Bonventre would be sixth to face criminal charges over Ponzi scheme
NEW YORK - The former operations director for Bernard Madoff Investment Securities was arrested Thursday to face conspiracy, securities fraud and tax charges.
Daniel Bonventre, 63, was arrested at his Manhattan home, said FBI spokesman James Margolin. Bonventre was expected to appear in federal court later in the day.
Prosecutors said that, with Bonventre's knowledge, hundreds of millions of dollars were siphoned out of accounts belonging to Madoff's clients and used to support other aspects of his business. In some cases, Madoff's company used client money as collateral to obtain loans.
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I guess they'll send a strong message that only government employees are aloud to make and get away with ponzi schemes.
ReplyDeleteOh. So Billionaires stole money from Millionaires and I am supposed to care.
ReplyDeleteAnd the non-millionaires did not think anything was funny about the fact that their "investments" produced such great returns year after year after year?
Who cares. There are real problems out there.
Ah, thats terrible to hear.
ReplyDeleteSo it seems the FBI is taking quite a long time to get things done? Wonder when they'll begin to investigate all the government ponzi schemes and how far back will they go? Will it be like the Holocaust and take many many years before they hold these progressive brown shirts responsible for riping off, torturing and destroying millions of American families?
ReplyDeleteSo what, the money is gone. The feds could arrest 100 people, people lost their life savings and won't see a dime.
ReplyDeleteAnything that is too good to be true is too good to be true. People need to stop blaming everyone else for their financial situation. NEVER trust anyone else with your stuff.
ReplyDelete