Madoff trustee: No securities bought for customers in 13 years

[Liberal_in_LA]

http://www.marketwatch.com/news/story/madoff-trustee-no-securities-bought/story.aspx?guid=%7BE3029229-16E5-4CB7-8ED2-E9584C10B391%7D&dist=msr_1

Madoff trustee: No securities bought for customers in 13 years

By MarketWatch
NEW YORK (MarketWatch) -- The trustee liquidating Bernard Madoff's investment firm says his investigation has found no evidence that any securities were purchased on behalf of customers in at at least 13 years.

:crazy:

No one notices in 13 years that all that money Maddoff is taking in, isn't going out? isn't being invested somewhere else?

[marylanddem]

1. It's hard to feel sorry for his billionaire investors

but it is sickening what he got away with.

[Warpy]

2. Too bad he also chisled foundations and charities

Face it, the man could not only charm the birds out of the trees, he was being aided by somebody inside the SEC who was stopping investigations before they got started, 8 of them in 10 years, one specifically because an insider blew the whistle that it was a Ponzi scheme.

He's being coddled because he is in a position to blow the SEC completely apart and expose it for what it is, a lawless law enforcement organization whose mission for years has been to lean on small timers while protecting thieves.

[alcibiades_mystery]

3. I don't feel bad there either

What kind of idiot considers it his fiduciary duty to never look closely at where 10% returns are coming from.

Greed all the way down.

[spanone]

4. there are a lot of regular folks that got burned by this scam...

[MADem]

5. Gee, the IRS would have done well to audit that guy. Would have solved a few problems. nt

[Liberal_in_LA]

6. More: Investors react with fury to revelation their money didn't purchase anything

http://money.cnn.com/2009/02/20/news/newsmakers/madoff_investors/index.htm

Irving Picard, the court-appointed trustee for the liquidation of Madoff's assets, told the crowd of angry investors that investigators, in their search of at least 7,000 boxes of financial documents, "found no evidence to suggest that securities were purchased for customer accounts."

They also had some choice words for the Securities and Exchange Commission that failed to protect them.

"We're not just the victims of Madoff; we're the victims of the incompetence and irresponsibility of the SEC!" said Raymond Spungin, a 77-year old investor from Staten Island. His statement was answered with loud applause from the crowd.

Spungin said that he and his wife, Felice, had invested $700,000 in Bernard L. Madoff Investment Securities LLC, which informed them that their assets appreciated to about $1.8 million.

"I don't expect to be getting any back," said Spungin, who is living off his pension and social security.