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MADOFF AND THE LARGEST FINANCIAL FRAUD IN HISTORY Community Meeting Montgomery County August 26, 2010
WHO WAS MADOFF  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT WAS MADOFF WORTH ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
THE END FOR MADOFF ,[object Object],[object Object],[object Object],[object Object],[object Object]
MADOFF BY THE NUMBERS (as of July 2010) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
HOW DID MADOFF GET AWAY WITH IT – CRIMINAL MASTERMIND OR BUMBLING INVESTIGATORS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
CAN YOU TRUST THE COMPETENCE OF THE SEC TO BE THE WATCHDOG FOR YOUR INVESTMENTS ,[object Object],[object Object],[object Object],[object Object],Can you trust the competence of the SEC? Maybe NOT - See how easy it is to betray  trust
Schapiro  “ These aren’t bad People.  In some cases they  were people who were very junior and not adequately  trained or supervised.” JULY 20 TH , 2010 THE SEC’S EXCUSE FOR NOT CATCHING MADOFF WAS  BECAUSE THE SEC EMPLOYEES  WHO CONDUCTED ALL 6 INVESTIGATIONS WERE  TOO POORLY TRAINED  AND SUPERVISED TO DO  THE JOB EFFECTIVELY
THE WINNERS MADOFF’S PREFERRED INVESTORS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
MORE WINNERS BOTH FEDERAL AND STATE   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
THERE IS YET ANOTHER BIG WINNER ,[object Object],[object Object]
FOLLOW THE FLOW OF THE MONEY Madoff’s 1099s to  his investors IRS and State Taxes Madoff’s high salaries IRS refunds State refunds Huge profits paid to the 244 Special Madoff Accounts
THE FIRST CHANCE TO STOP MADOFF AND IT SHOULD HAVE BEEN THE LAST ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT DID THE SEC KNOW AND WHEN DID THE SEC KNOW IT (this in only a partial list) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SOME OF THE PLAYERS WHO CLAIM THEY KNEW NOTHING OF THE FRAUD ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
THE INTERNATIONAL CONNECTION WHERE DID THE MONEY GO ,[object Object],[object Object],[object Object],[object Object]
WHO WAS PUNISHED ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
DID THE SEC EVER DISCOVER THE FRAUD ,[object Object],[object Object]
SIPC INSURANCE SECURITIES  INVESTOR  PROTECTION CORPORATION OR SECURITIES  INVESTMENT  PROTECTION CORPORATION REAL OR IMAGINARY INSURANCE DOES SIPC PROTECT THE INVESTOR OR THE BROKERAGE INDUSTRY – YOU DECIDE
WHAT IS SIPC ,[object Object],[object Object],[object Object],[object Object],[object Object]
THE ILLUSION OF SIPC INSURANCE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
LETS COMPARE THE OUTCOME OF FDIC AND SIPC  FDIC   SIPC ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
HOW MANY INVESTORS HAVE RECEIVED SIPC INSURANCE PAYMENTS (as of July 16, 2010) ,[object Object],[object Object],[object Object],[object Object]
MAYBE SIPC HAS A GOOD REASON FOR NOT PAYING ACCORDING TO THE 11/30/2008 INVESTOR STATEMENTS ,[object Object],[object Object],[object Object],[object Object]
THE IMPACT OF CLAWBACKS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
A REAL CASE OF THE DAMAGE DONE BY CLAWBACKS ,[object Object],[object Object],[object Object],[object Object],[object Object]
ALL THIS HAPPENED RIGHT UNDER THE NOSE OF THE SEC MADOFF DID NOT OPERATE IN THE SHADOWS AND SHOULD NOT HAVE BEEN UNDER THE SEC RADAR SEC TO BERNIE – WHERE ARE  YOU BERNIE?
MY PERSONAL STORY AND THAT OF MANY OTHER MADOFF INVESTORS
HOW DID I GET INTO THIS MESS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
DESIGNING “THE PLAN” ,[object Object],[object Object],[object Object],[object Object]
EXECUTING “THE PLAN” ,[object Object],[object Object]
WHEN I FOUND OUT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT COMES NEXT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT ARE THE OPTIONS FOR RECOVERY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
MADOFFSURVIVORS.COM TO THE RESCUE ,[object Object],[object Object],[object Object]
WHAT DID WE INITIALLY ACCOMPLISH ,[object Object],[object Object],[object Object],[object Object],[object Object]
REVENUE PROCEDURE 2009-20 ,[object Object],[object Object],[object Object]
PROGRESS AT THE STATE LEVEL ,[object Object],[object Object]
SO YOU THINK YOU CAN AMEND THREE YEARS TO REMOVE FALSE INCOME THAT NEVER EXISTED ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
MY PERSONAL ACTIONS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
AND WHAT HAS BEEN ACHIEVED TO DATE FROM ALL THESE EFFORTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
OUR GOVERNMENT AT WORK ,[object Object],[object Object],[object Object],[object Object],[object Object]
WERE MADOFF’S RETURNS REALLY UNBELIEVABLE THE MEDIA SAID THE RETURNS SHOULD HAVE RAISED RED FLAGS
American Mutual Funds Average Annual Return 4 American funds started from  1934 to 1978  (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
Fidelity  Mutual Funds Average Annual Return 4 Fidelity funds started from  1963 to 1985  (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
Janus Mutual Funds Average Annual Return 4 Janus funds started from  1970 to 1998  (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
Vanguard Mutual Funds Average Annual Return 4 Vanguard funds started from  1958 to 1984 (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
THE CLUB NO ONE WANTED TO JOIN 1 st  release, June 2010
HOW DID IT HAPPEN ,[object Object],[object Object],[object Object],[object Object],[object Object]
WHY DID WE WRITE THE BOOK ,[object Object],[object Object],[object Object]
WHAT IS THE REAL MESSAGE OF THE BOOK ,[object Object],[object Object],[object Object],[object Object],The faceless SEC asleep at the wheel
WHAT DO I ASK OF YOU AND WHY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT DO I ASK OF YOU AND WHY ,[object Object],[object Object],[object Object]
DO YOU THINK THE SEC HAS REALLY CHANGED ,[object Object],[object Object]
Schapiro “These aren’t bad People.  In some cases they  were people who were very junior and not adequately  Trained or supervised.” IS THE GOVERNMENT BEING HELD  RESPONSIBLE FOR THE DAMAGE THEY CAUSED? JUST LIKE ANY OTHER  ORGANIZATION WOULD BE
MY SPECIAL THANKS TO THOSE WHO HAVE BEEN ESPECIALLY SUPPORTIVE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
BY THE WAY – MEET SOME OF THE MEMBERS OF MY FAMILY.  WHEN CALLED – WE SERVED.  NOW IT IS MY COUNTRY’S TURN TO DO THE RIGHT THING WWI Paris Trenches WWII Guam Saipan Bastogne Atlantic convoys KOREA Inchon VIETNAM Khe-San Tet IRAQ Fallujah
Copyright 2010  by  Michael De Vita It is the writer’s fervent hope that others will consider this material of value in educating the American citizenry of the true facts surrounding the Madoff fraud, how it happened and to better understand the repercussions to so many Americans I would be more than pleased if this presentation were given scores of times throughout the country to other groups that would benefit from the information Therefore, feel free to use the UNALTERED information in this presentation.  And, feel free to add your own personal slides “and tell your story” I do ask that you notify me whenever this presentation is used at  [email_address]

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Madoff presention to community group

  • 1. MADOFF AND THE LARGEST FINANCIAL FRAUD IN HISTORY Community Meeting Montgomery County August 26, 2010
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  • 8. Schapiro “ These aren’t bad People. In some cases they were people who were very junior and not adequately trained or supervised.” JULY 20 TH , 2010 THE SEC’S EXCUSE FOR NOT CATCHING MADOFF WAS BECAUSE THE SEC EMPLOYEES WHO CONDUCTED ALL 6 INVESTIGATIONS WERE TOO POORLY TRAINED AND SUPERVISED TO DO THE JOB EFFECTIVELY
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  • 12. FOLLOW THE FLOW OF THE MONEY Madoff’s 1099s to his investors IRS and State Taxes Madoff’s high salaries IRS refunds State refunds Huge profits paid to the 244 Special Madoff Accounts
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  • 19. SIPC INSURANCE SECURITIES INVESTOR PROTECTION CORPORATION OR SECURITIES INVESTMENT PROTECTION CORPORATION REAL OR IMAGINARY INSURANCE DOES SIPC PROTECT THE INVESTOR OR THE BROKERAGE INDUSTRY – YOU DECIDE
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  • 27. ALL THIS HAPPENED RIGHT UNDER THE NOSE OF THE SEC MADOFF DID NOT OPERATE IN THE SHADOWS AND SHOULD NOT HAVE BEEN UNDER THE SEC RADAR SEC TO BERNIE – WHERE ARE YOU BERNIE?
  • 28. MY PERSONAL STORY AND THAT OF MANY OTHER MADOFF INVESTORS
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  • 43. WERE MADOFF’S RETURNS REALLY UNBELIEVABLE THE MEDIA SAID THE RETURNS SHOULD HAVE RAISED RED FLAGS
  • 44. American Mutual Funds Average Annual Return 4 American funds started from 1934 to 1978 (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
  • 45. Fidelity Mutual Funds Average Annual Return 4 Fidelity funds started from 1963 to 1985 (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
  • 46. Janus Mutual Funds Average Annual Return 4 Janus funds started from 1970 to 1998 (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
  • 47. Vanguard Mutual Funds Average Annual Return 4 Vanguard funds started from 1958 to 1984 (year started in parenthesis) Madoff return reported by various news agencies Returns reported on Vanguard.com website, November 2009
  • 48. THE CLUB NO ONE WANTED TO JOIN 1 st release, June 2010
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  • 55. Schapiro “These aren’t bad People. In some cases they were people who were very junior and not adequately Trained or supervised.” IS THE GOVERNMENT BEING HELD RESPONSIBLE FOR THE DAMAGE THEY CAUSED? JUST LIKE ANY OTHER ORGANIZATION WOULD BE
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  • 57. BY THE WAY – MEET SOME OF THE MEMBERS OF MY FAMILY. WHEN CALLED – WE SERVED. NOW IT IS MY COUNTRY’S TURN TO DO THE RIGHT THING WWI Paris Trenches WWII Guam Saipan Bastogne Atlantic convoys KOREA Inchon VIETNAM Khe-San Tet IRAQ Fallujah
  • 58. Copyright 2010 by Michael De Vita It is the writer’s fervent hope that others will consider this material of value in educating the American citizenry of the true facts surrounding the Madoff fraud, how it happened and to better understand the repercussions to so many Americans I would be more than pleased if this presentation were given scores of times throughout the country to other groups that would benefit from the information Therefore, feel free to use the UNALTERED information in this presentation. And, feel free to add your own personal slides “and tell your story” I do ask that you notify me whenever this presentation is used at [email_address]