"An earlier Ponzi pain lingers; Many regrets for those lured by Bradford Bleidt" by Robert Weisman, Globe Staff | January 20, 2009
LYNN - Before there was Bernard Madoff, there was Bradford Bleidt. Bleidt worked his Ponzi scheme not at exclusive Florida country clubs but in red-brick Masonic halls north of Boston. Four years after he was caught swindling 125 clients out of $32.6 million and sentenced to 11 years in prison, Bleidt's deception still stings in the North Shore lodges where he fleeced his victims....
Bleidt was a member of the Masons, a fraternal and charitable organization, and belonged to its Golden Fleece Lodge in Lynn. He managed money not only for Golden Fleece members but also for members of other Masonic lodges and other social clubs, where he would woo clients at lectures and lodge suppers. He also managed the funds of the lodges and clubs themselves.
But rather than invest the funds, he used them to fuel a lavish lifestyle - buying Boston Celtics tickets and paying for his sons' private schools - and used money from new clients to pay earlier clients....
*******************
The Bleidt victims seldom talk among themselves about what happened because the memories are painful. But when they read about the Madoff case, an alleged $50 billion Ponzi scheme revealed last month, it paradoxically made them feel better....
The parallels between the Bleidt and Madoff cases are strong. Both men found their investors at social clubs, though Bleidt's were more middle-class settings. Both inspired confidence - Madoff through his standing as former Nasdaq stock exchange chairman, Bleidt with his southern accent and ownership of business radio station WBIX-AM. And both hurt not only clients but a web of charities their clients supported....
The jig was up in November 2004, when a Greek Orthodox church in Weston asked Bleidt to return $1.5 million it had invested and he didn't have the money. His Ponzi scheme quickly unraveled....
Yeah, it took a bunch of Christians to bust 'em!
Lesson learned!
--more--"
So what about GETTING YOUR $$$ back, folks?
"For investors, even a small recovery may take years" by Associated Press | January 21, 2009
Really? Why? U.S. Government Knew About Madoff Scheme Since 1960
NEW YORK - Investing a dollar and getting 10 cents back in return is a bad deal even in today's market. But recovering 10 cents on the dollar might be optimistic for investors who gave cash to Bernard Madoff. Moreover, they face a yearlong process to get any money back as investigators search to find Madoff's assets. Dozens of lawsuits and the possibility the fraud was committed over decades makes the chance of recovery even more difficult.
Madoff has confessed to running a giant Ponzi scheme, paying returns to certain investors out of the principal received from others.
Well, at least they didn't say "accussed" this time.
He's estimated to have duped investors out of as much as $50 billion. With little to no tangible assets to seize and sell off from the investment business, Madoff investors will have to look elsewhere to find pennies to make up for their losses. The most likely source of recovery is liquidation of Madoff's personal assets and any cash in accounts tied to the investment firm.
--more--"
Related: Madoff Breaks the Law Again
And what about his criminal gofer?
"Jaffe expected to miss Mass. hearing again" by Beth Healy, Globe Staff | January 21, 2009
Boston broker Robert Jaffe is not expected to appear at his rescheduled hearing today in the state's investigation of the Bernard L. Madoff case, Massachusetts Secretary of State William F. Galvin's office said yesterday.
Jaffe, who helped raise money for Madoff in Massachusetts and Florida, did not appear at a hearing last week, despite being issued a subpoena. Galvin won a court order to compel Jaffe to appear in court this afternoon if he does not show up for his meeting with the Securities Division.
Could YOU or I get away with that?
Stanley S. Arkin, Jaffe's lawyer, said in a statement he had asked Galvin to delay the meeting so Jaffe could have more time to prepare. In addition, Arkin said he wants to challenge the validity of the subpoena and wants his client to testify only once for the numerous state and federal regulators who want to hear what he knows about Madoff's alleged $50 billion Ponzi scheme.
Umm, what ARROGANCE this guy has ISSUING DEMANDS!!!! Leave it to Jews!
Arkin and Jaffe's spokesman have maintained that Jaffe was as much a victim of Madoff as thousands of other people. Jaffe's family has lost hundreds of millions of dollars in the scandal.
"Bob Jaffe and his family are victims of one of the most willful and despicable frauds ever seen. The depth of betrayal of Bob Jaffe and his Jaffe family by Bernard Madoff is stunning," Arkin said in a statement.
Awww, boo-hoo-hoo, you liar!! Jaffe was his CONDUIT and RECRUITER who was living the HIGH LIFE!
Arkin also took personal aim at Galvin yesterday, saying Galvin has made negative comments about Jaffe in the media that he alleges have hurt Jaffe's reputation and violated ethics rules. "These are serious concerns that we will take to court," he said.
Look at the shit Jew lawyer tying to intimidate state officials. I guess they have had their way for so long here they can't imagine someone standing up to them. Galvin just got my vote in the next election.
Galvin refuted Arkin's charges, saying: "The reality here is many Massachusetts investors have lost millions and millions of dollars, and their broker in this matter was Mr. Jaffe. I clearly have a statutory responsibility as well as the authority to investigate Mr. Jaffe's involvement in this."
He said the state has given several extensions to Jaffe, who has refused to leave his winter home in Palm Beach, Fla., to appear. "We've asked for his cooperation," Galvin said. "His reluctance to cooperate is clearly a concern."
Then LET'S GO LYNCH HIM!!!!
--more--"
Want the REAL STORY, folks?
January 19th, 2009 by Mark Mitchell
Bernard L. Madoff was once the chairman of the NASDAQ stock exchange. He was one of the most important market makers on Wall Street. And he managed what was, by some estimates, the largest hedge fund on the planet.
Yes, Bernard Madoff was an impressive man. That much was clear even before we learned that his $50 billion Ponzi scheme may have been orchestrated in cahoots with the most powerful, sophisticated, and indiscriminately murderous organized crime syndicate the world has ever known.
Charles Gasparino (citing “speculation” from investigators) reported last week on CNBC that the Russian Mafia might have been partners in Madoff’s larcenous fund business. Or perhaps the Mob had an even greater interest in Madoff’s market making operation, as some of our sources have told us in recent weeks--MORE--"
Related: The Russian-Israeli Mafia: Off-limits to FBI, US intelligence
Also watch: Max Keiser on Gaza and the Financial Holocaust
And that's why you are geting bulloney for MSM coverage.
