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Victim Complaint Against Bernard L. Madoff

Victim Complaint Against Bernard L. Madoff

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Published by DealBook
Lawsuit against Bernard L. Madoff et al. from victims of the Ponzi scheme detailing cocaine use at the BLMIS.
Lawsuit against Bernard L. Madoff et al. from victims of the Ponzi scheme detailing cocaine use at the BLMIS.

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Categories:Business/Law, Finance
Published by: DealBook on Oct 21, 2009
Copyright:Attribution Non-commercial

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06/08/2012

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TABLE OF CONTENTSPageI.INTRODUCTION
.............................................1
II.JURISDICTION AND VENUE
.................................18
III.PARTIES
...................................................19
A.PLAINTIFF
............................................19
B.DEFENDANTS
.........................................221.Tremont Entity Defendants...........................222.Oppenheimer and Massachusetts Mutual Life Insurance....253.Tremont Individual Defendants........................284.KPMG Defendants..................................325.Individual BMIS Defendants..........................366.Financial Institution Defendants.......................397.Nominal Defendant..................................428.Doe Defendants....................................43
C.AGENCY/JOINT VENTURE
.............................43
D.AIDING AND ABETTING
...............................44
E.CONSPIRACY
.........................................44
IV.FACTUAL BACKGROUND
...................................45
i
 
A.DEVELOPMENT OF THE MADOFF SCHEME
............451.The Public Face of Madoff Was as a LegitimateBusinessman.......................................452.Behind the Facade, Madoff and BMIS Had A Dark Side....473.BMIS: Early Years..................................494.Madoff Used Contacts And The “Madoff MystiquetoBuild A Network of Investors.........................515.The Avellino & Bienes Scandal in 1992 Led Madoff To Turn To Feeder Funds and Tighten His Operation......556.Madoff Built BMIS During The Early Years of HedgeFunds.............................................597.Madoff Avoided Regulatory Scrutiny and EscapedDetection by the SEC in 2006.........................618.BMISLondon Affiliate..............................659.Audited Professional Funds Offered Investors TheOpportunity To Invest With Madoff....................6610.Madoff Relied on a Coterie of Individuals to Bring in New Investor Monies................................7611.In 2008, BMIS Still Appeared to be a Hedge FundLeader............................................83
B.WITH THE SUBSTANTIAL ASSISTANCE OF THEDEFENDANTS, MADOFF WAS RUNNING THELARGEST PONZI SCHEME IN THE WORLD
.............841.The Ponzi Scheme Ends..............................85
ii

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