Skip to content

THE MASTERMIND BEHIND MADOFF

May 1, 2016

THE MASTERMIND BEHIND MADOFF

 

I knew nothing of either Madoff’s fund or his scam until it came down.  But I did know that Fairfield Greenwich, a Madoff feeder fund, was involved in tax scams.

 

Once Madoff’s Ponzi scheme crashed, it became clear to me that Madoff was not the originator of the Ponzi scheme.  The Ponzi scheme needed a smart accountant or brilliant attorney to pull off this simple scheme.

 

I knew some of the individuals, who were involved in Cohmad, for Cohn Madoff.

 

I remember when I was a member of the American Stock Exchange and Alvin “Sonny” J. Delaire stated that he was leaving the Amex to work for a hedge fund.  Delaire was friends with Tommy Drago and both traded Merrill Lynch options.  Note:  Drago was one of the most miserable individuals, whom I had the displeasure of meeting at the Amex.

 

But let us return to Bernard Madoff.  At one time Gene Weissman approached me and asked me if I could have Gary Weiss write a short piece on trades where Madoff’s market making firm had pulled its offers to sell stock after Weissman’s firm had placed an order to buy.  (Madoff wanted to buy the stock and his offer to sell the stock was illusory.

 

I explained to Weissman that he would be identified.  Weissman could not permit his name to be mentioned because his father, Herbie Weissman, was a name partner in Surnamer Weissman on the New York Stock Exchange.  Herbie would ruin Gene if he knew that his son had gone to the press about illegal trading.

 

So an early investigation into Bernard Madoff was avoided. And the Securities and Exchange Commission and the Department of Justice continue to cover up the involvement of members of the American Stock Exchange in the Madoff fraud.

Advertisements

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: