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JPMorgan Exited Madoff-Linked Funds Last Fall - NY Times
JPMorgan Chase says that its potential losses related to Bernard L. Madoff, the man accused of engineering an immense global Ponzi scheme, are “pretty close to zero.” But what some angry European investors want to know is when the bank cut its exposure to Mr. Madoff — and why.
As early as 2006, the bank had started offering investors a way to leverage their bets on the future performance of two hedge funds that invested with Mr. Madoff. To protect itself from the resulting risk, the bank put $250 million of its own money into those funds.
But the bank suddenly began pulling its millions out of those funds in early autumn, months before Mr. Madoff was arrested, according to accounts from Europe and New York that were subsequently confirmed by the bank. The bank did not notify investors of its move, and several of them are furious that it protected itself but left them holding notes that the bank itself now says are probably worthless.....
Stash of Bernie Madoff papers found tucked away in Queens warehouse - NY Daily News
Millions of documents that might yield the truth behind Bernie Madoff's massive Ponzi scheme have been yellowing for years in a Queens warehouse, sources said.
The East Elmhurst building was used to store old records from Madoff's investment firm. Investigators have been there sifting through files for possible evidence, a government official told The Associated Press.
The 70-year-old former Nasdaq chairman has been under house arrest in his $7 million apartment since his arrest in November.....
Bernie Madoff action figure flashes bling - Boston Herald
Scam-artist Bernie Madoff hurt countless people with his alleged $50 billion investment Ponzi scheme, but does he deserve to be mentioned in the same breath as Osama bin Laden and Saddam Hussein?
You bet, says Connecticut toymaker Emil Vicale, who manufactures patriotic “hero” and politically incorrect “villain” action figures out of his home workshop. Retailing for $149.99, his latest product is a “limited edition” Madoff doll featuring a fistful of $100 bills and a luxury wristwatch painted with real 24-karat gold.
“He’s wiped out people’s life savings, he’s destroyed their kids’ lives and their grandchildren’s lives,” says Vicale, who sells his creations at Herobuilders.com. “In other cultures, wouldn’t they just cut his head off?”
Painting the Scene of Madoff's Operation - Wall Street Journal
A core group of employees working for Bernard Madoff played key roles with clients of his investment-advisory business, and several have received subpoenas from regulators seeking documents about their dealings with defrauded investors, people familiar with the matter say.
This group kept track of Mr. Madoff's investment clients, which numbered in the thousands. It set up new accounts and monitored client balances. It dispatched checks or wired money when clients withdrew funds. And it provided the clients with market color on how the portfolio -- sometimes dubbed the "basket" -- was invested....
Madoff's car deal leaves associate on the hook for $58K - USA Today
Add a new potential victim to the Bernard Madoff scandal — a former Madoff employee on the hook for more than $58,000 on a 2009 Mercedes-Benz sedan he says he was told to lease for the accused Ponzi scheme architect.
In a federal court filing Wednesday, Craig Kugel objected to a bankruptcy trustee's Dec. 31 cancellation of the lease, arguing that the action could subject him "to financial loss and impairment of his credit."
Kugel, who worked at Bernard L. Madoff Investment Securities, went to a Long Island dealership in October to lease the Mercedes S500-4 for his then-boss, whose previous auto lease was up.....
Madoff ‘Red Flags’ Could Have Been Raised by Software - Bloomberg
Banco Santander SA’s hedge fund unit used risk software that according to its developer may have “waved red flags” about Bernard Madoff investments.
“You definitely would have seen it,” Riskdata SA Chief Executive Officer Ingmar Adlerberg said in a phone interview from Paris. Many of the company’s 80 customers have thanked it for flagging risks linked to Madoff, he said. He refused to name them or comment specifically on Santander.
Santander offered on Jan. 27 to pay 1.38 billion euros ($1.8 billion) to private banking clients hit by Madoff-related losses through the bank’s Optimal Investment Services hedge fund arm. Geneva-based Optimal said Riskdata’s FOFiX product was key to “quantitative risk analysis” for hedge fund investments in a 30-page due-diligence questionnaire dated last April.....
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