Category Archives: fraud

The Excel-based BreakingViews Bernie Madoff game, which I could never get to work, has now showed up online, which allows me my own guess at how Madoff got to $50 billion. Hugo Dixon assumed an initial investment of $1 billion … Continue reading →

One of the things which reassured Bernie Madoff’s investors was the detailed trading records he sent to investors. Zachery Kouwe has one such document, and thinks even that one smells a little fishy: A spot check of the November statement … Continue reading →

From the SEC complaint against National Lampoon: The complaint alleges that Laikin and Barsky paid at least $68,000 that went to Rodriguez, Dougherty, and the CW to cause the purchase of at least 87,500 shares of National Lampoon stock. Through … Continue reading →

From the WSJ: People familiar with the firm say Madoff employed 200, with 20 or so in the asset management group that was housed in a separate floor from the trading group. I think we need to hear a lot … Continue reading →

Floyd Norris asks, of Bernie Madoff: I assume his funds’ books claimed to be audited. Who were the auditors? How were they fooled? It turns out that investor Jim Vos already looked into that: Madoff’s auditor, Friehling & Horowitz, operated … Continue reading →

The WSJ fills in more details regarding the Madoff case, and it’s actually more gobsmackingly unbelievable than it was last night. For one thing, Madoff didn’t invest simply on behalf of a couple of dozen multibillionaires; he had many common-or-garden … Continue reading →

Hernan Arbizu (see entries passim, parts 1, 2, 3) has been arrested in Argentina! He’s charged with embezzling about $5.4 million from bank clients. Martha Graybow reports: He was arrested on Monday in Buenos Aires and is being held by … Continue reading →

Just a quick note to point out that on Independence Day the NYT finally picked up the Hernan Arbizu story. But not from the Argentine media, and not from me: Tax Analysts, a trade publication, said Thursday that the Argentine … Continue reading →

I’ve now seen various complaints that JP Morgan filed against rogue private banker Hernan Arbizu in the Southern District of New York, which between them clear up a few of the many questions in this case. Firstly, the complaints say … Continue reading →

To read the English-language coverage of J.P. Morgan Securities Inc. v. Arbizu, a case in the Southern District of New York, it’s all pretty boring. A private banker named Hernan Arbizu was employed by JP Morgan, looking after clients in … Continue reading →

Convicted fraudster Lawrence Niren still hasn’t given up: I just received another fabulously crazy email from him, calling me an "egomaniac liar" and saying that his fake bid for Gold Fields wasn’t fake at all: For your information the Gold … Continue reading →

I love this story: Theodore Roxford, accused by U.S. regulators of making bogus bids for companies including Sony Corp., was ordered to pay $900,000 by a judge, who also denied the Canadian man’s request for “execution by firing squad.” I … Continue reading →

Mark Gimein is puzzled by the lack of attention that the news media is paying to the story of a man who was stopped at a Swiss border crossing in possession of a $500 million check. I can think of … Continue reading →

Wall Street appears to come upon its dubious reputation for ethics honestly.
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