Chapter 1909 Gaining and Losing Power

"How would Mr. Yang want me to handle it?"

This is the answer of a smart person. Since you have decided to surrender, then don't use your brain and just be an obedient tool.

However, Yang Cheng was a little surprised by what this black man did. In his impression, black men were a bit rebellious and rebellious by nature.

Of course, this is not important. Compared with the importance he attached to Cary at the beginning, Yang Cheng did not pay much attention to David Ricardo. At least, he can not bring much help to him now. Maybe he will become the boss of the New York Bureau. , this situation will flip.

Putting aside the chaotic thoughts, Yang Cheng pondered, "How did you handle similar cases in the past?"

David Ricardo said, "In fact, after the financial crisis, more and more criminal clues were exposed on Wall Street, which forced the F~B~I to deploy personnel from anti-terrorism and other crimes to participate in investigations including the former Nasdaq Financial cases including Chairman Madoff’s Ponzi scheme.

Of course, we only target million-dollar fraud cases.

Since the 2008 financial crisis, the F~B~I has now prioritized assigning personnel to Wall Street to investigate fraud cases and Ponzi schemes in subprime mortgages and related bonds, auction rate securities, and other fields.

Madoff's shocking scam posed a great threat to Wall Street and even New York as a whole. We had to allocate more energy to prevent the same thing from happening again. Of course, there was also the threat of subprime mortgage fraud. Now we have invested so much in Wall Street. There are a lot of troops, so Mr. Yang can rest assured that we have enough manpower to investigate the case. "

David Ricardo did not give details, which made Yang Cheng frown, "Mr. Ricardo, don't you have a specific plan?"

"Of course there is. In fact, we have already grasped the criminal's movements. In addition, we will make monitoring requirements for the banks involved."

This is exactly what Yang Cheng wants, "Very good, even if the funds involved in the case are not returned for the time being, I will ensure that they will not be misappropriated by criminals~"

"Of course not, the bank will not go against us~"

Yang Cheng smiled and looked at Kali, who had been a transparent person for a few minutes, "Look, this is the attitude that cooperation should have~"

Kari thought that Yang Cheng had changed his mind, as if he had grasped the last straw, "Yes, Mr. Yang, I know that I was too proud this time, and I regret it. Please give me a chance, and I will never make such a mistake again." ~”

Yang Cheng shook his head,

"No, no, Kari, you misunderstood. I have not forgiven you. You should know that I have never been a generous person."

Kari almost cried, "Mr. Yang, I really know I was wrong."

Originally, Yang Cheng was already thinking about how to kick Kari from his current position, but unexpectedly, Ricardo suddenly spoke up to plead for Kari, "Mr. Yang, I believe Kari did not do this intentionally. It may be due to the recent pressure. It’s too big, maybe he needs a chance to correct~"

Yang Cheng frowned slightly, "Do you know what you are talking about?"

Ricardo was stunned for a moment, gritted his teeth and said, "I know, Mr. Yang, but Cary once helped me, I must plead for him~"

Yang Cheng's expression instantly relaxed, "You are a person who knows how to repay kindness~"

She took a deep look at him and realized that this person had just pledged his allegiance to him, so he still had to give him the face he deserved, otherwise it would not be conducive to his future discipline.

And after all, Cary has not committed a heinous crime, so it is not impossible to bypass him, but this time he must be taught a severe lesson, "Let the business that was entrusted to you before be given up, now Mr. Ricardo Responsible~"

He was referring to an arms business that was handed over to Cary last year. It was not big, but earning hundreds of thousands of dollars a year was not a big problem. Yang Cheng directly cut off his source of wealth. For Cary, this It means that the quality of family life will seriously drop by several levels. This punishment is not unkind.

And Ricardo happily accepted Yang Cheng's 'kindness'. It would be okay if he didn't accept it. At least this way he could keep Cary's position.

Kari also knew this. He was sweating profusely, as if he had been fished out of the water, but there was always some color on his face.

Yang Cheng didn't talk nonsense to him. In his eyes, Cary's value was infinitely close to zero. If he hadn't given David Ricardo more face, this person would be no different from a dead person.

When the topic changed to the case, “F~B~I should have experience in recovering stolen money, right?

To be honest, whether the criminal can be caught is no longer my biggest concern. We must recover the stolen money as soon as possible and return it all to the victims in order to appease the people. "

David immediately said, "Yes, we have rich experience. In the Madoff scam back then, our New York Bureau was the main force and recovered most of the stolen money."

This is the best news that Yang Cheng has heard in a few days, "Really? I remember that the stolen money involved in the case was as high as 65 billion US dollars, and you have recovered all of it?"

"No, no, not all, but most of them!"

Yang Cheng still remembers that in mid-December about eight years ago, Bernard Madoff, the American Wall Street legend and former chairman of the board of directors of Nasdaq Stock Market Company, was arrested by the police on suspicion of securities fraud. The US$65 billion Ponzi conglomerate The scam was exposed.

Next year will be the legendary liar’s 80th birthday. Unfortunately, he can only celebrate quietly at the medium-security Federal Correctional Institution in Butner, North Carolina.

However, this is only one-fifth of the 150-year sentence he just served.

In the first few years of his imprisonment, he was still willing to answer letters to the media, but now, he has become completely silent.

David said, "In addition to Madoff, the most famous person at that time was the settlement lawyer Irving Pickard. He built his reputation on the long road of recovery for nearly 10 years."

Yang Cheng had heard of this person's name. This lawyer, who was only 3 years younger than Madoff, was appointed by the bankruptcy court at the age of 67 to recover the principal of the victims of the Madoff case.

David continued, “Currently, Picard has recovered US$13.3 billion, which is about 70% of the debt, and he believes that there are still several billion dollars that can be recovered.

Although Madoff once managed US$65 billion in assets, US$19 billion of which was the principal invested by clients in Madoff's funds, and most of the US$65 billion in assets were false returns he accumulated to investors that were not recognized by the court. .

After bankruptcy, the court only recognized US$19 billion of it as the claimable amount.

The second month after Madoff was imprisoned, Pickard sent notice letters to 8,000 potential claimants, giving customers and creditors a deadline to file claims.

Soon, Madoff's luxurious life before he was imprisoned was exposed. According to the documents signed by Madoff, he confessed to owning a property of US$138 million and a company valued at US$700 million.

In addition, the Madoffs own a high-end penthouse on 64th Street in Manhattan, a large number of properties in places such as Montauk, Long Island and Paris, France. There are also many securities in their bank accounts, as well as millions of dollars in jewelry and two property rights. yacht.

Picard obtained an initial $650 million in compensation through the auction of some assets, and then turned his attention to Madoff's son and other family members.

He sued Madoff's two sons, Mark and Andrew, who were former executives at Madoff's companies, arguing that the latter's personal assets were also the illegal proceeds of the Ponzi scheme.

Picard strictly controlled the cash flow of these people close to the Madoff family, trying to find the money they benefited from the Ponzi scheme.

Currently, nearly 1,400 small investors who invested less than $1.38 million have received full principal compensation.

You must know that in past Ponzi scheme fraud cases, only 5% to 30% of the principal was usually recovered, and many investors lost all their money. The recovery ratio in the Madoff case is already very remarkable. "

Yang Cheng nodded thoughtfully, "So we should find Owen Picard?"

David shook his head, "No, I mean his method can be used as a reference. After all, the two fraudsters got the money before they had time to spend it. Even if they approached Owen Picard, he had no way to start. He could only start from the two fraudsters." The people around the offender will find a way.

This is also the method used by Owen Picard in the Madoff case, which is very classic. "

Yang Cheng agreed with David's statement. The reason why Picard was able to recover so much was not only because he started with Madoff's personal assets, but also because he successfully obtained funds from Madoff's clients, especially thanks to the Ponzi scheme. Assets were recovered from customers.

“That year, when Pickard met with Madoff’s creditors such as individual investors, banks and charities, he stated that his investigation had so far found no evidence that Madoff had conducted any securities transactions for clients in the 13 years before the incident.

Based on this, he believed that Madoff's fund was purely a Ponzi scheme with cash in and cash out.

Therefore, Picard wants to recover illegal gains from the customers who withdrew cash from the fund in the six years before the incident, because the cash withdrawn by these customers was entirely the principal of other customers who were defrauded and invested in the Madoff fund.

According to New York State’s Bankruptcy Law, the recourse period is 6 years.

Picard sent a lawyer's letter to 223 investors demanding that they return cash they had redeemed from Madoff in the six years before the company's collapse.

Some of these 223 investors were relatives of Madoff, and some had employment relationships with Madoff. These people redeemed a total of US$735 million in Madoff's company within 90 days before the incident.

At that time, Picard's legal team believed that Madoff's funds had a large number of redemptions 90 days before the incident. What does this mean? It shows that the money was paid out intentionally. "

Yang Cheng quickly asked, "Have you found the relatives of the two fraudsters?"

"No, their relatives are not important. I checked the accounts of the two people, as well as the detailed transfer records, and found that they had bought several insurance policies for themselves from the insurance company, with a total premium of 3 million US dollars and an insured amount of more than 10 million. "

Yang Cheng's eyes lit up, "You mean, we can recover the 3 million through the insurance company first?"

David affirmed, "Yes, as long as we can prove that the $3 million in insurance was purchased with stolen money~"

Nine Heavens God Emperor

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