Bernard Madoff’s computer programmers were tricked into aiding his $17.5 billion Ponzi scheme and prosecutors failed to prove otherwise during a five- month trial, a defense lawyer said in closing arguments.
Bernard Madoff added the son of a “key” executive to his payroll even though he didn’t work there, a jury was told in the trial of five ex-employees accused of aiding the con man’s $17 billion Ponzi scheme.
Bernard Madoff’s former computer programmers created a web of simple equations to make thousands of fake transaction numbers, dates and time stamps appear realistic on documents used to trick auditors, a jury was told in the trial of five of the con man’s former top aides.
Bernie Madoff is warning regular investors not to let Wall Street scam them like he did. His advice: Use index funds. In a recent interview with MarketWatch, Madoff was asked where the safest place is to invest money with the least amount of risk for fraud. His answer:
Getting people to pretend to earn money sounds like a job for Bernie Madoff. Stacey Asher sees it differently. She gets people to fake-earn (or fake-lose) money, and pay for the privilege, in a fantasy stock-picking league that benefits charities selected by the players.
One late afternoon in March 2007, Sanjay Wadhwa sat at his desk transfixed by the data on his computer screen. Wadhwa was then a low-level supervisor in the Wall Street office of the U.S. Securities and Exchange Commission investigating a supposedly routine case of “cherry- picking.” The SEC had gotten a complaint that Rengan Rajaratnam, the founder of Sedna Capital Management LLC, a small hedge fund, was doling out a disproportionate share of his best trades to the beneficiaries of a “friends and family” account. It was Wadhwa’s job to figure out what was going on, Bloomberg Businessweek reports in its April 23 issue.