Monday, June 22, 2009

Madoff in the news again...

While Bernie Madoff awaits sentencing next week, the SEC has filed new charges against individuals who allegedly marketed Madoff's scheme to investors. The SEC's complaint released today states:
“Madoff cultivated an air of exclusivity by pretending that he was too successful to trouble himself with marketing to new investors,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “In fact, he needed a constant in-flow of funds to sustain his fraud, and used his secret control of Cohmad to obtain them.”

James Clarkson, Acting Director of the SEC’s New York Regional Office, added, “These Madoff solicitors collectively received several hundred million dollars in fees over the past few decades while Madoff ruined the finances of countless investors.”
You can read more about the charges here.

No comments:

Post a Comment