"Followers of a mystical religion were taken in by Madoff scheme" by Beth Healy, Globe Staff | August 27, 2009
There’s another religious group that was taken in by Bernard Madoff, one that’s less well known than the Jewish community he so widely infiltrated: the Sufis.
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A number of Sufis, who practice a mystical form of Islam, and Sufi groups on both US coasts entrusted millions of dollars to a California lawyer, Richard M. Glantz, who is a member of the Sufi community. He in turn placed their money with Madoff. The connection: Glantz, raised in a Jewish family, is the son of a New York accountant who had placed $88 million in client funds with Madoff....
You just knew it, didn't you?
Glantz, a lawyer in San Raphael, Calif., is also chairman and treasurer of the Hope Project, an India-based nonprofit founded by a Sufi teacher. According to people who do business with him, Glantz ran at least two large funds for friends and family - the Fern Creek Limited Partnership and the Ostrin Family Partnership - portions of which were invested with Madoff. He earned commissions on clients’ investments.
People who act as investment advisers must be registered with the Securities and Exchange Commission or the state in which they do business. In Glantz’s case, he told a California news website that he registered with the SEC in 2007, but the agency has no record of him doing so.
Glantz got in trouble for his business relations with Madoff nearly two decades ago.
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He and his late father, Edward Glantz, were disciplined by the SEC in 1993 for raising money for Madoff in the form of unregistered securities. Edward Glantz and a partner raised $88 million, according to SEC documents, which they sent to Madoff via an accounting firm started by Ruth Madoff’s father, Saul Alpern. Richard Glantz, meanwhile, raised $30 million for Madoff from 350 investors from 1985 through 1992, the SEC said.
Richard Glantz was fined $300,000 and, according to a June report by PacificSun, an online paper in Marin County, Madoff had to return the $30 million to Glantz’s clients. Glantz said he continued to make referrals to Madoff, but did not take fees again until 2007, when he said he registered with the SEC.
Which he wasn't, but....
Glantz did not return calls requesting an interview. In the PacificSun report, he said he had lost millions of his own money to Madoff, and had to sell two homes.
Oh, boo-hoo-hoo: Reason Number Two Why No One Reads the Boston Globe Anymore
For members of the Sufi community, the Madoff news came as a particular blow. A group whose traditions include embracing all religions, woodsy retreats, and meditative dancing, Sufis may have been overly trusting of Madoff, they now say, and unsophisticated about investing....
Sort of the earther-crunchers here in AmriKa, huh?
No wonder the paper likes 'em!
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