Wall St. Scams a Go-Go
This information should shock no one by this point, but it seems that there are more tales of alleged fraud emerging from the general direction of Wall Street. Move over, Bernie Madoff.
This information should shock no one by this point, but it seems that there are more tales of alleged fraud emerging from the general direction of Wall Street. Move over, Bernie Madoff.
Wait, before you go…Gawker:
Mark Bloom took millions from investors, lied about where he invested it, collected $1.6 million in fees, and is now insolvent!
James Nicholson told investors he was putting their money into hedge funds, and that those funds were performing well. When the Madoff scandal broke, people asked for their money back from Nicholson. The checks bounced. Now investigators think he may have vaporized up to $900 million!
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If only investors knew exactly what they were getting into—and what they aren’t going to get out of it.
Investigative reporter Steve Fishman explains how Bernie Madoff was able to pull off one of the largest financial crimes in U.S. history, and whether regulators have taken steps to ensure Americans won't get conned again.
For investors who lost money in Bernie Madoff's infamous Ponzi scheme and are waiting for payback from a firm enlisted by the Department of Justice, the check's (still) in the mail.
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Notably, none of the bankers who recognized that JPMorgan was profiting from handling Bernie Madoff’s Ponzi scheme will face charges. Welcome to justice, Wall Street style.
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