Madoff and the Assets

[corporatefactors.net]

Sure would like to what he did with all this money.. Is someone going to chase after the assets of this con man??

Quoted from: http://www.wowowow.com

Before entering his expected guilty plea later this week, accused Ponzi schemer Bernie Madoff heads to court today, where Judge Denny Chin will determine whether his lawyers have a conflict of interest.

According to Newsday, Madoff’s attorney, Ira Sorkin, has personal connections with the Wall Street crook. Sorkin’s parents invested with Madoff but Sorkin says he never gave the Wall Street crook a dime. Interesting … We suppose his parents didn’t lose their life savings — or how in the world could Sorkin defend this man?

Meanwhile, Madoff’s wife Ruth hired her own lawyers and is being represented by the same law firm, Dickstein Shapiro LLP in New York.
This past Friday, a court document was signed by prosecutors that showed Madoff would waive an indictment by a grand jury and also showed that he pleads guilty to criminal charges. The court papers also indicated that Madoff’s victims may be heard in court. And with famous celebrity victims including Steven Spielberg, Kevin Bacon and Zsa Zsa Gabor, this may become the biggest media spectacle in history.

[Jeff Lipton]

The horrible fact is that he operated in a quasi secret society that all were afraid to confront this supposed genius and ask to account this included clients and regulators. The writing was on the wall-very few if any funds are their own custodian and trading arm. Its bad for all honest fund mangers and financial service businesses as confidence ebbs globally. The only good thing about if any is that perhaps getting all of the bad news out will finally lead to some better standards, I hope so.

In regard to his money being hidden, trust me on this one any file, remittance, email, check stub, will be audited and the forensics followed. On the receiving end any offshore official anywhere will give it versus facing serious censure by aiding or abetting, small amounts could possible slip through but in todays financial system, short of the middle east and and tier 2 black listed OECD venues (to which they are mostly quasi lawless jurisdictions where no one would put serious money) most of that money will be eventually recovered. Non of the offshore intermediaries would trade the consequences for the benefit of having the client. Jeff Lipton