Posts filed under “Legal”
When the Madoff story first broke, we noted that it “smelled funny” that Bernie was working alone.
CBS News has learned that Madoff and his brother, along with their wives, took steps two years ago — around the time that federal regulators started probing Madoff’s business activities — that could help prevent their Florida homes from being taken away from them, something possible under Florida state law.
“Florida has very unique laws and has been described by some as a debtor’s haven,” said John Pankauski, a Florida estate attorney. “People who may want to protect their property will seek the protection of Florida laws.”
Florida’s “homestead” laws, which are unlike what any other state has, in part allow homeowners facing legal judgments (or other financial issues) to protect their primary residence fully – keeping it out of the hands of potential creditors. One of the key steps in qualifying for the home-protection is seeking “homestead exemption,” which provides homeowners with a tax break.
On May 10, 2001, Peter Madoff bought the home at 200 Algoma Road in Palm Beach, Fla., along with his wife Marion. Both were listed as owners at the time. Five years later, on Nov. 8, 2006, Peter transferred the title to Marion making her the sole legal owner of the home. A month later, on Dec. 28, 2006, Marion applied for, and soon after received, homestead exemption.
According to federal documents, during this time the Securities and Exchange Commission was in the middle of what turned out to be a two year investigation into Madoff’s company, Bernard L. Madoff Investment Securities LLC, for “fraudulent activities.” The investigation began on Jan. 6, 2006.
“Why are you transferring assets to your spouse? What caused that transfer? If you are transferring assets for estate planning purposes why wasn’t it done before?” said Pankauski.
While its not conclusive, it certainly is somewhat suspicious in its timing . . .
Double Trouble for Madoffs?
CBS, January 30, 2009
I couldn’t agree with this article more: Madoff Enablers Winked at Suspected Front-Running. I look at Madoff as a Sociopath — he is a sick individual. The enablers, on the other hand, were simply greedy hacks who didn’t, (and probably couldn’t) do the suitable investigation and due diligence into Madoff’s asset management business. Were they…Read More
My pal JP notes that the iPod wannabe had an utterly disasterous quarter: Overlooked in the carnage of Microsoft’s second quarter was the performance of the company’s Zune platform. Which was, quite simply, atrocious. Seems that $10 to $20 holiday discount didn’t do much good at all. According to Microsoft’s latest 10-Q, “Zune platform revenue…Read More
“Chairman Cox has increased to 34 percent of the S.E.C. work force from 32 percent in 2005 and 29 percent in the 1990s. This investment in investor protection already is paying significant dividends.” The baldfaced lie above was issued under SEC Chairman Cox about how he had improved the agency enforecement staff to protect investors….Read More
You need only two things to fix the housing crisis: Readily available consumer credit, and lower real estate prices. The second part of that equation is being helped along by Foreclosures: Southern California home sales rose 51 percent in December as a surge in foreclosures pushed prices of single-family houses and condominiums down from a…Read More
In September, I mentioned that my internet provider, Optimum OnLine by Cable Vision, was hijacking my typos and searches via their DNS Redirect. The company line is that this is a form of search assistance — but that’s transparent bullshit. I didn’t ask for search, and I know how to use Google. Besides, this defeats…Read More
> RealtyTrac reported this week that in 2008, the U.S. had a total of 3,157,806 foreclosure filings — default notices, auction sale notices and bank repossessions — on 2,330,483 U.S. properties. This was an 81% increase over 2007, and a 225% percent increase from 2006. The report also shows that 1.84 percent of all U.S….Read More