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Bernie Madoff – Who Is He? • Born in 1938 • Jewish Parents, Ralph & Sylvia • Sylvia Owned and Ran a Brokerage Firm • Education

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Bernie Madoff – Who Is He? • Born in 1938 • Jewish Parents, Ralph & Sylvia • Sylvia Owned and Ran a Brokerage Firm • Education 25th Annual Accounting Show September 29 – October 1, 2010 Ft. Lauderdale 1:30-3:10pm Lessons from Madoff ......................................................1 Lynn H. Clements, DBA, CPA, CMA, CFM, CFE, Cr.FA Professor / Florida Southern College- Department of Economics Lakeland 3:25-5:05pm Forensic - Case Studies..................................................19 Odalys Z. Lara, CPA, CVA, CFFA, CFD Principal / Perzel & Lara Forensic CPAs, PA Clearwater 2009 - 2010 Accounting Shows Committee Frank P. Ward - Chair Christine Moreno - Vice Chair Randee M. Abramson Paulette M. Holder Cecil Patterson, Jr. Alan D. Campbell Stanislav Jansta Martin M. Prague Lynn H. Clements Sharon S. Lassar Robert M. Rankin Lenice A. DeLuca James M. Luffman Diane J. Reich Wayne T. DeWitt William L. Maloney Poornima Srinivasan Richard M. Dotson Patricia M. McDougle Denise M. Stubbs Gary A. Fracassi Rhonda S. Mowry Cheryl L. Whitehead Lucinda L. Gallagher Mario R. Nowogrodzki Donna C. Zeitler Lessons from Madoff Lynn H. Clements, DBA, CPA, CMA, CFM, CFE, Cr.FA 1 Lynn H. Clements, DBA, CPA, CMA, CFM, CFE, CrFA Professor, Florida Southern College Dr. Lynn H. Clements, Professor of Accounting at Florida Southern College, began as an adjunct instructor in 1984, and as a full-time instructor in 1990. After earning her Bachelor of Science degree at Florida Southern College, she practiced public accounting for 6 years, and then earned the Master of Business Administration degree at FSC. She has been certified as a Florida CPA since 1980, as a CMA (Certified Management Accountant) since 1992, as a CFM (Certified in Financial Management) since 1997, as a Cr.FA (Certified Forensic Accountant) since 2002, and as a CFE (Certified Fraud Examiner) since 2004. She is a member of the Florida Institute of Certified Public Accountants, American Institute of Certified Public Accountants, the Institute of Management Accountants (IMA), the American Accounting Association, and the Association of Certified Fraud Examiners. Lynn earned her Doctor of Business Administration degree from Nova Southeastern University in March 2002. Her interests include family activities, reading, travel, and music. 2 Lessons from Madoff FICPA September 29, 2010 Dr. Lynn H. Clements CPA CMA CFM Cr.FA CFE 10/16/2009 Objectives • Ponzi schemes • Madoff • Lessons 3 PONZI Schemes • Was there a real Ponzi? • What was the original Ponzi scheme? • What IS a Ponzi scheme? The REAL Ponzi Charles Ponzi, 1920 – Postal reply coupons – Currency fluctuations caused the coupons to be valuable – There weren’t enough coupons in existence to account for those promised to his 17,000 investors! – Arrested in August, convicted in November 4 Ponzi’s second scheme… • Mid-1920s • Florida Swampland • In between jail terms… • Deported to Italy after his second prison release “Ponzi” • SEC calls these “pyramid schemes” • Def: Most of the money put up by new investors goes to pay old investors 5 Madoff – the longest-running Ponzi scheme • 20 years? • 30 years? • 40 years? • Will the name change to “Madoff Scheme”? 5HG)ODJVRIWKH0DGRII&DVH 6 Bernie Madoff – Who is He? • Born in 1938 • Jewish parents, Ralph & Sylvia • Sylvia owned and ran a brokerage firm • Education Bernie Madoff – Who is He? • Former NASDAQ chairman • Formerly on SEC industry panels • Wife Ruth • Sons Mark & Andrew • Brother Peter • Philanthropist 7 Bernie Madoff – Who is He? • Grandson of immigrants • A hard worker, even as a teenager • Did not excel in sports, academics – a “locker guard” • Began his securities business 2 days after his wedding • Bernie was a “wholesaler” Bernie Madoff – Who is He? Capital account: – 1960, $200 – 1961, $16,140 – 1967, $127,517 – 1969, $555,157 – 1973, $1,100,000 8 Bernie Madoff – Who is He? • Could be charming and compassionate • Could be insensitive • Moody • OCD • Everything was symmetrical, with straight lines and in perfect alignment Bernie Madoff – What Did He Do? • Father-in-law helped secure investors • Early scheme: convertible arbitrage • Madoff defrauded in the 1960s! • Electronic trading 9 Bernie Madoff – What Did He Do? • Claimed he and four others started NASDAQ • Actually, they created software that made trading fast and cheap • Madoff paid firms like Schwab 1 penny per share – but his spread averaged 12.5 cents per share • By 1990 Madoff executed 9% of the daily trading volume of NYSE stocks Bernie Madoff – What Did He Do? • Computer equipment was outdated • E-mails limited • 17th floor turnover • Wealthy individuals -> hedge funds -> feeder funds • Booming economy 10 Bernie Madoff – What Did He Do? • 1990: NASD pressured by the SEC to study the issue of payment for order flow • 1992: SEC investigated a feeder fund that appeared to be a Ponzi scheme • 1997: trading spreads lowered to 6.25 cents Bernie Madoff – What Did He Do? • 2001: trading spreads only a penny • Investment business was all “word of mouth” – a “private club” • 2001: Two articles questioned Madoff’s existence and improbability of continued 10-12% annual returns • 2006: SEC investigation, a close call 11 Bernie Madoff – The beginning of the end • 2008: Market prices declined drastically • Madoff continued claiming 4.5% returns • November/December Bernie asked Ruth to transfer $15.5M from a brokerage account to her personal bank account Bernie Madoff – The beginning of the end • December 2008: investors had demanded $7B of withdrawals… • Bernie solicited new infusions from wealthy investors • December 6, 2008 – Bernie threatened Fairfield Greenwich • December 8, 2008 – confession, then the company holiday party 12 Bernie Madoff – The Aftermath • House arrest • No phone call from either son • $65B theft • 17th floor a “crime scene” Bernie Madoff – The Aftermath • Pleaded guilty to 11 charges of fraud, theft, money- laundering, and perjury • Did it stop Ponzi schemes? – Richard Piccoli $17million – Arthur Nadel $300,000 – Joseph Forte $50million – Nicholas Cosmo $300million – Paul Greenwood & Stephen Walsh $554 million – Allen Stanford $8billion 13 Did they know? • Daniel Bonventre (Dir of Oper) • David Friehling • Frank DiPascali • Mark Madoff • Andy Madoff • Ruth Madoff • “Special customers” /DUJHVW/RVHUV FAIRFIELD GREENWICH ADVISORS $7,500,000,000 TREMONT GROUP HOLDINGS $3,300,000,000 BANCO SANTANDER $2,870,000,000 BANK MEDICI $2,100,000,000 ASCOT PARTNERS $1,800,000,000 ACCESS INTERNATIONAL ADVISORS $1,500,000,000 FORTIS $1,350,000,000 HSBC $1,000,000,000 Source: WSJ March 6, 2009 14 $WHOOLQJTXRWH« “People who analyzed client statements said Mr. Madoff's firm couldn't have bought and sold the options he claimed because those totals would have outstripped total trading volume those days. ” Amir Efrati, WSJ, “Q&A on the Madoff Case”, 3/12/09 $QRWKHUWHOOLQJTXRWH« “Why do people keep getting duped? It might be that in the euphoria they stop listening to reason. ” “Ripped Off: Madoff and the Scamming of America”, CBS Eye Too Productions for History 15 $WKLUGWHOOLQJTXRWH« “The scandal has destroyed America’s confidence in the masters of the universe. ” “Ripped Off: Madoff and the Scamming of America”, CBS Eye Too Productions for History 5HG)ODJVRIWKH0DGRII&DVH 16 Bernie Madoff – Lessons Learned • If something sounds too good to be true... – Unusual returns – Regular returns, no negative returns • Privacy • Where there’s smoke… • Who do you trust? References for more information (continued) • “How Bernie Did It”, J. Bandler and N. Varchaver with D. Burke, Fortune, 5-11-09. • Madoff: Corruption, Deceit, and the Making of the World’s Most Notorious Ponzi Scheme, P. Sander, Lyons Press, 2009 • Catastrophe: The Story of BERNARD L. MADOFF, The Man Who Swindled the World, D. Strober and G. Strober, Phoenix Books, 2009 • Bernard Madoff: Masterminding a Billion Dollar Fraud, Filiquarian Publishing, LLC, 2009 • [DVD] “Madoff and the Scamming of America”, HISTORY, Produced by CBS Eye Too Productions for HISTORY, 2009 • SEC.gov for the 477-page internal audit of Madoff’s investing activities 17 Questions? Dr. Lynn H. Clements CPA CMA CFM CFE Cr.FA Professor of Accounting Florida Southern College (863) 680-4288 [email protected] ` 18 Forensic - Case Studies Odalys Z. Lara, CPA, CVA, CFFA, CFD 19 Odalys Z. Lara, CPA, CVA, CFFA, CFF Principal Perzel & Lara Forensic CPA’s, P.A. Odalys Z. Lara, CPA, CVA, CFFA, CFF is a principal of Perzel & Lara Forensic CPA’s, P.A. and co-chairs the firm’s litigation support department. Her extensive experience in providing a broad spectrum of professional services including forensic accounting, auditing, tax, pension and estate planning, provides the technical foundation required to excel as a certified business valuation analyst (CVA), Certified Forensic Financial Analyst (CFFA), and Certified in Financial Forensics (CFF). Over twenty years as a certified public accountant, with a wide variety of experience in many different industries, with differing accounting practices and methods, as well as significant tax issues, has provided the technical background needed in a professional providing business valuations, forensic and fraud prevention services, expert witness, and litigation support services. Odalys Lara’s ability to communicate clearly as well as withstand cross-examination and other courtroom dynamics strengthen a case by adding an unparalleled level of credibility and expertise. Clients depend upon her business valuation recommendations in the areas of divorce, mergers and acquisitions, buy-sell agreements, partner and stockholder agreements, damage losses, and succession and estate
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