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Madoff Investment Scandal
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former NASDAQ chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme. Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and compliance officer and attorney, and Madoff's sons Mark and Andrew. Peter was sentenced to 10 years in prison, and Mark died by suicide exactly two years after his father's arrest. Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating the largest private Ponzi scheme in h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mug Shot
A mug shot or mugshot (an informal term for police photograph or booking photograph) is a photographic portrait of a person from the shoulders up, typically taken after a person is arrested. The original purpose of the mug shot was to allow law enforcement to have a photographic record of an arrested individual to allow for identification by victims, the public and investigators. However, in the United States, entrepreneurs have recently begun to monetize these public records via the mug shot publishing industry. Photographing of criminals began in the 1840s only a few years after the invention of photography, but it was not until 1888 that French police officer Alphonse Bertillon standardized the process. Etymology "Mug" is an English slang term for "face", dating from the 18th century. Mug shot can more loosely mean any small picture of a face used for any reason. Description A typical mug shot is two-part, with one side-view photo, and one front-view. The background is usua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly interest rate and then stole the money that the wome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Markopolos
Harry M. Markopolos (born October 22, 1956) is an American former securities industry executive and a forensic accounting and financial fraud investigator. From 1999 to 2008, Markopolos uncovered evidence that suggested that Bernie Madoff's wealth management business was a huge Ponzi scheme. In 2000, 2001, and 2005, Markopolos alerted the U.S. Securities and Exchange Commission (SEC) of his views, supplying supporting documents, but each time the SEC ignored him or gave his evidence only a cursory investigation. Madoff was finally revealed to be a fraud in December 2008, when his sons contacted the Federal Bureau of Investigation. After admitting to operating the largest private Ponzi scheme in history, Madoff was sentenced in 2009 to 150 years in prison. In 2010, Markopolos's book on uncovering the Madoff fraud, '' No One Would Listen: A True Financial Thriller'', was published. Markopolos has criticized the SEC for failing to discover the Madoff fraud despite repeated tips ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daily News (New York)
The New York ''Daily News'', officially titled the ''Daily News'', is an American newspaper based in Jersey City, NJ. It was founded in 1919 by Joseph Medill Patterson as the ''Illustrated Daily News''. It was the first U.S. daily printed in tabloid format. It reached its peak circulation in 1947, at 2.4 million copies a day. As of 2019 it was the eleventh-highest circulated newspaper in the United States. Today's ''Daily News'' is not connected to the earlier '' New York Daily News'', which shut down in 1906. The ''Daily News'' is owned by parent company Tribune Publishing. This company was acquired by Alden Global Capital, which operates its media properties through Digital First Media, in May 2021. After the Alden acquisition, alone among the newspapers acquired from Tribune Publishing, the ''Daily News'' property was spun off into a separate subsidiary called Daily News Enterprises. History ''Illustrated Daily News'' The ''Illustrated Daily News'' was founded by Patt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Times Newspapers Ltd
News Corp UK & Ireland Limited (trading as News UK, formerly News International and NI Group) is a British newspaper publisher, and a wholly owned subsidiary of the American mass media conglomerate News Corp. It is the current publisher of ''The Times'', ''The Sunday Times'', and '' The Sun'' newspapers; its former publications include the ''Today'', '' News of the World'', and '' The London Paper'' newspapers. Until June 2002, it was called News International plc.The Times Online Style Guide – see entry for News International for change from plc to Ltd On 31 May 2011, the company name was changed from News International Limited to NI Group Limited, and on 26 June 2013 to News UK. History Between 1987 and 1995, News International owned, through its subsidiary News (UK) Ltd, '' |
Times Online
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its sister paper ''The Sunday Times'' (founded in 1821) are published by Times Newspapers, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'', which do not share editorial staff, were founded independently and have only had common ownership since 1966. In general, the political position of ''The Times'' is considered to be centre-right. ''The Times'' is the first newspaper to have borne that name, lending it to numerous other papers around the world, such as ''The Times of India'', ''The New York Times'', and more recently, digital-first publications such as TheTimesBlog.com (Since 2017). In countries where these other titles are popular, the newspaper is often referred to as , or as , although the newspaper is of nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Independent
''The Independent'' is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the ''Indy'', it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was published on Saturday 26 March 2016, leaving only the online edition. The newspaper was controlled by Tony O'Reilly's Irish Independent News & Media from 1997 until it was sold to the Russian oligarch and former KGB Officer Alexander Lebedev in 2010. In 2017, Sultan Muhammad Abuljadayel bought a 30% stake in it. The daily edition was named National Newspaper of the Year at the 2004 British Press Awards. The website and mobile app had a combined monthly reach of 19,826,000 in 2021. History 1986 to 1990 Launched in 1986, the first issue of ''The Independent'' was published on 7 October in broadsheet format.Dennis Griffiths (ed.) ''The Encyclopedia of the British Press, 1422–1992'', London & Basingstoke: Macmillan, 1992, p. 330 It was pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Madoff
Andrew Madoff ( ; April 8, 1966 – September 3, 2014) was an American financier, best known for his role in exposing the financial crimes of his father, Bernie Madoff, whose Ponzi scheme has been widely described as the most successful in history. Biography Andrew earned a bachelor's degree in economics from the University of Pennsylvania in 1988. He and his brother, Mark, worked for their father's firm but in a division removed from their father's deceptive practices. As the financial crisis of 2008 made markets plunge, their father was unable to maintain the deception; they later described how he confessed to them and their mother, on December 10, 2008. Their father asked them to give him 24 hours before going to the police so he could get his affairs in order, but the brothers chose not to; their father was arrested the next day, and the brothers never spoke with him again. Andrew Madoff married Deborah Anne West in January 1992. According to Jerry Oppenheimer's ''Madoff w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Madoff
Mark David Madoff ( ; March 11, 1964 – December 11, 2010) was an American financier, best known for his role in exposing the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff. Personal life Madoff was born and raised on Long Island, New York, the elder of Bernard and Ruth Madoff's two sons. He earned a bachelor's degree in economics from the University of Michigan in 1986. He joined the Sigma Alpha Mu fraternity there. He married his college girlfriend, Susan Elkin, and moved to Greenwich, Connecticut, where they raised two children. They divorced in 2000, and he eventually moved back to Manhattan. In 2003, he married Stephanie Mikesell, with whom he had two children, born in 2006 and 2008. Career Madoff joined his father's company in 1987. He and his brother, Andrew Madoff (1966–2014), worked in the firm's legitimate market-making and proprietary trading arm. Ponzi scheme scandal In December 2008, Mark and his brother confronted their father ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shana Madoff
Shana Diane Madoff ( ; born December 8, 1967), sometimes referred to as Shana Madoff Skoller Swanson, is an American former attorney who is now a yoga teacher. She is the daughter of Peter Madoff, and a niece of Bernie Madoff, who employed her as a compliance officer and attorney at Bernard L. Madoff Investment Securities (BLMIS) from 1995 until 2008. In December 2008 BLMIS was discovered to be a $65 billion Ponzi scheme, and closed as part of the Madoff investment scandal. Her uncle Bernard Madoff was sentenced to 150 years in prison for the scheme, and her father, who was her boss at the company and the chief compliance officer, was sentenced to ten years in prison. In 2007, she married Eric Swanson, a former Assistant Director of the Office of Compliance Investigations and Examinations at the U.S. Securities and Exchange Commission (SEC).Pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
