Bernard Madoff
Bernard Madoff was arrested in December 2008 for running a self-confessed "giant Ponzi scheme" that he perpetrated on advisory clients of his firm.
Madoff told two high level employees that his business was a fraud. He told these employees that he was "finished," that he had "absolutely nothing," that "it's all just one big lie," and that it was "basically, a giant Ponzi scheme." Madoff had for years been paying returns to certain investors out of the principal received from other, different investors. Madoff estimated the losses from this fraud were at least $50 billion.
Madoff founded the firm in 1960 and has been a prominent member of the securities industry throughout his career. Madoff served as vice chairman of the NASD, a member of its board of governors, and chairman of its New York region. He was also a member of NASDAQ Stock Market's board of governors and its executive committee and served as chairman of its trading committee.
Kosher Catering Firm Responds to a "Character Assassination Attempt" During State Supreme Court Press Conference
WOODBURY, N.Y., Feb. 8, 2012 /PRNewswire/ -- Scott Morrell, President of Morrell of Woodbury, today issued a press statement following a news conference on the steps of Mineola State Supreme Court responding to allegations that his firm knowingly served non kosher food to party goers. (Photo: http://photos.prnewswire.com/prnh/20120208/NY50333 ) "This was the first day of what will be a personal campaign to recapture my reputation. "I am participating in a news conference where I not only reaffirm my integrity as a Glatt ...
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