Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts

PostHeaderIcon Afghanistan election: why is Pres. Hamid Karzai leading the race?

9/07/2009 | Posted by mesiamd | Edit Post



The contentious presidential election in Afghanistan has not been settled. The country’s Independent Election Commission reveals about 500 voting posts have been rejected because of accusations of fraud. The counting at this time puts Karzai ahead of his rival Abdullah Abdullah with total votes of 48.6% and 31.7% respectively.

According to the New York Times report, Karzai and his supporters put up about 800 fraudulent polling places to rig the election Moreover it was alleged by Afghan and Western leaders that the votes in certain voting stations far exceeded the usual number, some as high as 10 times the usual.

As the alleged cheating is being investigated, the final tall of election results is expected to be finished next month. The IEC has received more than 2,000 complaints related to the election last August 30. 2009. (Photo Credit: World Economic Forum) =0=

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PostHeaderIcon After a “life of splendor” Madoff’s wife is sued to turn in $45 million

7/30/2009 | Posted by mesiamd | Edit Post


A trustee representing the victims of the notorious Ponzi artist Bernie Madoff sued the swindler’s wife Ruth. Irving Pickard, the appointed trustee of U.S. Bankruptcy Court in New York, claimed Madoff’s wife who led a “life of splendor” got $44.8 million in six years prior to her husband’s financial downfall. He wanted the money to be seized for the benefit of the scam victims.

"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means. The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."----CNNMoneey.com (07/29/09, Smith, A.)

After federal authorities seized the assets of Bernie Madoff, his wife who was not charged of a crime, was left with $2.5 million. Her swindler-husband who pleaded guilty of bilking his trusting clients in a decades-long $65 billion pyramid scheme is serving a sentence of 150 years in the Butner Federal Correctional Institution in North Carolina. The huge financial fraud left thousands of investors in financial ruin.

The money involve in this Madoff crime reminds us that America has become dishonest and extravagant in its spending. There are many US citizens who live a high life way beyond their means at the expense of others. They are not used to simple living. It augurs badly on their adaptability in the face of financial hardship.

One can just point to the billions and trillions being spent by the government that many cannot fully understand. With mismanagement and lack of accountability, it is likely to compromise the financial future of taxpayers and the next generation.

The budget deficit of the country is at an alltime high that even China is starting to question USA's ability to pay. The extravagant spending of the Obama administration doesn't match his rhetoric of belt-tightening and cost-cutting---his campaign promise during the election. There is a time when America is thought to be too big to fail, but in times of economic crisis, even the strong can slump down on his knees. (Photo Credit: NY Post) =0=


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PostHeaderIcon Double registrants, impostors, and flying voters removed from voter’s list in Bicol

7/25/2009 | Posted by mesiamd | Edit Post


In preparation for the coming 2010 national election, the Commission on Eleection (COMELEC) has started removing names of double registrants, impostors, and flying voters which compromise the integrity of the election. To make the election credible, in Bicol, about 200,000 of such voters have been excluded from the voting list according to Atty. Zacarias Zaragoza, Comelec’s regional director.

“Camarines Sur had the highest number registered voters that actually voted with 615,477; followed by Albay with 503,032; Masbate, 308,556; Sorsogon, 282,335; Camarines Norte, 174,625, and; Catanduanes 109, 577. “---Bicol Mail (07/23/09, Barcia, R.B.)

It is observed that young citizens eager to exercise their right of suffrage are registering in huge numbers. If they continue to list themselves before the national election, the Bicol region is expected to have 2.8 to 3 million eligible voters at the time of national electon.

But the need for cleansing of the voter’s roster is obvious. Each election, complaints of fraud have brought doubt on the reliability of the political exercise which leads to quarrels, sometimes resulting to violence.

A stolen election isn’t a good foundation for a successful public service. It’s a quick pathway for graft and corruption. Cheating brings down the trust of the people and inhibits the progress of the entire nation. (Photo Credit: WorldNews/ Janice) =0=

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PostHeaderIcon King Ponzi schemer Bernard Madoff gets max of 150 years in jail

6/30/2009 | Posted by mesiamd | Edit Post


After irate testimonies from his victims, the financial whiz Bernard Madoff who defrauded his clients of some $65 billion in a Ponzi scheme, the largest in recorded history, was sentenced to 150 years in prison. It was the maximum that could be handed for a crime of such magnitude. The sentence was far more than the 12 years his lawyer asked for the reviled deceitful defendant. He stole huge money from trusting investors all across the globe right under the noses of government regulators.

US District Judge Denny Chin of the Manhattan Federal Court in New York handed the verdict to the cheers of a crowd that included his disgruntled clients from all across the social economic spectrum----investors from all races--- rich and poor, young and old, known and incognito who have lost their life savings and humiliated in a spurious money operandi masterminded by Madoff.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil," Chin said. "This kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll."---Judge Denny Chin (06/29/09, New York Daily News (06/29/09, Zambito, T, Martinez;Siemaszko, C.)

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas--------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html


In a statement Madoff’s wife Ruth who was not charged of a crime spoke of her shame and embarrassment, saying she too was betrayed. Most of those who followed the case, including the victims believe, Madoff who lived an extravagant life, got what he deserved.

His clients had been hurting since the discovery of the fraud. The 71 year-old former Nasdaq chairman apologized for his wrongdoing which ruined the finances of many. After a 6-minute statement of regret, the king of Ponzi was led by gurards to a solitary maximum security seclusion at the Manhattan Federal jail. More investigation had to be done to uncover the money trail in the confusing gargantuan scam. (Photo Credit: GiganticPanda) =0=

RELATED BLOGS: "Bernard Madoff, accused top Ponzi scheme artist is allowed bail" Posted by mesiamd at 1/13/2009; "Ponzi wiz Bernard Madoff sent to prison" Posted by mesiamd at 3/13/2009

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PostHeaderIcon Iran election crisis continues as the world watches

6/23/2009 | Posted by mesiamd | Edit Post






Opposition to the recent election which civil society deemed fraudulent continued with thousands of angry protesters clashing with government security officers in Iran. Supporters of Mir Hossein Mousavi, the defeated rival of Mahmoud Ahmadinejad continued to spill into Tehran streets to denounce the rigged election last June 12, 2009 in spite of warnings from the Revolutionary Guard to be prepared for a bloody confrontation.

The protesters who were attacked by teargas, truncheons, and guns demanded a rerun of the election that was riddled with irregularities.

Iranian TV reported at least 17 so far were killed and more than 400 were wounded in last Saturday’s riots. One of those who died was Neda Soltani, a young woman whose demise had become the inspiration of more mass actions. A memorial service for the martyred lady was rejected by authorities to prevent her from becoming a flashpoint of continued rebellion.

Italian Foreign Minister Franco Frattini said: “We are worried and particularly saddened over the violence and loss of life that this is creating and we ask the Iranian government to urgently adopt conditions to create a peaceful solution to the internal crisis. The right to safeguard human lives comes before everything else.“---Iran Daily (06/22/09)

US Pres. Barack Obama expressed his support to the protesters, but many criticize him for not speaking strongly for human rights and democratic principles.

In the past few days, the US, Britain, France, and other European countries asked the Iranian leadership to respect human rights, democratic process, and halt all violence against the people. The Iranian government responded by calling these countries “irresponsible and intrusive.”

As the protesters mull on their next move, a demonstration has been scheduled on Thursday, June 25, 2009. In solidarity with the Iranian protesters, similar rallies against the Iranian rogue regime have been staged in London, Hamburg, Paris, Berlin, Istanbul, Washington, Kuwait City, Tokyo, and other major cities of the world. (Photo Credit: PD; AFP; Reuters/ Farhad Rajabali) =0=

RELATED BLOGS: "Protests against Iran’s contested election continue" Posted by mesiamd at 6/16/2009; "Ahmadinejad wins in Iranian election" Posted by mesiamd at 6/14/2009

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PostHeaderIcon Ponzi wiz Bernard Madoff sent to prison

3/13/2009 | Posted by mesiamd | Edit Post

"It's a little bit like seeing the devil," said Burt Ross, a lawyer from Englewood, NJ who lost $5 million in Madoff’s swindle. Feeling betrayed, DeWitt Baker, an investor who lost more than $1 million angrily fumed "I'd stone him to death." ----AP (03.12/09, Neusmeister, L; Hays, T)

Bernard Madoff, the personification of Wall Street greed and reckless extravagance has admitted guilt of pulling the biggest Ponzi scam in history. In the Federal Court of Manhattan, in New York, US district judge Denny Chin revoked Madoff’s $10 million bail and ordered the disgraced swindler's confinement to a windowless room at the Metropolitan Correction Center instead of being comfortably holed in his lavish $7 million home at 133 E, 64th Street.

For defrauding his clients of $65 billion, at sentencing date in June this year, the former chairman of Nasdaq could get a life sentence---a maximum of 150 years in jail for perjury and financial fraud.

Without implicating anyone except himself, the apologetic Madoff who gave no comfort to his victims, pleaded guilty in all counts of fraud. In doing so, many believed his acceptance of full responsibility was a way to protect his wife Ruth, his family, and friends. His victims were fuming mad. Wall Street regulators ignored the flags of deception which allowed the once respected investment guru to operate without being caught for decades.

Thousands of defrauded clients in the United States and abroad include banks, charities, financial institutions, pension funds, retirees, and private individuals whose life savings and investments have been damaged. In their ranks are those who have suffered irreparable financial ruin with no chance to recover. At least one victim has been driven into committing suicide.

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas---------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

The imprisonment of Madoff is just the tip of the iceberg to the massive scandal that rocks Wall Street. Trust in the financial institutions is at an all time low. Many Americans adversely affected by the economic meltdown are demanding for accountability and prosecution of those responsible in the betrayal of trust. (Photo Credits: Acteon; Jason Smith) =0=



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PostHeaderIcon Getting to know Charles Ponzi

1/13/2009 | Posted by mesiamd | Edit Post
Charles Ponzi (1882-1949) was a US immigrant from Lugo, Italy who swindled thousands of New Englanders in a postage-stamp scam in the 1920s. He popularized an investment which paid returns to investors out of the money paid by those who followed them rather than from profit. This illegal money operation was named after him. The Ponzi scheme as it is known today, evolved with many variations. Disregarding some differences in the swindling method, Ponzi had been sometimes referred to as the "pyramid scam."

Promising 40% investment return against that which was offered by savings banks with only 5% yield, Ponzi convinced thousands of investors that he could make astounding profits on a buy and sell of international mail coupons. His scheme worked for sometime on the principle of “rob Peter to pay Paul.” Basically, it was a set-up of cash pay-off and distribution without real investment---http://www.sec.gov/answers/ponzi.htm

Ponzi’s fast money and high rate of return was too good to resist and many were snared into the fake investment operation. He became an instant millionaire who diverted the money of new investor-recruits to pay for those who invested earlier until the operation collapsed.

At the end of his financial fraud, only a third of the duped investors’ money was returned. Investors’ losses amounted to about $3 million to $7 million (about $75 million today)in those days. Ponzi was convicted for mail fraud and embezzlement, put to jail, and later deported. (Photo Credit: Wikipedia) =0=
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PostHeaderIcon Bernard Madoff, accused top Ponzi scheme artist is allowed bail

1/13/2009 | Posted by mesiamd | Edit Post


Ponzi scheme artist Bernard Madoff who was accused of swindling the business world of a staggering $50 billion had been granted bail against the assertion of prosecutors that he is a flight risk and an economic threat to the community. During the holidays while waiting for indictment, the former Nasdaq chairman sent friends and relatives diamond bracelets, jewelries, and gifts amounting to about $1 million in violation of a court-ordered freeze.

But Federal Magistrate Judge Ronald Ellis of Manhattan ruled that Madoff (who did not have prior convictions,) could stay in his luxurious $7 million Eastside Manhattan apartment with some additional restrictions--- instead of being locked in jail.

“The anxiously awaited bail decision does put additional restrictions on Madoff, including forcing him to come up with a list of items at his apartment and allowing a security firm to check on the items. The security company will also be allowed to search all outgoing mail from Madoff to ensure that no property has been transferred”.---AP (01/12/09, Neumeister, L)

The judge’s decision disappointed and infuriated many who were victimized by the fraud, supposedly the largest ever in financial history. They believed the accused swindler who was reportedly fitted with an electronic surveillance tag on his ankle got a “different brand of justice than the guy in the street.”

Madoff’s decades-long fraudulent business activity operated similar to a pyramid scam under the guise of a legitimate trading powerhouse which promised high investment yields with low fees. His company which started in 1960 attracted high profile banks, industry leaders, well-connected individuals, loyal friends, and rich celebrities. R. Thierry Magon de la Villehuchet, a prominent hedge fund manager-client who lost $1.4 billion committed suicide in his office in Madison Avenue last month.

In spite of the gravity of the accusations and the public clamor that Madoff be confined in prison, the judge’s decision to put him on house arrest shows how the legal system operates. Following the course of a criminal proceeding, it will take some time before a conviction, if apt for this case, will be decided.

Of course this isn’t consolation. The erosion of trust is astounding. At the back of this monumental fraud, the government regulators appear negligent for the red flags of fraud has been there for years. They have not done a good job in protecting American citizens---especially those ordinary investors on the street. (Photo Credit: Adam Crowe) =0=

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