Miami’s Own Mini-Madoff

The Fall Of A Law Firm

Scott Rothstein

Scott Rothstein, the politically connected Miami attorney, who fled to Morocco, due to investors pressing him regarding their money, has returned to South Florida and was met by FBI agents at the airport.

Preliminary evidence indicates Mr. Rothstein has been running a $500,000,000 ponzi scheme out of the Sunshine State, leaving his law firm in the lurch.

The firm is down to its last $500,000 and may face difficulties making payroll, with a staff of 75 people.

Politically connected lawyer returns to face fraud questions

In Print: Wednesday, November 4, 2009 - A flashy Fort Lauderdale lawyer who investors say fleeced them for hundreds of millions of dollars flew back from Morocco on Tuesday to face federal prosecutors considering criminal charges, the Miami Herald reported.

While Scott Rothstein and his defense attorney, Marc Nurik, held the discussions, a Broward County judge appointed an independent receiver to examine the financial records of Rothstein's law firm, Rothstein Rosenfeldt Adler.

Rothstein, 47, had left for Morocco on Friday as news of his alleged investment scam started leaking around Broward County. He came back facing an FBI investigation and the loss of his law firm. The once high-flying firm, formed in 2002, has only $500,000 left in its bank account, a lawyer said.

Rothstein, suspected of running a Ponzi scheme, apparently drained vast sums of money from the firm, his partners say.

Rothstein's investors had $500 million deposited in a Canadian bank on Oct. 23 and that money was gone seven days later, said William Scherer, an attorney representing investors who he says lost more than $70 million...

http://www.tampabay.com

Madoff Conspirator Found Dead

Police: Madoff associate found dead at bottom of pool

This is a follow up to the September 28, 2009 article titled "Liquidators Hunting Madoff's Millions" which mentioned a "Mr. Picower" and a "Mr. Chase" as two men believed to be in unlawful possession of massive chunks of the Madoff ponzi scheme money. One of the two men has died.

Ruth and Bernard Madoff

Jeffry Picower, a man that unlawfully made $7,000,000,000 from the Bernard Madoff ponzi scheme, was found dead in his pool at his Palm Beach, Florida mansion. Currently, police do not suspect foul play. His lifeless body was discovered yesterday at 1:30PM.

Picower's passing should make it easier for the Madoff trustees to freeze and seize well over $7,000,000,000 from his estate and disburse the liquidated assets to victims of the ponzi scheme.

Picower broke the law and as such, all his assets are liable for federal seizure and liquidation, to repay those that were defrauded in the scam.

Side Bar: I cannot fathom what this man is going to tell God on the other side, regarding why he unlawfully kept several billion dollars of stolen money that plunged innocent, hardworking people into poverty, after they worked hard all their lives to earn said savings. He should have returned the money and asked God for forgiveness.

Madoff's family needs to voluntarily surrender the money they are illegally sitting on, as does "Mr. Chase." Because if any of them suddenly dies, whilst wrongfully retaining the stolen money, their souls will be lost for eternity. You need to ask God for forgiveness and give the money back, as it is not yours. Stop prolonging the victims' suffering, as God will not bless you for it.

Police: Madoff associate Jeffry Picower dies at 67

PALM BEACH, Fla. — Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said. He was 67.

Picower's wife, Barbara, discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m...

http://www.google.com

Liquidators Hunting Madoff's Millions

Thus far, $1.5 billion dollars has been recovered in the Bernard Madoff case. However, a duo of liquidators is still after Bernard Madoff's millions, in the fallout of the largest ponzi scheme in history.

The liquidators contend there are millions more in hidden assets, belonging to investors that needs to be reclaimed.

Ruth and Bernard Madoff

Madoff's family is breaking the law in keeping many millions in funds stolen from investors. This is referred to as the legal term "Fraudulent Transfers."

The Madoff family is sitting on at least $200,000,000. This money has been used to buy homes and live lavishly at defrauded investors' expense.

Ruth Madoff

Ironically, one of Madoff's sons has the unmitigated gall to claim the family is owed $90,000,000 from Madoff's company.

Madoff's brother, his sons and niece, put very little investment capital into the business, yet reaped hundreds of millions in returns.

The Madoff's Park Avenue apartment in New York

This should automatically qualify them for prison, as who makes that kind of return working at and investing in a business, later unmasked as a ponzi scheme, when they placed so little money into it to begin with.

One of the liquidators' poignantly stated, "If you were those sons and you knew what you knew today, wouldn't you be embarrassed to keep that money. They should give it all back. If they don't give it all back, I think we have an obligation to go get it and take it all back." Indeed.

You need to remember who their dad is - Bernard Madoff. They don't have a conscience or they could not have done this in the first place.

The liquidators are also going after two Madoff investors believed to be in on the scheme, as they took out far more than they put into his company.

An investor named Mr. Picower took $5 billion out of the ponzi scheme and another referred to as Mr. Chase reaped $1 billion.

Under a "Claw Back" clause, the liquidator is entitled to seizing that money. However, there is still $18 billion unaccounted for, which the liquidators believe is hidden somewhere.

As for Madoff's wife, Ruth, who managed his business and personal accounts and spent investor money like it was water, she had to have been aware of the financial discrepancies.

Madoff's homes, boats and all his worldly possessions, down to his mattress, was seized by the federal government, with auctions underway. The liquidation is expected to fetch $50 million dollars.

Ruth Madoff was allowed to keep $2.5 million in stolen funds that came from fleecing investors. However, she has been sued, is currently paying out that money in legal fees and is now in bankruptcy.

She is required to check with the court, when spending anything above $100. In short, she is financially ruined, but her children and brother-in-law are not. However, the liquidators intend to change that, bankrupting them if necessary to get every penny back.

Ponzi schemers and financial fraudsters beware, as this is your future as well.

Trustee Plans to Sue Madoff Family Members for $198 Million

Published: September 27, 2009 - Irving H. Picard, the court-appointed trustee hunting down any remaining spoils of Bernard L. Madoff’s giant Ponzi scheme, plans to sue Mr. Madoff’s two sons, his niece and his brother this week, seeking the return of $198 million....

Mr. Madoff’s sons Mark and Andrew, his brother Peter and niece Shana all were executives with his firm and should have known about the $65 billion fraud that went on for more than 20 years, Mr. Sheehan said.

“Whether or not they have a criminal problem we will pursue them as far as we can pursue them,” Mr. Picard. “And if that leads to bankrupting them, then that’s what will happen.”

Both Mark and Andrew, who have maintained their innocence, are trying to get $90 million they say is owed to them by the their father’s company...

http://www.nytimes.com

Madoff's Bad Call

A recently released recorded phone call between ponzi schemer Bernard Madoff and an associate, reveals his arrogance in attempting to rig an investigation the S.E.C. was conducting into his business, which would have uncovered his misconduct, had they done their jobs correctly.

The telephone call was subpoenaed during legal proceedings and illustrates just how confident and cocky, misguided Madoff was in wrongfully believing he would never be caught.

He is heard telling the caller the standard crooked disclaimer favored by criminals, "This conversation never took place" - before proceeding to spout off how easy it is to dupe the S.E.C.

Bernard Madoff Auction

Video: Bernie's NY Digs Up for Sale - CBSNewsOnline

The above posted video grants viewers a glimpse into the decadence lifestyle Bernard and Ruth Madoff lived, while fleecing investors out of obscene sums of money, in the worst recorded ponzi scheme in world history, with losses topping $65 billion dollars.

I don’t know what Madoff was thinking, but that’s just it, criminals do not think, they just act on their impulses, no matter who gets hurt. Then, they suffer the consequences.

Madoff beach house

Madoff’s three bedroom, four bathroom apartment, located on New York’s Upper Eastside, was stuffed with expensive antiques, fine art, exorbitantly priced furniture, crystal wear, silver cutlery and costly rugs – all illegally underwritten by stealing investors' money.

Like most criminal enterprises, this tale has come to an ugly end, as the apartment, all its contents, Madoff’s other homes and boats, are tagged for auction to the highest bidder. Madoff gets to keep...nothing.

Take note financial fraudsters who are stealing other people’s money and assets, as this is your future – incarcerated in prison with all your material possessions, intangible assets and all future earnings, auctioned off to pay back the money you stole from innocent people.

The government failed miserably in this case, as proceeds from the Madoff sale, will not cover the financial damages incurred by victims the U.S. regulatory system failed.

Side Bar: did you know that Madoff had a mistress...and he fleeced her out of money as well.

Madonna Pimping The Kids

The world is tired of that face

Madonna was slammed recently for dressing up her preteen look-alike daughter, in the same trollop get-up and bimbo make-up she wore in her lewd 1980's “Like A Virgin” video.

Whitney Houston and daughter Bobbi Kristina

Apparently, Madonna could not stand the fact singer Whitney Houston did a duet with her daughter last year and also sang with her on Good Morning America. Houston’s daughter does actually have talent and can sing. Madonna's daughter is another story.

Since Madonna’s gene pool lacks talent, she did the only thing she knows how to do, dressed her 12-year-old daughter up in inappropriate attire, resembling a mini-prostitute and placed the preteen in her latest sexually charged music video.

What kind of mother does something like that. She is setting that girl up for a massive fall, sending her down that path.

Madonna tried to get her daughter a role in the most recent Harry Potter film, by putting out a deceitful item in the press, stating her daughter, who is not an actress, had been cast in the movie, which was a complete lie. The film was released this summer with no trace of her daughter.

The horrors those children must have seen via the sick Kabbalah cult Madonna has subjected them to, not to mention the acrimonious, debauched relationships with man after man, traipsing in and out of their mother’s life and home, bought via their mother whoring herself out in explicit public acts over the years and stealing copyrights from everyone in sight. Yes, the music industry’s answer to Madoff.

Madonna criticised for using daughter in racy video

PTI 4 September 2009, 02:10pm IST - LONDON: 'Queen of Pop' Madonna is no stranger to controversy, but the pop star's latest gimmick involving her 12-year-old daughter Lourdes has stirred a hornet's nest.

The pre-teen is dolled up in full wedding garb with a veil, white lace gloves and a slash of scarlet lipstick in the 51-year-old pop star's latest video, emulating her mother's look in her controversial single 'Like A Virgin', reported Daily Mail online.

The fact that Madonna is seen making out with her 22-year-old boyfriend, Brazilian model Jesus Luz, in the same video has added to the furore.

The popstar had earlier pulled her eldest child into the spotlight when she brought her on stage during the curtain call of her epic 12-month global tour 'Sticky and Sweet'.

Lourdes who is affectionately called Lola, had raised eyebrows with her revealing outfit, the same as Madonna's troupe of dancers...

http://timesofindia.indiatimes.com

What is Madonna doing thrusting 12-year-old Lourdes into the limelight?

Thursday, 3 September 2009 - ...What is Madonna doing? The sight of her 12-year-old daughter dragged up in full bridal outfit and red lipstick in Madge's latest video – recreating the pose from her 1985 hit song "Like A Virgin" – had me shuddering at so many levels.

Never mind the hypocrisy of exploiting your daughter – Lourdes also joined her mother on stage, on the penultimate night of her Sticky & Sweet world tour in Israel – while demanding privacy for your family. Why is Madonna – the self-styled most original woman on the planet – so hell-bent on turning her daughter into a mini-me?...

...Lourdes is a pre-teen. Madonna was 25 when she made the video for "Like a Virgin". Which makes all that squelchy "touched for the very first time" imagery just a bit more palatable.

...But this video is a step too far. What worries me is the effect on little "Lola" herself. It's hard enough being the daughter of a very famous woman. Child stars rarely grow up sane. Even fame by proxy makes you unpopular with other kids, who can sniff out hype and inauthenticity...

And "Lola" actually has quite a few more problems than the average pre-teen. Her 51-year-old mother is dating a 22-year-old...

And Lourdes, bless her, looks 12 going on 38. It's not her fault. When she's older, the mono-brow and bushy eyebrows will give her the dignified chic of Frida Kahlo. But she shouldn't be going round slathered in lipstick and fake beauty spots yet. Which makes you wonder: will Madonna ever be able to cede the spotlight in a natural, maternal way to her children?

I can see that the world's most famous single mother needs to make up for things a bit at the moment. She owes Lourdes. They've moved country – and schools – yet again. What 12-year-old wouldn't love to go on stage for a bit of stadium adulation?

But it's not smart – and it's not caring...

http://www.independent.co.uk

The FBI And National Security

Sibel Edmonds

Why does the FBI keep trying to block the testimony of whistleblower, Sibel Edmonds. What happened to Freedom of Speech. Why is she not allowed to speak? Because she knows some of your dirty secrets.

During the 3 years I have covered the FBI in my widely read columns, I have witnessed astonishing lapses in national security, financial impropriety and absolute moral failure on the part of the Bureau.

My columns hinted at problems in the financial sector, where individuals were running ponzi schemes not, "Providing a true service not based in fraud, theft or speculation" and “trading what amounts to nothing.” Shortly after, Madoff and Stanford were indicted for ponzi schemes the FBI knew of for 10 years, but let fester to the detriment of taxpaying Americans and global citizens that invest in good faith.

The FBI’s chronic acts of criminal negligence, are a threat to national security and the prosperity of the United States and its allies in the world. If the FBI fails to correct its conduct, America will be left open to new terror attacks, centered on cities such as New York and Los Angeles, to name a few, famed for their wealth and architecture that symbolize Americana, which terrorists hate.

Furthermore, if the FBI cannot control a crazy pop star, stopping her from breaking the law, as they are constitutionally obligated to do, how are they going to control Al Qaeda and the Taliban.

The agency under Robert S. Mueller is ineffective, incompetent and weak. The FBI needs to be closed, with the U.S. Congress starting over with a new federal law enforcement agency. Time shall show it.

The FBI has been nothing but a taxpayer draining, unmitigated failure and embarrassment from day one. They left Martin Luther King Jr. to die and they left 9/11 victims to die (stonewalling their agents from an investigation that would have prevented the attack). They haven’t changed since the Civil Rights era. There is something very wrong there.

I don’t believe the FBI has foiled any real terrorists, who keep hinting through released tapes and videos that something terrible is coming. I think this is the quiet before the storm and sadly America’s first line of defense is Barney Fife:

FBI Director, Robert Mueller

DoJ Pressures Ohio Election Commission to Block Edmonds Testimony

8/7/2009 8:06PM - Long-gagged FBI whistleblower re-iterates request for citizen media in D.C. to show up at Saturday morning deposition...

The DoJ is now jumping into action, at least on behalf of covering the FBI's rear, if not yet to issue any "states secrets" claims to stop the scheduled testimony of FBI whistleblower Sibel Edmonds in D.C. tomorrow morning in the Ohio Election Commission (OEC) case of Schmidt v. Krikorian...

http://www.bradblog.com

Florida Corruption Probe

Downtown Miami (photo credit: Marc-Averette)

As noted previously, Florida has a corruption problem. As a victim of crime, I have witnessed a significant amount of corruption, which I have chronicled online.

Then there are the scandalous cases such as R. Allen Stanford and Jack Abramoff, illustrating how far and deep bribery and corruption runs in this state.

Therefore, the following news does not surprise me. The U.S. Justice Department is investigating top Florida officials on corruption charges.

Marcia Cooke (center)

Wouldn't you know it, the crooked judge from the Madonna human rights abuse case, the repugnant Marcia Cooke, who threw out the case, without reading it, which constitutes criminal fraud and an egregious breach of the federal judicial cannons, has recused herself from the case, as she is considered a George W. Bush associate.

The same Bush that believed and practiced the sick foreign policy that criminally pillaging the assets of foreigners would bring prosperity, see war for oil in Iraq, but instead it brought severe financial calamity, permanent loss and destruction, decimating the economy.

Cooke also assisted Bush with destroying 300 years of Constitutional law, during the Jose Padilla case, which states a person cannot be held without being charged, even tossing out what Bush did at trial, in conduct condemned and abhorred all over the world and will never be forgotten. This is your legacy (Google it).

R. Alexander Acosta

Former Miami U.S. attorney, R. Alexander Acosta, who I previously wrote about here, also he quit several days after, also recused himself from the Florida corruption case, due to his ties to George W. Bush.

The aforementioned people, through their thoroughly repugnant conduct, have millions of people in the world, firmly believing, Miami is the most corrupt, violent, abusive, xenophobic city in America.

Feds' corruption probe looks at top Florida officials

July 3, 2009 - The U.S. Justice Department is investigating corruption allegations made by an indicted Fort Lauderdale insurance executive who, in a bid for a favorable plea deal, has named lawyers, lobbyists and fundraisers he claims plotted with him to thwart a state crackdown on him and his industry.

Justice officials have convened a federal grand jury to pursue the claims of former Mutual Benefits Corp. chief Joel Steinger. The wealthy businessman contends that he orchestrated a campaign to stifle a 1999-2000 statewide grand jury probe by attempting to improperly influence public officials, three knowledgeable sources have told The Miami Herald. The Herald has agreed to maintain their confidentiality...

Word of the corruption investigation by Justice has started to ripple through the state Capitol and South Florida, where speculation is rife about who -- if anyone -- might face indictment, who is talking to the feds and how high the investigation could reach...

But legal observers said that Steinger -- who faces up to 20 years in prison on each of 25 counts -- is pursuing a defense strategy like that of one-time Washington super-lobbyist Jack Abramoff.

Abramoff was indicted on federal fraud charges stemming from his purchase of Broward-based SunCruz Casinos -- then sought to limit his punishment by cooperating with the Justice Department and naming names in a major Washington corruption probe...

Huck's father, U.S. District Judge Paul Huck, recused himself from the Steinger fraud case after it was assigned to him. Another federal judge, Marcia Cooke, who once worked in the administration of Gov. Jeb Bush, also recused herself from the case. It ended up with Jordan.

Former U.S. Attorney R. Alexander Acosta, who recently left the post to become the dean of Florida International University's law school, and his successor, Acting U.S. Attorney Jeffrey Sloman, also recused themselves from supervising the Steinger fraud case...

http://www.tcpalm.com