September 23, 2009 |
Beverly Hills financial advisor Stanley Chais, accused of steering hundreds of millions in investor dollars to Bernard L. Madoff's Ponzi scheme, was sued this morning by California Atty. Gen. Jerry Brown. The lawsuit, filed in Los Angeles County Superior Court, seeks restitution for victims and at least $25 million in civil penalties. Chais operated three exclusive funds that offered returns of up to 25%. He told clients that he achieved the returns using a complex combination of derivatives, stock, currency and futures trading, Brown said.
June 26, 2011 |
Three days. That's how close Bernard Madoff's $65-billion Ponzi scheme came to collapsing back in November 2005. The high-profile Bayou hedge fund had failed, and droves of newly anxious investors were pulling money out of investment businesses such as Madoff's. He owed $105 million in redemption checks to investors, but the fraudulent investment business' JPMorgan bank account had just $13 million. As Diana Henriques documents in her new book, "The Wizard of Lies: Bernie Madoff and the Death of Trust," Madoff was able to cover the difference only by pulling money from his legitimate brokerage business and by appropriating client assets to get a $95-million loan.
April 4, 2010 |
The many faces of Lily Tomlin are well known to television audiences, and with her current gig on the FX legal thriller "Damages," there's one more just as compelling. Tomlin, 70, plays Marilyn Tobin, the dispossessed wife of the Bernie Madoff figure, Louis Tobin, and a dark departure from the classic characters she introduced on "Laugh-In" 40 years ago. Ernestine and others are alive and kicking in Tomlin's concert tour and her Las Vegas show, "Not Playing With a Full Deck," which is returning to the MGM Grand from April 29 to May 5. She's also working on a "Desperate Housewives" spinoff, a mystery comedy featuring her character, Roberta Simmons, and Kathryn Joosten's Karen McCluskey character.
May 11, 2011
Tangled Webs How False Statements Are Undermining America: From Martha Stewart to Bernie Madoff James B. Stewart The Penguin Press: 474 pps., $29.95
March 15, 2009
Re "Bernanke the enforcer," editorial, March 11 We all know what happens in times like these: There are loud protests of disgust and new regulations, and then when the economy improves, we go back to ignoring the problem -- greed. I have another solution. Let's take a Bear Stearns building on Wall Street and turn it into a white-collar prison. Put a big plasma screen TV beside the doorway with a scrolling list of the inmates, their photos and descriptions of their crimes. Start with Bernie Madoff.
March 1, 2009
Re: "Investors cry foul after real estate deals go bust," Feb. 18: As an independent futures trader, my daily due diligence is a routine part of my overall strategy. Sadly, what is missing from your article -- and from all the coverage regarding Bernie Madoff and all the mini-Madoffs like Mr. Harkey -- are any comments on the lack of due diligence on the part of the investors. How someone can give all or part of his savings over to a single investment or investor is beyond my comprehension.