Exposé sur Bernard Madoff

Who is Bernard Lawrence Madoff?

He was born in 1938 in New York City. He is an American businessman and former chairman of the NASDAQ Stock Exchange.

He founded the Wall Street firm Bernard Lawrence Madoff Investment Securities LLC in 1960, at 22 years old, with only 5 000 $.

He was its chairman until the 11th of December 2008, when he was charged with perpetrating what may be the largest investor fraud ever committed by a single person.

As well as his original company, Bernard MADOFF Investment Securities LLC, he ran an entirely separate investments advisory business, which is the firm implicated in the alleged fraud. This firm was one of the top market makers on Wall Street; stock-exchange transactions of Madoff society represent “among 10 % of the volume of New York Stock Exchanges” in December 2008, when he was arrested by the FBI for fraud.

Transition

I - How did MADOFF succeed to rip off such great companies and people?

II – Current news of MADOFF scandal

On the 10th of December 2008, MADOFF admitted his fraud to his family and called the FBI in order to give himself up. The day after, the Security and Exchange Commission brought a civil action against Mr. MADOFF and filed a motion to freeze certain assets (geler les actions) and to appoint a receiver. Consequently, the 11th of December, US District Judge Louis L. Stanton appointed a receiver (Lee S. Richard, Esq) over Barnard L. Madoff Investment Securities LLC and the freezing of corporate and personal assets was done [geler certains actifs et personnels de l'entreprise]. The 15th of December, a trustee (administrateur) (Irving H. Richard, Esq) was appointed for the liquidation of the firm, pursuant (suivant) to the Securities Investor Protection Act of 1970.

In January, 2009, some doubts began concerning Madoff's children. Consequently, the FBI investigated about the complicity of Mark and Andrew, Madoff's children, because they were Chief executive officer and Manager of the operations of the investment of Madoff's funds. 
Moreover, other doubts exist now concerning not only the pyramidal fraud but also a manipulation of the courses of the interest rate and a tax evasion.

In February, after a publication of a list of Madoff's customers by the American Justice, the world discovered that there are not only the biggest American firms which are touched by the fraud but also some French companies as LVMH and LOREAL.

This month, a lot of countries take some measures in asking files for the survey as the Luxembourg justice which asked to USB (Swiss Bank) and LUXALPHA (two of the victims of Madoff fraud) to make public the most count files and contracts with Madoff's society in order to know the links with Madoff. Moreover, the lawsuit of Madoff is next Thursday. According to American's newspapers, he may plead culprit. He risks until 20 years of prison and a fine of 5M $. if Madoff plead culprit, there will not have a lawsuit but directly a condemnation according to a document of the public prosecutor's department of New York.

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