financial investor fraud

Madoff – A New Measure for Egregiousness?

20 years, because there were fewer victims than Madoff’s, and the toll of the crime effected fewer than Madoff?  Since when does Madoff become the measure? $700 million, hundreds out of jobs – this is still pretty egregious – or am I missing something?  The toll Dreier’s crime took on individuals was devastating, just ask the hundreds of employees of the firm suddenly out of a job in a declining market.   Maybe thousands didn’t loose their life savings like in Madoff’s, but to portray this major theft as nothing more than “a small group of hedge funds and other investors — who lost about $400 million — as well as hundreds of employees who lost their jobs when his law firm collapsed.”  “Mr. Dreier is not going to get much sympathy from this court,” Judge Rakoff said, “but he is not Mr. Madoff from any analysis, and that’s why I can’t understand why the government is asking for 145 years.”  Maybe the government is trying to send a message here with these crimes – you think!

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And Yet Another One!

The tri-state area seems to have more than their share of financial investor frauds. Long Island, New York. Nicholas Cosmo, convicted in 1999 and served 21 months in federal prison for mail fraud, is accused of stealing $370 million in a Ponzi scheme. Who did their due diligence in deciding to invest their funds with Cosmo, a convicted criminal with …

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Just Another Investment Manager Scandal

No sign of Florida financier or his clients’ millions – good thing it may only be $300 – $400 million this time. Just how many of these are out there? How many individuals are going to abscond with millions and billions of other people’s money before something is done to protect individuals from these schemes? So Arthur Nadel, praised “successful” …

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