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July 27, 2015


I was recently reminded of an interview in Forbes that was published circa 2009 about Bernard Madoff.  Forbes interviewed Sherry Shameer Cohen about the Madoff feeder fund, Fairfield Greenwich.  And of course there were several inaccuracies- vital information was omitted.

Cohen was speaking of a firm, Mark Kohlber & Co. and Fred Kohlber.  What Forbes did not state, and what was known to Forbes, was that Mark Kohlber & Co. was a member firm of the American Stock Exchange.  Although it had an office in Greenwich, Connecticut, this office was a tax dodge- as Mark Kohlber freely discussed.

Mark Kohlber resided in the Five Towns area of Nassau County.  Every day Mark showed up as a market maker in Lilly options where he assisted in fixing prices in options.  Mark boasted of Fairfield Greenwich, a Madoff feeder firm, as a big tax dodge- and recounted several episodes of Walter Noel purchasing one million dollars in diamonds in New York City and having the diamonds delivered to Greenwich to avoid paying sales tax.

Also by domiciling his firm in Connecticut Mark was able to save money by not paying New York City and New York State income taxes because Mark Kohlber & Co. was a member firm of the American Stock Exchange.  (There was even a specialist firm in which Michael Accumpura was a partner that was registered in doing business in New Jersey- even with the specialist firm being located in the basement and a home business deduction taken.)

Cohen also spoke of Fred Kohlber as a partner in Fairfield Greenwich.  True.  Fred Kohlber was a market maker and not a specialist in the options of ASA.  The specialist firm in ASA options was Miceli-Van Caneghan.  The specialist in charge of the ASA options was Ginger Ketcham, who covered up the rapes of Robert Van Caneghan.  But Fred left the American Stock Exchange in 1987 because he believed that the risk outweighed the reward.

But Fred left Fairfield Greenwich circa 2000- because he believed that Fairfield Greenwich, a Madoff feeder fund, was involved in a Ponzi scheme.  That part was never revealed.

Fred Kohlber also parted ways with Fairfield Greenwich- but Fred was never really involved in the hype.  Fred was an options market maker, who did what the specialist in Lilly options told him to do.

Ad it was Tom Peterffy, founder of Interactive Brokers, who was outraged with the price fixing of options in Lilly.  As was Morgan Stanley.  But even Morgan Stanley could do nothing because Arthur Levitt, Chair of the Securities and Exchange Commission, protected the American Stock Exchange.

And Madoff got away with his fraud because of Arthur Levitt.

But Steve Forbes protects millionaires, who steal.


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