By David Scheer / Bloomberg
Dec. 19 -- U.S. regulators, trying to unravel the breadth of Bernard Madoff's alleged $50 billion fraud, have found evidence of misconduct stretching back to at least the 1970s, two people familiar with the inquiry said.
Madoff's investment advisory business, where he allegedly operated the biggest Ponzi scheme in history, is now estimated to have had more than 4,000 customers, the people said, declining to be identified because the inquiry isn't public. An advisory unit Madoff registered with the Securities and Exchange Commission claimed in a January filing to have no more than 25 clients. People familiar with the investigation said Dec. 14 he also ran a secret unregistered business.
The Madoff case is fueling efforts by President-elect Barack Obama and Congress to overhaul oversight of brokerages and investment advisers. The SEC will likely also examine whether hedge funds investing with Madoff performed the due diligence promised to clients, two people familiar with the agency's concerns said.
1 comment:
It's all in a name and knowing the right people. GREED IS GOOD. Look many more people then Madoff have been doing this Madoff just got caught because of the recession. Many rich people profitted off the backs of the working class people and no one said a word. Now that the Rich have lost their money all hell breaks out. Each appointee of the SEC knew what was going on and they got their kick back money to turn a blind eye. Cox got his as soon as Bush appointed him. Greenspan is wise and got his money and left. He was so slick he put his stolen money overseas and even changed the currency. Now Bush/Cheney will leave office with their stolen money and laugh as they go to visit their friend Ken Lay who is living the good life as the fake death worked very well.
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