Los Angeles, Alta California
December 11, 2008
Bernard L. Madoff, the founder of Bernard Madoff Investment Securities of
New York and a former Chairman of the NASDAQ Stock Market, was arrested
by the FBI on Thursday for fraud of more than $50 billion US dollars.
According to the criminal complaint, Madoff told a Federal Bureau of Investigation agent on Thursday that there was “no innocent explanation” for his actions and said that he had personally traded and stole money from large institutional clients.
He said that he “paid investors with money that wasn’t there”, that he was “broke” and “insolvent” and that he had decided that it “could not go on” after his fraudelant pyramid scam collapsed , according to the federal criminal complaint.
Madoff, who was also charged separately by the US Securities and Exchange Commission, was accused of perpetrating a multibillion-dollar so-called “Ponzi” scheme on advisory clients of his firm since at least 2005.
The SEC complaint said that Madoff, in his Manhattan apartment, informed senior employees on Wednesday that his investment advisory business was a fraud.
He told these employees that he was “finished”, that he had “absolutely nothing”, that “it’s all just one big lie”, and that it was “basically, a giant Ponzi scheme”.
Madoff managed money of hedge funds and wealthy individuals and any losses at his firm could be expected to ripple widely through the financial world, particularly in Europe. The uncovered scam could also affect the already tumbling general stock market and contribute to the collapse of the USA economy.
The SEC, which had about 16 examiners on-site last night, said on Thursday that it was seeking emergency relief for investors, including an asset freeze, and the appointment of a receiver for the firm.
Calls to Dan Horwitz, his Jewish lawyer, were not immediately returned. He was quoted by other news sources as saying that Madoff “is a longstanding leader in the financial services industry."
Madoff is also a very committed Zionist and has served as the treasurer of two leading Zionist organizations. He is a former National Treasurer of the American Jewish Congress (AJC) of New York City which is one of the major fund-raising organizations for the state of Israel. Madoff was also the Treasurer of Yeshiva University which is a private Jewish university in New York City. At Yeshiva University he was also "Chairman of the Board" of the Business School where no doubt they are teaching questionable business practices. One notorious alumnus of Yeshiva University is Ari Shaffir. This Jew is much disliked in the Mexican community after he produced a video showing him humiliating Mexican day laborers. The video can be viewed HERE.
Related La Voz de Aztlan reports:
Jewish lobby and Israel blamed for economic crisis
Goldman Sachs accused of creating current Mexican economic crisis
