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Bernard Madoff arrested over alleged $50 billion fraud & now in Jail but enjoys life better than many and no regrets

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Man Group to sue over Bernard Madoff exposure

Man Group, the world's largest listed hedge fund firm, told Reuters it will take legal action, in conjunction with its investors, over the firm's exposure to the alleged fraud by US financier Bernard Madoff.

LAW SUIT:

"We will be suing the people involved," Man Chief Executive Peter Clarke said in an interview on Wednesday."We will be looking for remedies on behalf of our investors ... We will take action in conjunction with our institutional investors." Last month Man Group said it was exposed to Madoff Securities through its institutional fund of funds business, RMF, which had around $360m (£246m) in funds directly or indirectly sub-advised by Madoff.Bernard Madoff is accused by US authorities of running a worldwide fraud that they say may have cost investors $50bn.Man Group today reported a 21pc fall in assets under management in the last three months of 2008. On December 31, funds under management fell to $53.3bn (£36bn), down from $67.6bn at the end of September.

HITS THE RICH AND BANKS: http://www.telegraph.co.uk

Royal Bank of Scotland has become the latest bank to reveal exposure to Bernard Madoff's alleged $50bn fraud.RBS said this morning that should the value of Madoff's funds fall to zero, its potential loss will amount to about £400m.

It follows the revelation last week that the former chairman of the Nasdaq stock market had been arrested and charged with fraud - in what could become the biggest-ever case of its kind. Mr Madoff ran a hedge fund which allegedly racked up $50bn (£33.5bn) of fraudulent losses.

Here is list of the banks and financial institutions affected so far:

• Access International Advisors said some of its funds were invested with Bernard Madoff. The New York-based investment frim said it was working with counsel to assess the situation, describing it as "a shocking development".

• Spain's Banco Santander, which owns Abbey and Alliance and Leicester, said its hedge fund unit invested €2.33bn (£2bn) of client funds with Bernard Madoff.

• The Geneva-based Banque Benedict Hentsch Fairfield Partners SA said its exposure is 56m Swiss francs (£32m) of client assets.

• Boston philanthropist Carl Shapiro’s charitable foundation - $145m (source Boston Globe).

• Bramdean Alternatives Ltd - 9.5pc of its assets, according to a company statement.

• BNP Paribas, France's biggest listed bank, said it could face a potential €350m (£313) loss from an exposure to Bernard Madoff's investment activities.

• EIM Group - $230m (£153m) (source Reuters, citing Le Temps Newspaper).

• Elise Wiesal Foundation for Humanity - undertermined ( source Wall Street Journal).

• Fairfield Greenwich Group - $7.5bn, according to a company statement.

• Fix Asset Management - $400m (£266m), according to a company statement.

• GMAC chairman Jacob Ezra Merkin's Ascot Partners - Most of its $1.8bn (£1.2bn) of assets (Wall Street Journal). GMAC chairman J. Ezra Merkin, who lost billions after getting caught up in the Madoff scandal, resigned. Merkin ran two funds - the $5 billion Gabriel Partners and the $1.8 billion Ascot Partners and lost at least the entire Ascot fund to the Madoff scheme.

• Harel Insurance Investments and Financial Services - $14.2m (£9.5m), according to a company statement.

• HSBC is reported by the Financial Times to have a potential exposure of about $1bn (£688m) in loans provided to clients who invested about $500m of their own money in the venture.

• Julian J. Levitt Foundation - $6m (£4m) (source Washington Post).

• Kingate Management Ltd - $3.5bn (£2.3bn) (source Bloomberg).

• Korea Life Insurance - $50m (£33m) (source Yonhap news).

• Korea Teachers' Pension - $9.1m (£6m), according to a company statement.

• Man Group said that its institutional fund of funds business RMF has approximately $360m (£239m) invested in two funds that are directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker/dealer executing the investment strategy.

• Madoff Family Foundation - $19m (£13m) - (source Washington Post).

• Maxam Capital Management - $280m (£186m) - (source Wall Street Journal).

• Neue Privat Bank, a Zurich-based bank, said its clients may lose as much as $5m (£3m) invested in the fund linked to Bernard Madoff. The money was invested through Nomura Bank International, Neue Privat Bank said in a release.

• New York Met's owner Fred Wilpon's Sterling Equities - undertermined, according to a company statement.

• Nomura Holdings, Japan's largest brokerage, said it has 27.5 billion yen ($302 million) at risk linked to Bernard Madoff's investment funds

• Norman Braman, former owner of the Philadelphia Eagles Football Team - undertermined (source Wall Street Journal).

• North Shore-Long Island Jewish Health System - $5m (£3.3m), according to a company statement.

• Notz, Stucki & Cie - undertermined (source Reuters, citing Le Temps newspaper)

• Pioneer Alternative Investments - almost all of its $280m (£187m) of assets (source Bloomberg).

• Robert I. Lappin Charitable Foundation - $8m (£5.3m) (source Washington Post).

• Royal Bank of Scotland said it had exposure through trading and collateralised lending to funds of hedge funds invested with Bernard L Madoff Investment Securities.If as a result of the alleged fraud the value of the assets of these hedge funds is nil, RBS's potential loss could amount to approximately £400m.

• Reichmuth and Co’s Reichmuth Matterhorn fund - $330m (£221m) (source letter to clients).

• Societe Generale - less than €10m, according to a company statement.

• Tremont Capital Management - undertermined (source Wall Street Journal).

• Yeshiva University - undetermined (Source - Washington Post)

NO JAIL FOR MADOFF: WHY???

Madoff avoids jail Ed Pilkington

Is it because the Judge is Jewish??? or is it because he was a well respected man --- what if it was you who did the fraud? New York: Bernard Madoff, the Wall Street financier accused of running a massive swindle that fleeced investors of up to $50 billion, is to remain in his lavish Manhattan apartment overlooking Central Park after a federal judge rejected prosecution calls for him to be jailed. The decision to allow Madoff to stay under house arrest in the $7-million penthouse, rather than transfer him to the Metropolitan Correctional Centre in lower Manhattan, astonished and further angered victims of the scandal. Judge Ronald Ellis refused to revoke his $10-million bail, ruling that the prosecution had failed to make its case that Madoff could cause more harm if he remained at large.

But, the judge did impose new restrictions that will see all Madoff’s mail searched by a security firm before it leaves his building. Big deal???? the jewelry has already been sent out??? An inventory will also be taken of all valuable portable objects in his apartment, which will be checked every two weeks to ensure he is not attempting to dispose of it.

Madoff was a highly respected Wall Street figure for more than 40 years, at one point holding the post of chairman of the Nasdaq stock market. But, last month he was arrested after it was revealed that his financial empire was founded on thin air. He had allegedly been running what is known as a Ponzi scheme — taking in new money to pay the dividends of existing investors, losing up to $50 billion and with it, the life savings of thousands of his clients. Prosecution lawyers had called on the court to imprison him on the grounds that he broke a court order freezing his assets. Shortly before Christmas, Madoff posted $1million worth of jewellery and gifts to friends and family in clear violation of his bail terms. — © Guardian Newspapers Limited, 2009

United States Magistrate Judge Ronald L. Ellis refused to revoke bail yesterday (January 12, 2009) for Bernard L. Madoff despite the following conduct:

• Madoff mailed approximately $1 million in watches and other jewelry to family and friends on Christmas Eve. In addition to mailing out five packages containing some 15 watches as well as bejeweled cufflinks, rings and necklaces, Madoff is accused of planning to transfer up to $300 million to protect it from seizure. Prosecutors said that 100 signed and ready-to-send checks totaling $173 million were found in Madoff's apartment.
• Prosecutors discovered that Madoff had plans to send $200-300 million to family members and friends.  He had already signed $173 million in checks before his scheme was uncovered.

The company's website may be found here: http://www.madoff.com/ March 13th 2009: Bernie Madoff pleaded guilty to eleven counts of theft, perjury, money laundering, and fraud, Judge Denny Chin remanded Madoff to jail to await his sentencing on June 16. Up until now he's been allowed to stay in his Manhattan apartment, but Chin explained : "He has incentive to flee, he has the means to flee, and thus he presents the risk of flight," he said. "Bail is revoked." The US government is pressing for the maximum possible punishment of a 150-year jail term.