"Wall Street is one big turf war, so...by benefiting one person, you're disadvantaging another person."--Bernie Madoff, 2007
"Today, on Wall Street, the big money is made by taking risks."--Bernie Madoff, 2007
"We trade in excess of one-trillion dollars per year."--Bernie Madoff, 2007
"In today's regulatory environment, it's virtually impossible to violate rules."--Bernie Madoff, 2007
The Securities and Exchange Commission ("SEC") charged Madoff and BMIS with securities fraud for a massive Ponzi scheme. BMIS claimed as recently as January 2008 that it had more than $17 billion in assets under its management, on behalf of dozens of advisory clients (including a number of family trusts, institutions and hedge funds).--December 11, 2008
Bernard L. Madoff violated his bail agreement by sending jewelry to his friends and family, prosecutors argued.--January 9, 2009"Today, on Wall Street, the big money is made by taking risks."--Bernie Madoff, 2007
"We trade in excess of one-trillion dollars per year."--Bernie Madoff, 2007
"In today's regulatory environment, it's virtually impossible to violate rules."--Bernie Madoff, 2007
The Securities and Exchange Commission ("SEC") charged Madoff and BMIS with securities fraud for a massive Ponzi scheme. BMIS claimed as recently as January 2008 that it had more than $17 billion in assets under its management, on behalf of dozens of advisory clients (including a number of family trusts, institutions and hedge funds).--December 11, 2008
"it's all just one big lie, basically, a giant Ponzi scheme."--Bernie Madoff, December 2008
"There is no innocent explanation."--December 2008
"a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.--Madoff's website
The fund told investors it followed a "split strike conversion" strategy, which entailed owning stock and buying and selling options to limit downside risk.
