Siedle believes that the feeder funds investing with Madoff "were all aware that Bernard L. Madoff was engaging in illegal conduct ... and intentionally chose to participate in and support Madoff's illegal conduct to reap enormous illicit financial benefits, " according to the affidavit.
Madoff, 70, operated the advisory business separately from his Bernard L. Madoff Investment Securities, a securities broker dealer with its principal office in New York City, the Department of Justice said.
Jeffry Picower, who died in 2009, was the biggest beneficiary of the Bernard L. Madoff Investment Securities fraud.
FORBES: Madoff Was Not Jeffry Picower's First Ponzi Scheme Experience
More recently we have experienced the pain caused by firms like Bear Stearns and Bernard L. Madoff Securities.
The whiff of scandal returns with the arrest of Bernard L. Madoff, a prominent Nasdaq marketmaker and chairman of the exchange in the early 1990s (see "Rigged Games").
Mark and Andrew were employees of Bernard L. Madoff Investment Securities LLC, though they worked in the trading section, allegedly separate from the fraudulent investment management and advisory divisions.
The co-liquidator of the biggest feeder fund for Bernard L. Madoff Investment Securities says some investors in the Fairfield Sentry funds had knowledge of the massive financial fraud and profited as a result.
FORBES: EXCLUSIVE: Some Fairfield Investors Knew About Madoff Ponzi and Profited
Said wind-down began more or less with the revelation of massive securities fraud at Bernard L. Madoff Investment Securities, Inc. in December 2008, which negatively impacted certain funds FGA (or a related person) had been advising.
The former chief compliance officer of Bernard L. Madoff Investment Securities was in court in Manhattan today and pleaded guilty to one count of conspiracy to commit securities fraud and one count of falsifying records.
FORBES: Peter Madoff Pleads Guilty But Says He Knew Nothing About A Ponzi Scheme
FORBES: Madoff Victims Suffer Major Setback In Federal Appeals Court
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