In her first public description of the day she learned from her husband Bernard that he was running the biggest Ponzi scheme in history, Ruth Madoff says she was “paralyzed” with shock. Yet the couple still attended their company Christmas party the night before Madoff’s arrest. Ruth appears in her first interview discussing her husband’s crimes on “60 Minutes” Sunday, Oct. 30 at 7 p.m. ET/PT. Her son, Andrew, also speaks to Morley Safer in his first interview on the same broadcast. Watch 60 Minutes Segment [...]
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A son of disgraced Wall Street financier Bernard Madoff called authorities in a panic after receiving a text message he thought was a suicide note from his dad months after his December 2008 fraud scheme arrest, a new book says. The forthcoming book, “Truth and Consequences,” recounts how Andrew Madoff and his brother, Mark Madoff, got the message on their cellphones in March 2009. Bernard Madoff told his sons he loved them and to look after their mother. The book says it was the first communication Andrew Madoff had from his father after his arrest. Read more on Boston.com [...] The Butner complex itself has four prisons: two medium security facilities, a hospital and a low-security prison as well. Bernard Madoff is in Medium I. All the buildings are white and low to the ground, and from a distance look like an attractive office complex. The area was quiet and extremely well-kept — if I was expecting doom and gloom, it wasn’t what I found. Only as you drive closer to the actual buildings can you see the barbed wire fence ringing each of the four prisons. Watch ABC News video interview [...] The trustee liquidating Bernard Madoff’s defunct firm sued Somers Dublin Ltd., an Irish affiliate of HSBC Holdings Plc, seeking $86.4 million. Trustee Irving Picard said he aims to recover “customer property” from companies that invested with Fairfield Sentry Ltd., a so-called feeder fund that placed money in Madoff’s Ponzi scheme. Picard demanded the return of any funds received from investments with Fairfield, according to the lawsuit filed today in U.S. Bankruptcy Court in Manhattan. Read Bloomberg Businessweek report here. [...] The brokerage industry’s self-policing organization has been ordered to improve its document procedures after allegedly providing altered records to the Securities and Exchange Commission for an inspection in 2008. The Financial Industry Regulatory Authority’s Kansas City office altered the documents, the SEC said Thursday in announcing the order. The SEC, which oversees the group, known as FINRA, and inspects brokerage firms, had requested the records of three FINRA staff meetings. Read Associated Press report [...] In a rare case of watchdog bites watchdog, the Financial Industry Regulatory Authority agreed Thursday to settle civil charges of violating securities laws filed by the Securities and Exchange Commission. Finra, a self-regulatory organization for securities firms that is overseen by the SEC, agreed to hire an outside consultant and provide additional staff training as part of the deal to settle accusations of doctoring documents requested by SEC inspection staff. Read more in the Wall Street Journal [...] Bernard L. Madoff’s family would keep about $82 million of “other investors’ money” under a ruling that limited a bankruptcy trustee to claiming from the owners of the New York Mets only two years of withdrawals from the Ponzi scheme, according to a court filing. Read Bloomberg report [...] On Christmas Eve 2008, two weeks after Bernard L. Madoff confessed to running history’s largest Ponzi scheme, he and his wife, Ruth, attempted suicide in their Manhattan penthouse. Mrs. Madoff said in an interview with The New York Times: “I don’t know whose idea it was, but we were both so saddened by everything that had happened. It was unthinkable to me: hate mail, phone calls, lawyers.” Read New York Times report [...] Our October 6th Op-Ed, “FINRA Is An Ineffective Regulator,” highlighted FINRA’s push to take over the regulatory oversight of registered investment advisers (RIAs) – a move that is more about FINRA’s own self-preservation and less about investor protection. FINRA responded to our Op-Ed, claiming that our assertions were unfounded. They concluded that we were just an RIA firm that doesn’t want to be audited. The largest hedge funds and private equity firms must report financial information to the government under a rule adopted Wednesday. But the Securities and Exchange Commission backed off broader reporting requirements for the funds after it drew heavy objections from the industry. The final rule applies to hedge funds with $1.5 billion or more in assets and private equity firms with $2 billion or more and requires only annual reporting by private equity firms. In January, the SEC proposed reporting for firms with $1 billion or more in assets and would have made the reports quarterly for both large hedge funds and private equity funds. Read Associated Press report [...] |
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