Bernard L. Madoff used a process his inner circle called “schtupping” to boost the fake trading profit of the con man’s richest clients between Christmas and New Year’s, his former finance chief told a jury.
Bernard Madoff’s deputies made fake paperwork showing trading losses to save $1.7 million owed to an investor who died with “too much money” in his account even as the firm was being flooded with new customers and cash in the 1990s, the con man’s former finance chief told a jury.
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
Bernard Madoff demanded his inner circle rush to recreate years’ worth of fake account documents for a feeder fund that in 1992 attracted unwanted attention from regulators, the con man’s ex-finance chief told a jury.
Bernard Madoff’s finance chief, who pleaded guilty to aiding his $17 billion fraud, said he could tell right away that fake trades were being used in customer accounts in 1975 when he joined the firm after high school.
A former Bernard Madoff aide advised her staff not to tell people at the 2008 company Christmas party about checks totaling hundreds of millions of dollars written to firm insiders as Madoff’s fraud was unraveling, a jury was told.
Bernard L. Madoff’s ex-controller told a jury the con man held a meeting of his inner circle in 2005 to discuss ways to hide mounting losses in his legitimate broker-dealer unit, saying, “We all know what we do here.”
Bernard Madoff’s former controller, part of his inner circle for three decades, told a jury she’s testifying against five ex-colleagues in a bid for leniency when she’s sentenced for aiding the con man’s $17 billion fraud.
Five former employees of Bernard L. Madoff on trial for allegedly aiding his $17 billion Ponzi scheme were kept in the dark about the fraud and duped by his personality and reputation, a jury was told.
After several drinks at a Greek restaurant on Manhattan’s Third Avenue in the summer of 2006, two computer programmers at Bernard Madoff’s investment firm asked their supervisor whether the boss’s business was a scam.