He turned himself in because his Ponzi scheme had run out of money due to redemptions. The scheme could have continued for a few more weeks but could not have lasted for several more years.
Most hedge funds are not audited by an 80 year old and his secretary in a one room office in upstate NY. Also, Madoff ran a self-clearing broker dealer which allowed him to cook books without needing help from an independent third party. Not saying that fraud doesn't exist in the hedge fund industry, far from it, but I don't think there will be an avalanche of fraud revelations from the hedge fund industry this year.
NOT TRUE!!! (sadly) ..They reported yesterday that 2 different investors in Palm Beach agreed to give him money ...1 guy gave him 10 million ( he's F-ed) the other was a billionaire philanthropist who was preparing to give him 250 Million!!! The guy was an old freind of his yet bernie was prepared to screw him too! he also had multiple sources lined prepared to give him more $$
House arrest in his 7 million dollar mansion and eating gourmet meals. Poor Madoff. He and his wife should both be in jail, eating slop. Bail? This scum bucket should be deported to a Iraqi jail or Gitmo.
Who is more at fault, the people investing in an inverted Pyramid or the guy setting it up? You can't and shouldn't expect uncle FeD to continuously watch out for you at the public cost while the investor doesn't perform his due diligence.... the drug addict or the drug pusher? the demand or the supply? the blame should go to the investors who allow and produce such scums.
ML Quant's a noob on ET A Maximum Loser is he 'Cause his biggest caper Is trading on paper But in his dull mind that's the key
Congratulations!You win first prize for the most ill-informed and idiotic post in ET history,and that is with some pretty strong competition.