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Madoff Ponzi scheme started in 1970s

A former trader at Bernard Madoff Investment and long-time colleague is expected to plead guilty to fraud Monday and testify that Madoff’s $65 billion Ponzi scheme may have started 20 years earlier than what his ex-boss claimed, the Guardian reported. David Kugel, who began working for Madoff in 1970, is cooperating with investigators and is […]

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SEC Charges Madoff Employee

The Securities and Exchange Commission charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment […]

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MF Global – Missing Fund Estimate Doubles According to Trustee

The trustee overseeing the wind-down of MF Global’s brokerage said more than $1.2 billion in customer funds could be missing from the failed firm, more than double the original estimate of missing cash. Trustee James W. Giddens also said in a statement Monday that returning 60% of funds to the firm’s former customers—a previously stated […]

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MF Global — Search for missing money continues

Three weeks after $600 million in customer money went missing from MF Global, the search for the cash has been hampered by the bankrupt brokerage firm’s sloppy record-keeping, an increasingly worrisome situation that has left regulators frustrated and customers in the lurch. The round-the-clock effort consumes federal regulators and criminal investigators, with lawyers sleeping at open […]

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SEC looking at misleading ADV forms

Robert Khuzami, director of the SEC’s Division of Enforcement, said today that the agency has begun reviewing registration documents to find advisers who have not accurately portrayed their education, assets under management and other aspects of their firm. “If they come face to face with inspectors early on … they’re going to know that we’re […]

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