BU Now » Bernard Madoff http://blogs.bu.edu/bunow News, information and research from Boston University Wed, 21 Sep 2011 18:14:24 +0000 en hourly 1 http://wordpress.org/?v=3.1.4 Ex-Madoff employees arrested http://blogs.bu.edu/bunow/2010/11/18/ex-madoff-employees-arrested/ http://blogs.bu.edu/bunow/2010/11/18/ex-madoff-employees-arrested/#comments Thu, 18 Nov 2010 16:17:33 +0000 Jo Breiner http://blogs.bu.edu/bunow/?p=7266 Two former employees of Bernard Madoff have been arrested and charged with securities fraud in connection with Madoff’s Ponzi scheme to defraud investors of billions of dollars. Law professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroads,” says a massive fraud like this cannot be done without help.

“Helpers should know that they become part of a fraudulent scheme even if they do not know all the details.

“Their remuneration, for example, may give signals that what is going on is not entirely legal — in this case, suspicious enough to raise liability as helpers.

“But helpers must be involved in the scheme. The cleaners of an office in which fraud is committed are not criminally liable.”

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

]]> http://blogs.bu.edu/bunow/2010/11/18/ex-madoff-employees-arrested/feed/ 0 Madoff trustee sues “feeders” http://blogs.bu.edu/bunow/2010/07/21/madoff-trustee-sues-feeders/ http://blogs.bu.edu/bunow/2010/07/21/madoff-trustee-sues-feeders/#comments Wed, 21 Jul 2010 21:08:43 +0000 Dick Taffe http://blogs.bu.edu/bunow/?p=6439 Bernie MadoffThe trustee overseeing the liquidation of the estate of convicted swindler Bernie Madoff (r.) has sued 25 feeder funds and 19 individuals for wrongly enriching themselves from the multi-billion-dollar Ponzi scheme for which Madoff is serving a 150-year sentence in federal prison.  Law Professor Tamar Frankel, a securities law authority and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says all of those feeders of money benefitted, like all money managers, from their services — but they allegedly had actual knowledge of what Madoff was doing.

“They should have checked.  If they did not, they should repay the fees and compensate for damages caused by their negligence.  This is not a claim on hindsight for unexpected damage — this is a claim for keeping their eyes tightly shut.”

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

]]> http://blogs.bu.edu/bunow/2010/07/21/madoff-trustee-sues-feeders/feed/ 0 Madoff’s operations director arrested http://blogs.bu.edu/bunow/2010/02/25/madoffs-operations-director-arrested/ http://blogs.bu.edu/bunow/2010/02/25/madoffs-operations-director-arrested/#comments Thu, 25 Feb 2010 19:26:13 +0000 Dick Taffe http://blogs.bu.edu/bunow/?p=4523 Madoff 2The man who worked 30 years for Bernie Madoff overseeing the back office record-keeping staff has been arrested on fraud and conspiracy charges related to Madoff’s collapsed multi-billion dollar Ponzi scheme.  Law Professor Tamar Frankel, a securities law authority and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says the arrest may help Madoff’s bilked investors.

“His case is important for others who were involved and are currently under the mask of ignorance. If this ‘director’ confesses to having done wrong but leaves out the details, others might remain in the shadows. But if he fights and brings facts, more can be known and more actors can be implicated.”

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

]]> http://blogs.bu.edu/bunow/2010/02/25/madoffs-operations-director-arrested/feed/ 0 Madoff sentencing http://blogs.bu.edu/bunow/2009/06/29/madoff-sentencing/ http://blogs.bu.edu/bunow/2009/06/29/madoff-sentencing/#comments Mon, 29 Jun 2009 13:32:44 +0000 Dick Taffe http://blogs.bu.edu/bunow/?p=1825 Seventy-one-year-old Bernard Madoff today gets sentenced in federal court for admitting to the biggest investment fraud in  history.  School of Law Professor Tamar Frankel, an authority on securities law and legal ethics (and who is writing a book on Ponzi schemes), can discuss Madoff’s legal legacy.

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

]]> http://blogs.bu.edu/bunow/2009/06/29/madoff-sentencing/feed/ 0 Unravelling the Madoff scheme http://blogs.bu.edu/bunow/2009/06/23/unravelling-the-madoff-scheme/ http://blogs.bu.edu/bunow/2009/06/23/unravelling-the-madoff-scheme/#comments Tue, 23 Jun 2009 13:46:22 +0000 Dick Taffe http://blogs.bu.edu/bunow/?p=1610 With three new lawsuits filed against investment ”feeders” of Bernard Madoff’s alleged $65 billion “Ponzi” scheme, federal investigators are  slowing unravelling the mechanics of history’s biggest investment ripoff.  School of Law Professor Tamar Frankel, a legal-ethics expert and authority on fiduciary law, says the “middlemen” in the Madoff scheme should have know what was going on.

“The more they were paid for ‘feeding’ Madoff, the more careful they should have been about their clients’ investments.”

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

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