"....her parents’ mental and physical decline accelerated after an assistant manager at a local bank, Susan Paiz, befriended the octogenarians and subsequently stole $100,000 from them in 2014."
"... stole more than $4.2 million from 26 clients, some of whom considered the financial adviser to be a close personal friend"
"The SEC's complaint alleges that, from 2010 to 2017, Clifton E. Stanley ran a Ponzi scheme through his retirement planning and real estate investment business"
"Settlement terms have not been finalized but Mulvaney is pushing for a figure as high as $1 billion, said three people with knowledge of the discussions." 1 BILLION IN PENALTIES!!! Such an amount would have enabled SIPIC to take care of the remaining 2500 direct Madoff customers, and then some! SIPIC is still underfunded and Congress should wake up before another scam destroys lives.
Published 11:09 AM ET Fri, 23 March 2018 Updated 11:55 AM ET Fri, 23 March 2018
SIPC member!!!! They always have millions to pay in penalties, but never enough to contribute to the SIPC fund, which is supposed to protect investors. For that reason 2500 Madoff direct customers have been driven to poverty b/c “poor” Wall Street firms could not be bothered to contribute enough to the SIPC fund. Only AFTER the Madoff ponzi disaster, did SIPC ask members to contribute more. Obvious admission of guilt by SIPC. The SIPIC administrators should have gone to jail with Madoff.
"The bank admits to undisclosed agreements with Citadel Securities, Knight Capital, D.E. Shaw, Two Sigma Securities and Madoff Securities to handle the trades instead."
But some 2500 direct customers of Madoff STILL have not received a penny, b/c SIPC lacked the money in its insurance fund. They, SIPC, WERE UNDERFUNDED. They were always protecting Wall Street, not the investors.
"The total amount involved in the Madoff affair is now thought to be in the range of $25-30bn, not including lost returns..."
Maybe they should send the SEC to "investigate", and the SIPC to "help out" since it worked out so well for Madoff victims who are still waiting for SIPC to address thousands of victims who have seen not one penny in restitution.
He just walked out! Great security!
"Berg was sentenced in 2012 to nearly two decades behind bars for bamboozling his clients – many of whom were senior citizens – out of their life savings to fund a Ponzi scheme Berg was using to support his high-flying life."
The ex SEC Inspector General David Kotz, the infamous SEC that was not able to protect Madoff or Stanford victims, tells us how to protect ourselves?
"A former Tennessee lawmaker who led a multimillion dollar Ponzi scheme promoted on Christian media and centered on buying and selling gold and silver coins has been sentenced to more than 21 years behind bars" $87 million!
"...weeks after her husband died, Baratoff secured over a million dollars of Nichols' money and told her "he was going to invest it in a safe way."
"The SEC's complaint, filed in federal court in Atlanta on October 5, 2017, alleges that Celello who, along with Canton, Ga.-resident James A. Torchia, was a partner in Credit Nation Capital LLC and served as general counsel for the underlying entities, helped orchestrate a Ponzi scheme involving unregistered promissory notes which falsely promised a 9% return."
"According to the SEC, Celello was instrumental in soliciting investors who eventually paid in more than $30 million for Torchia’s business concerns. Torchia told investors that auto loan payments would be used to pay premiums on purchased life insurance policies and those life insurance settlements would generate interest income and long-term capital gains in excess of the interest rates payable on the promissory notes."