No Indication Stocks Were Ever Purchased in Madoff Ponzi Scheme

February 21, 2009

(ChattahBox) — You know I find this pretty unbelievable. The trustee in charge of untangling the mess brought on by the Bernard Madoff scandal told investors Friday, there was no indication the disgraced money manager bought securities for his clients over the past 13 years. “There wasn’t any stock bought or sold,” said the attorney, David Sheehan. “It was all just made up.

How the heck does that happen in todays world where everything is tracked electronically? And where was the IRs in all this? The Securities and Exchange Commission was obviously negligent but it’s seeming more like they were complicit to this crime.┬áSome say this is all part of the deregulatory mindset in Washington allowing the financial services industry to run wild. But whistleblower Harry Markopolous told the Congressional Financial Services Committee in testimony a couple weeks or so ago that he tipped off the regulators at the SEC multiple times, dating back to 2000. The response? Nothing.


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