Perhaps, society will learn a great lesson from this scandal. The days of wild, wild west financial investments are coming to a screeching halt!
Labels: Bernad Madoff, Madeoff, Madoff Ponzi Scheme, Madoff Victims, Ponzi scheme
Credit Card / Financial news blog post by Todd Holliday at 7:18 PM 