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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

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News briefs:January 03, 2008

Please note: there may be minor variations between this script and the associated recording.

Contents

  • 1 Introduction
  • 2 Kenya election struggles continue
  • 3 Three truck drivers killed in Australian woodland fire
  • 4 USAID diplomat dies in Sudanese shooting
  • 5 South Australian premier demands apology from former Guantanamo detainee
  • 6 Croatia abolishes military service
  • 7 Cyprus and Malta adopt the Euro
  • 8 Markku Peltola dies at 51
  • 9 Scientology unlikely to be banned in Germany
  • 10 Peace award posthumously given to Benazir Bhutto
  • 11 Pakistan’s election saga continues
  • 12 Police station in Algeria bombed
  • 13 Penguins beat Sabres by 2 to 1
  • 14 Footer

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Category:Jewellery

This is the category for jewellery.

Refresh this list to see the latest articles.

  • 8 April 2014: Scottish artist Alan Davie dies at age 93
  • 12 August 2011: Three killed amongst Birmingham, England riots
  • 13 July 2011: 21 people killed and 113 reported injured in three blasts in Mumbai
  • 4 July 2011: Hidden treasure worth billions of dollars discovered in Indian temple
  • 26 November 2010: Bernie Ecclestone attacked outside London headquarters; no arrests made
  • 6 September 2009: Man charged with attempted murder in £40 million London jewel heist
  • 13 August 2009: British gemstone expert killed by mob in Voi, Kenya
  • 11 August 2009: Thieves steal £40 million from London jeweller
  • 31 May 2009: Thief steals over €6 million worth of jewels from Paris store
  • 18 March 2009: Madoff prosecutors want assets from wife and children
?Category:Jewellery

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Pages in category “Jewellery”

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Jetstar to offer iPads as an in-flight entertainment option

Wednesday, June 2, 2010File:IPad-02.jpg

Jetstar Airways, a Qantas owned Australian low-cost airline, has announced plans to trial Apple iPads as an in-flight entertainment option. This trial would make Jetstar one of the first airlines in the world to offer the iPad.

Starting later this month, Jetstar plans to begin a two-week trial, during which passengers will have the option to rent iPads for AU$10 on domestic flights longer than an hour. Thirty iPads would be available on each test plane. These devices would be preloaded with games, e-books, music and video content. Internet access however will be disabled as per Jetstar’s policy on internet connected devices, said spokeswoman Andrea Wait.

The iPads offered by Jetstar, will be specially customized by Bluebox Avionics. Bluebox Avionics, at present, is the only company to offer iPads as part of an in-flight entertainment system. Jetstar will be the first to offer the Bluebox Avionics iPad based systems, though, Bluebox Avionics has said the system will be available to other airlines soon.

Shortly following the initial release of the iPad, Jetstar chief information officer Stephen Tame speculated that the iPad “may lead in the future the end of airline in-flight entertainment systems”. Depending on the results of the trial, iPads may replace existing Jetstar in-flight entertainment systems.

Jetstar chief executive Bruce Buchanan said he expected the iPads to be very popular during the trial. If the trial is successful, the airline would “be looking to roll out the devices across our entire domestic and international network later in the year”, said Buchanan.

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Sweden’s Crown Princess marries long-time boyfriend

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

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United States Senate prepares for floor vote on net neutrality

{{tasks|news|re-review}}Tuesday, January 9, 2018

On Monday, Democrats in the United States Senate announced they had gained enough sponsors to perform a congressional review of the Federal Communications Commission (FCC)’s December 2017 reversal of previous rules regulating Internet service providers, commonly called Net Neutrality.

Under the Congressional Review Act, if 30 senators co-sponsor the action, United States Congress can vote on whether to overrule a decision made by a federal agency such as the FCC. Both the House of Representatives and the Senate would have vote in favor, and President Donald Trump would have to sign the review.

On Monday, Claire McCaskill of Missouri announced she was the 30th senator to agree to sponsor the floor vote. “What I’ve heard from the thousands of Missourians who’ve contacted my office is simple — consumers should have protected, free, and open access to the online content of their choosing,” she said in a statement.

The Obama-era Net Neutrality rules were revoked last month. On December 14, as protesters gathered in Washington D.C., the United States Federal Communications Commission under Chairman Ajit Pai voted 3-2 to overturn the 2015 decision, which forbade Internet service providers (ISPs) such as Verizon, Comcast, and AT&T from blocking individual websites or charging websites or customers more for faster load times.

Specifically, the 2015 decision placed the Internet under Title II of the 1934 Telecommunications Act, which established that Internet access must be regulated under the same rules as a utility. Currently, in the U.S., telephones are regulated in this way, but cable television is not. Cable providers can offer bundled services and otherwise select which channels to offer customers; they do not have to offer access to every channel the way ISPs have offered access to the whole Internet. The new rules voted on December 14 transfer the Internet from the jurisdiction of the Federal Communications Commission to the Federal Trade Commission, which means instead of being forbidden from blocking websites or offering different access speeds, ISPs will only be required to disclose having done so.

Telecom analyst Gigi Sohn, who worked with Pai’s predecessor Tom Wheeler in 2015, said, “There are going to be fast lanes and slow lanes[…] As a consumer, that means some of your favorite websites are going to load more slowly, and it also may mean some of your favorite content goes away because the provider just can’t pay the fee.”

Former Etsy CEO Chad Dickerson said, “Net neutrality allowed something like Etsy to hang out a shingle on the web and give it a try”.

Supporters of the new rule argue Net Neutrality regulations were unnecessary. Commissioner Michael O’Reilly pointed out the Internet “has functioned without net neutrality rules for far longer than it has without [sic] them.”

“Quite simply, we are restoring the light-touch framework that has governed the internet for most of its existence,” said Chairman Pai, who argued removing the rules would make the Internet freer and more open.

“[T]he internet will continue to work tomorrow just as it always has,” promised AT&T Senior Executive Vice President Bob Quinn, who said his company would not block websites or discriminate with respect to content.

Opposition was organized almost immediately and was not limited to plans for congressional review: The Attorneys General for the states of New York and Washington have both announced plans for lawsuits against the new rules.. The United States Congress also has the authority to overrule the FCC’s decision by passing legislation. One such bill, House Resolution 4585, or the “Save Net Neutrality Act of 2017,” was introduced to the U.S. House of Representatives on December 7.

According to a poll conducted the week of December 6 by the University of Maryland, more than 80% of registered U.S. voters opposed the repeal of Net Neutrality, 75% of registered Republicans, 89% of registered Democrats, and 86% of independents, those not registered to either party. Before the vote, the FCC had accepted comments on the measure from the public through its website, FCC.gov. However, there have been allegations that many of the comments offered in support of the rollback were fakes. Before the vote took place, attorneys general from seventeen states and the District of Columbia sent a letter to the FCC asking the vote be delayed until the matter could be investigated.

The FCC’s decision must be published in the U.S. Federal Register before congressional review can take place or any lawsuits filed.

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B Safe Wireless Keychain Remotes: Protecting You And Your Family

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In a world that seems to get a little more dangerous every day everyone is looking for ways to ensure their loved ones and their homes are kept safe. Technology has made this possible in a number of ways, and the innovative security systems that are now available are able to monitor and protect the home easier and more completely than was ever possible before.

The B-Safe wireless keychain remotes make it easy for you to ensure that you alarm system is armed or disarmed as you want, without having to leave the safety of your home or secured room at any time. This is the perfect way to disarm your alarm long enough to allow you or someone else to enter the yard or garage and secure the alarm behind them. Many of these types of alarms let you hit a panic button to call for assistance without needing to find a phone or leave your secure location either.

When these remotes are used in conjunction with remote monitoring, your home and family will be safe no matter where you happen to be. Remote monitoring lets you see what is happening at your home in real time, even while you are dining out, at work or even out of town on vacation. Make certain your babysitter is watching your children, your teenagers do not have a house full of friends and that your home is empty when it is supposed to be.

The possibilities for how these systems can make your life safer and your loved ones more secure are endless. Even if a crime does occur, you will be able to contact police immediately, making it much more likely they will apprehend the criminal. It also will allow you to see whoever may be on your property that is not supposed to, making it possible for you to have a description of the perpetrator.

While nothing is 100 percent foolproof or thief-proof, the more difficult you make it for them to get into your home and get away with a crime, the less likely it is that they will choose you as their next target. Find out more about surveillance systems, B-Safe wireless keychain remotes and all of the other tools available today.

Visit Bsafealarms.com for further details.

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Wikinews interviews painter Pricasso on his art and freedom of expression

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Monday, October 12, 2015

Wikinews interviewed Australian painter Pricasso on his unique artwork created using his penis, and how his art relates to freedom of expression and issues of censorship. He is to be featured at the upcoming adult entertainment event Sexpo Australia in Melbourne this November 5 to November 8.

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KKE: Interview with the Greek Communist Party

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.

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“No H5N1 virus” found in blood tests of suspected human Bird Flu cluster

Thursday, August 3, 2006

Preliminary tests performed on samples taken from six villagers in the Kabanjahe District of Sumatra in Indonesia have tested negative for the deadly H5N1 Avian Flu virus.

“Investigations by the ministry of health lab and Namru, too, on August 2 and 3 on all specimens collected from the suspected cases in Kabanjahe district came up negative,” said Indonesia’s health minister, Siti Fadilah Supari.

Final test results are expected in at least seven days from the Center for Disease Control (CDC) in Atlanta, Georgia. “The World Health Organization (WHO) requires human samples to be sent to one of WHO’s six collaborative centres. So, we only need to send them to CDC Atlanta as it has worked with the U.S. NAMRU-2 lab here,” added Supari.

Supari also stated that all individuals are suffering from the “common flu.”

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