Keyword Analysis & Research: bernie madoff scam of the century

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Frequently Asked Questions

Where did the money come from in the Madoff fraud?

That's because more than half of the $25 billion-plus in losses investors have so far claimed came to Madoff through so-called feeder funds. These funds were set up by outside firms, which would then funnel the money they received from investors to Madoff.

Who are the winners in the Madoff case?

“Any customer that gave Madoff Investment Securities up to $1,385,000 has now been made whole,” the site says. Greenberg said she sympathizes with the net winners — which include her daughters. But she believes Picard’s formula was the only fair way to handle the situation.

How much money was guaranteed by SIPC for Madoff?

SIPC guarantees customers’ securities up to $500,000, and cash up to $250,000. But SIPC — and Picard, who is paid by SIPC — argued that the guarantee does not cover a fraud like Madoff’s in which no securities were actually purchased.

Who are the auditors that audited Madoff?

Accountant Ronald Niemaszyk, whose firm, Jordan Patke & Associates, specializes in reviewing the books of hedge funds, agrees that in many cases it is common to rely on brokerage statements when auditing funds. But in this case, Niemaszyk says, the auditors most likely should have looked deeper.

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