Chapter 1910 Start with the People Around You

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

Yang Cheng slapped the table hard, "Then what are you waiting for? Just do it~"

David nodded, "Of course, I have sent people to follow up. In addition, Picard sued the biggest beneficiary of Madoff's fund in court - Madoff's friend Picowa for decades, his wife and family. Fund, demanding that the latter return the $7.2 billion in illegal returns it received from the Madoff Fund.

This matter deserves our attention.

Picard wrote in the indictment: Two years before the incident, Picowa opened a new account at the Madoff Fund and transferred US$125 million. Within two weeks, this US$125 million was due to the surge in securities prices. The value has increased to US$164 million.

Five months after investing, Picowa successively redeemed US$125 million, leaving a profit of US$81 million in his account.

Based on these transactions, Picard argued that Picowa should have questioned these high returns and the way Madoff's funds were run, but Picowy instead "believed in Madoff's honesty and integrity and greatly admired Madoff's conduct."

A few months after the indictment, Picowa was found drowned in the family's swimming pool. Subsequently, his wife reached a judicial settlement with Piccard and returned part of the cash redeemed.

Of the US$13.3 billion that Picard has recovered so far, US$6 billion was recovered from Madoff's four original and most profitable investors through legal actions and settlements.

In addition, $1.4 billion was recovered through lawsuits from other investors. Picard also sued financial experts who invested investor funds in Madoff and recovered $3.9 billion in illegal returns. "

Yang Cheng felt a little sad, thinking that the tycoons who dominated Wall Street back then were no longer what they used to be.

He still remembers Madoff admitting in an interview a few years ago that prison life was less stressful than Wall Street, but that sentiment did not last long.

At that time, Madoff fought all charges at the age of 70 and abdicated all responsibilities of his son and wife. Even when he was arrested, he confessed to his wife and son first, and the latter reported it.

However, although Madoff's two sons repeatedly denied any involvement in the Madoff case, they still suffered tremendous pressure and chose to end their lives in 2010 and 2014 respectively.

In a 2015 email to the media, Madoff confessed that he missed his family terribly, writing, "How on earth did I get myself into this nightmare?"

However,

The tragic ending cannot make investors forget the luxurious life of these people. The U.S. Bankruptcy Court's investigation of Madoff's two sons found that they spent tens of thousands of dollars on a family trip to a famous ski resort in central America.

Just as the scandal broke out in 2008, Madoff's son Mark purchased a $6.5 million beachfront house in Nantucket, Massachusetts, with Madoff's company acting as a borrower in the transaction.

Madoff's youngest son, Andrew, purchased a $4 million luxury villa in Manhattan more than a month before the scandal broke out.

Although they were never criminally charged, Picard and the Justice Department reached a $23 million settlement with the heirs to Madoff's son's estate and donated the money to the victims.

Although Madoff's wife, Ruth, has been working at Madoff's company, the blond and slender old lady claimed that she had never known about her husband's illegal behavior.

At the same time, she agreed to give up about $75 million in assets to her name, leaving $2.5 million to live on under a settlement with federal prosecutors.

Currently, Ruth lives in an apartment in Old Greenwich, Connecticut. Unlike her life of fine clothing and food, now she must declare to the regulatory authorities whenever she purchases more than $100.

As the compliance director of Madoff's investment advisory business, his brother Peter Madoff was supposed to know many secrets, but he insisted he had no knowledge of his brother's fraud, despite pleading guilty in 2012 to falsifying records and conspiracy to commit securities fraud. and was sentenced to 10 years in prison.

It can be said that the Madoff family rose and fell because of him. The so-called success is Xiao He and Xiao He is Xiao He. Greed is not wrong, but the mistake is being too greedy. Then again, if it were not for the thunderstorm of the subprime mortgage crisis, Now, the Madoff family can still dominate Wall Street.

He shook his head to recover his thoughts and said to David, "So you have found the two scammers' friends?"

"I don't know if they are friends, but they must be involved. Otherwise, it would be difficult for two ordinary people to accomplish such a big thing."

"What? There are helpers?"

"Yes, we have placed surveillance measures on one of Wells Fargo's relationship managers."

Yang Cheng immediately followed, "The initial accounts of those two fraudsters are at Wells Fargo Bank~"

"Yes, we found that the account manager used his authority to help the two fraudsters buy a financial management deal, amounting to about 2 million."

"Shit! It's so arrogant~"

"It won't take long for this account manager to be rampant. My people are collecting evidence. Once the evidence is confirmed, this account manager will basically be declared to have spent the rest of his life in prison~"

"Well done, David, I think you are fully capable of being promoted to the position of boss of the New York Bureau~"

"Oh, thank you for the compliment, it's my honor~"

"I'm telling the truth~"

Looking at the ashen-faced Kari again, why is there such a big gap between people?

With David's intervention, Yang Cheng felt a lot less pressure. At least he didn't have to worry about how to recover the stolen money and could go all out to bring those two bastards back.

But David requested, "Mr. Yang, I hope those two criminals can be handed over to me. I mean after they have no value to you~"

Yang Cheng understood what he meant, "Of course, this is what it should be. Private individuals do not have the power to enforce the law. I am a good citizen and I don't understand this. Don't worry~"

David was visibly relieved, "It couldn't be better, thank you Mr. Yang for your understanding~"

Yang Cheng waved his hand casually, "You're welcome David, we are on the same boat now, and we should help each other."

David glanced at Cary and hesitated, "Then Cary..."

This issue involves Yang Cheng's bottom line, and there is no need to discuss it. "You don't have to worry about him. As for his business, you can just take over it with peace of mind."

If you stay with me for a long time, you will find that I have never been stingy with money. Mutual benefit and win-win are my purpose as a human being. "

David sighed, and after all, he didn't speak for Kari anymore. In fact, being able to do this was enough to repay the favor. There was no need to offend Yang Cheng, the new 'boss', for a useless person.

As a smart black man, taking sides is his innate ability.

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