Bernard Lawrence “Bernie” Madoff is a former stockbroker, investment adviser, financier and white-collar criminal. He is the former non-executive Chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history. Madoff’s investment firm was not only a criminal operation, according to federal prosecutors; it was a sex den featuring multiple romantic entanglements among employees, clients and even the convicted Ponzi schemer himself. Yes, Bernie Madoff had obsessions fueled by sex, romance and money.
According to defendants and their lawyers this new revelation of information, or the filing thereof, caught them off guard. “My client does not know what the government refers to when it refers to romantic entanglements,” said Bongiorno’s attorney, Roland Riopelle. “I don’t know anything about what the government thinks it knows.”
The government’s investigation has revealed that, over the course of the multi-decade fraud alleged in the indictment, a number of Madoff’s securities, employees and customers — including expected witnesses, defendants, and others — were engaged in romantic or sexual relationships.
On June 30th, 2009 the Federal courts convicted Bernard Madoff for a Ponzi scheme that has resulted in upwards of 130 Billion dollars in unaccounted loses. This is staggering considering Madoff has been running scams like this for nearly 30 years. Madoff never robbed anyone with a gun, never stood on a corner selling crack cocaine, never played a professional sport or even rapped on a stage to earn his millions. All he did was take advantage of a simple human emotion called GREED!
People today want more than they invest. They want a super return on the smallest efforts. Gone are the days of working an honest day’s work to see an honest day’s pay. This has become a hurried society where people thrive on triple and quadruple profit margins. And old Bernie was there for years to offer that type of result. In fact, Madoff, the self-confessed author of the biggest financial swindle in history, was sentenced to the maximum 150 years behind bars for what the judge called an “extraordinarily evil” fraud that shook the nation’s faith in its financial and legal systems and took “a staggering toll” on rich and poor alike.
What would make Madoff, a 70-year-old Wall Street icon risk everything his family owns to end up in an Atlanta prison until a projected release date of November 14th, 2139? A better question may be what would make his hundreds of clients turn a blind eye to what they felt were questionable actions? While many people may not be caught in the middle of a million dollar scam, they just might be involved in scheming work relations, questionable friendships or even shifty opportunities on the horizon. If so, there are some proactive things than can be done to prevent a major let down.
- Stop being so hungry for success that the facts get ignored: Hindsight can be cruel. When people sit back and analyze the circumstances it really tells them how they rush into things they know nothing about. Be it a relationship or new responsibilities at work, one must critically review ALL the facts and factors involved.
- Quit taking short cuts: Beverly Sills, a Jewish American operatic soprano once wrote “There are no shortcuts to any place worthwhile.” The time and energy people waste looking for an easy way out could have been redirected to a more fruitful course of action.
- If it looks too good to be true….well: Many people could just kick themselves for the things they fell for in the past. In fact, they remember times they actually told themselves it was too perfect and they should be cautions. But the lure of something for nothing seems to be a temptation few can resist or master.
- Stay within what you have a passion for: People must trust their inner drive. Everyone has a God-given gut instinct that is a sort of compass into their destiny. People must try to avoid areas where they have little passion because it can cloud their judgment. Rather, they should stay steady in the place that makes them feel alive and they won’t be such an easy target to get taken advantage of.
The new document was filed as part of an effort by the feds to keep the scandalous information from being introduced when Madoff’s former secretary, Annette Bongiorno, and others face trial in the fall on charges of securities fraud and conspiracy. Prosecutors told the court they anticipate lawyers for Bongiorno and her co-defendants would attempt to use the sex secrets to damage the credibility of witnesses the feds plan to call. They then called on the judge to issue “an order excluding any such evidence – by either side.”
The judge refused to delay the trial, saying prosecutors had not added charges or defendants. And a prosecutor said the government was not making new allegations.
One defendant was in a love triangle with Madoff, and four of the five defendants were among those involved romantically or sexually, authorities said. The government said even investors got involved. Five of Madoff’s former employees pleaded not guilty Friday to the latest indictment in the case.
Questions about the romantic references occupied a portion of a pre-trial hearing Friday and lawyers for both sides eventually agreed to talk privately about the extracurricular escapades that were allegedly occurring as Madoff ran his $65 billion Ponzi scheme, bilking investors around the world. After defense lawyers get the R-rated details from prosecutors, they will decide whether to use the embarrassing info at Bongiorno’s trial, in October.
The rewritten indictment also newly alleges that defendants knew funds were not being invested as promised to investors and that some defendants misappropriated funds. Sex and romance flourished in the offices of disgraced financier Bernard Madoff even if real investing did not.
While Bernie Madoff, formerly obessed with sex, romance and money, sits in his new prison home thinking of all the wrong he’s done; his victims are left without his fuel to put back the pieces of their broken financial dreams.
By: Cherese Jackson (Virginia)