0
The Securities and Investor Protection Corporation (SIPC) provides insurance coverage after a lengthy claims process IF it chooses to start a SIPC proceeding. It is not automatic. Customers of a failed brokerage firm get back all securities (such as stocks and bonds) that already are registered in their name or are in the process of being registered. After this first step, the firm's remaining customer assets are then divided on a pro rata basis with funds shared in proportion to the size of claims. If sufficient funds are not available in the firm's customer accounts to satisfy claims within these limits, the reserve funds of SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $100,000 for cash claims. Additional funds may be available to satisfy the remainder of customer claims after the cost of liquidating the brokerage firm is taken into account. see www.sonnerez.com for general information about the Madoff case. The SEC in its complaint, also filed in Manhattan federal court, accused Madoff of a "multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm."
The agency said it's seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm. Ira Sorkin, another defense lawyer for Madoff, couldn't be immediately reached for comment.
http://www.stockmarketfunding.com/SMF-Blogs/Hot-Trends/December-2008/Madoff-Charged-in-$50-Billion-Fraud-at-Advisory-Fi.aspx
Add your answer:
Earn +20 pts
Did bernard madoff get charged with fraud?
Bernard Madoff was charged with Fraud in 2009 and was sentanced to 150 years in federal prison.
What crimes did Bernard Madoff commit?
Bernard Madoff was convicted of securities fraud and stealing fund from his many clients. The list of the numerous counts against him all revolved around the the crimes previously mentioned.
Why did Bernard Madoff go to jail?
Probably most importantly, because he has not yet been found guilty of anything in a court of law AND, a judge has ruled that he is not a flight risk.
Wasn't Bernard Madoff a financial vampire?
I doubt it will make any of his victims feel better, but if it does help to see it in print, then here you go: Bernard Madoff was a financial vampire. A man incompetent to produce his own living, he was forced to live off of his betters through duplicity and fraud. As they believed him to be human, civilized and decent, he was able to do so for awhile.
Three types of illegal business behavior against Mr Madoff?
The three types of illegal business behavior alleged against Mr. Madoff are fraud, theft, and deceptive practices. In fraud, Mr. Madoff is accused of securities fraud, investment advisor fraud, mail fraud and wire fraud. In the accusation of theft, he is accused of channeling money from new investors to old investors and all for stealing from an employee benefit plan. In deceptive practices, Mr. Madoff is accused of managing the money of several investors that were completely unaware that he was doing so.
Which famous financier was sentenced to 150 years in Prisons for financial fraud in the US?
Bernie Madoff
What has the author Bernard Fraud written?
Bernard Fraud has written: 'Transports et logistiques' -- subject(s): Transportation and state
What are 3 types of illegal business behaviors alleged against Bernie Madoff?
Fraud, theft and deceptive practices.
Are online savings accounts FDIC insured?
Yes, they are. As long as you open your account with a proper, government-approved bank and not a sketchy fraud, your money is insured. The best way to make sure is to read the small text about insurance most online banking websites have.
What person was well educated and smart but became a criminal anyway?
There are any number of examples: Bernard Madoff, Michael Miliken, Martha Stewart, Tom DeLay, G. Gordon Liddy, among many others. Most highly intelligent, well-educated people who commit crimes get caught for fraud, tax evasion, or drugs, but there are also people like this who commit violent crimes.
How long do insurance companys have to catch a DUI in ny?
It is not incumbent on your insurance company to discover deceit on the part of the insured. Your insurance company can cancel your policy or increase your premiums at any time if they discover an attempt at fraud on the part of a policy holder. Concealment of a DUI from your insurer is a form of insurance fraud. Insurance Fraud is a felony offense. Your insurance company is not required to pay for losses or claims that arise out of fraud on the part of the insured or a fraudulently obtained insurance policy.
Is Bernie Madoff Jewish?
Yes, Bernie Madoff is Jewish. However, it is important to note that his religious faith irrelevant to the fraud and misery that he perpetrated. He never declared or implied any religious motives in doing the horrible things that he did, only a desire to make lots of money.
