Is Peter Madoff the biggest dupe in history?

Discussion in 'Wall St. News' started by Pekelo, Jan 9, 2009.

  1. Pekelo


    ...or is he an accompliance?

    From WSJ:

    "As the No. 2 executive at Bernard L. Madoff Investment Securities LLC, Peter Madoff worked side by side with his older brother Bernard for nearly 40 years.

    Outside the office they skied together, including on one 2004 trip with a broker working at the firm's office who recruited investors for Bernard Madoff's advisory business. With Peter long viewed as an heir apparent, the brothers tried to avoid flying together."


    I say he should get 10 years just for being an idiot, and if his knowledge of the shenanigans can be proven, 25 years...
  2. Pekelo


    "Peter B. Madoff, the younger brother and longtime business partner of Bernard L. Madoff, has said that his brother disclosed his huge fraud scheme to him the evening before confessing to his sons, according to people briefed on the chronology of the scandal.

    But the federal criminal complaint says only that Bernard Madoff told his sons that day that he had confessed to his brother “recently.” People briefed on that chain of events say that Peter actually learned about the alleged crime on Dec. 9.

    Besides being a lawyer by training, Peter Madoff was senior managing director and the chief compliance officer for his brother’s firm, Bernard L. Madoff Investment Securities.

    Did that give him a special obligation to immediately report the confession?

    Now, he is mired in the mess that his brother has made of that business. Along with assisting regulators in tracing assets and standing bail for his brother, he has been served a subpoena in a separate investigation being done by Massachusetts regulators, according to William F. Galvin, the secretary of the commonwealth and chief securities regulator for Massachusetts. "
  3. Did that give him a special obligation to immediately report the confession?

    People can confess to anything. Being a lawyer, maybe he asked for proof to determine if there was a crime.
  4. All genetic material leading up to this - and having names written on checks from the main scumbag - they could all be indicted?
    They surely contributed in some way.

    If someone believes that Bernard Madoff was alone in committing this huge criminal act - then they really must sleep well at night - with simple problem solving skills like that.
  5. j_wentz1


    Oh, bullshit! Maddof's son's were in on it, he had lots of help. I keep hearing rumors that the Russian Mafia is involved as well. I'm sure much of the money ended up in Tel Aviv!
  6. Pekelo


    What part of the "He worked with Bernie for 40 years" was hard to understand? If he was 2nd in command he should have been very well aware what was going on or if not he should still be charged with criminal neglect for stupidity...