Da.DesiTrader
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Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
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wallstreet1928
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I am now long FTSE 5199 ..stop loss 5169
target 5129
target 5129
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wallstreet1928
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I am long nasdaq 1753...stop loss 1740
target 1766
target 1766
Nasdiq
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Sex, drugs alleged in suit against Madoff associates
Bernard Madoff's investment firm had a "diversion-filled office environment" featuring a culture of "sexual deviance" and drug use, says a lawsuit filed Tuesday against companies that dealt with the Ponzi-scheme mastermind.
Starting in 1975, Bernard L. Madoff Investment Securities had an employee supply the office with drugs, according to the lawsuit.
The complaint says the employee was fired in 2003 when Madoff, 71, who is now serving a 150-year prison sentence, worried that the drugs could draw the attention of prosecutors who might discover his financial fraud.
The accusations expand a suit filed in February against Madoff family members.
They resulted from an investigation by lawyers for a Madoff investor, including an exclusive four-hour interview with Madoff at a North Carolina federal prison.
The suit says some of Madoff's "special investors" knew that his employees were providing drugs to the office, and some of his "feeders" -- the financial advisors who funneled investor funds to him -- participated in the sexual revelry. The investors, feeders and employees were not identified.
According to the suit, employees described "wild office parties sans spouses" featuring topless entertainers serving as waitresses, and sexual encounters on "their boss' sofa."
"Madoff's affinity for escorts, masseuses and attractive female employees was well known in the office culture," the complaint says. "A significant amount of the money stolen from investors went towards these lavish indulgences as well as other expenses for his employees, family and favorite feeders."
The lawsuit seeks financial damages from more than a dozen companies and individuals associated with Madoff. They include JPMorgan Chase & Co. and Bank of New York Mellon, which handled some Madoff accounts, and the accounting firm KPMG, whose British affiliate audited the books at Madoff's office in London.
The complaint alleges that the banks and the accounting firm should have detected Madoff's fraud and blown the whistle on it. A KPMG spokesman said the firm does not comment on litigation. Representatives of JPMorgan Chase and Bank of New York Mellon declined to comment on the suit.
The suit describes plaintiff Jay Wexler as a New York resident who lost hundreds of thousands of dollars in Madoff's huge fraud.
Besides damages for himself, Wexler is seeking to represent the interests of other investors in the feeder fund he used.
Madoff attorney Ira Lee Sorkin said he could see no reason for plaintiff attorney Joseph Cotchett to include the sex and drug allegations if his purpose was to help victims recover damages from the professional institutions.
"Is this in here because he wants to win the case, or to attract attention from People magazine?" Sorkin said.
But Cotchett, a prominent plaintiff lawyer from Burlingame, near San Francisco, said the decadent culture at Madoff's firm should have alerted the bankers and lawyers that something was amiss.
"If you're doing business with someone who regularly does women and drugs . . . you've got to ask yourself what kind of guy this is, don't you?"
Establishing that the bankers and auditors knew of the sex and drugs will be a focus of his firm's investigation, Cotchett said.
"Those are some of the dots I still need to connect."
Bernard Madoff's investment firm had a "diversion-filled office environment" featuring a culture of "sexual deviance" and drug use, says a lawsuit filed Tuesday against companies that dealt with the Ponzi-scheme mastermind.
Starting in 1975, Bernard L. Madoff Investment Securities had an employee supply the office with drugs, according to the lawsuit.
The complaint says the employee was fired in 2003 when Madoff, 71, who is now serving a 150-year prison sentence, worried that the drugs could draw the attention of prosecutors who might discover his financial fraud.
The accusations expand a suit filed in February against Madoff family members.
They resulted from an investigation by lawyers for a Madoff investor, including an exclusive four-hour interview with Madoff at a North Carolina federal prison.
The suit says some of Madoff's "special investors" knew that his employees were providing drugs to the office, and some of his "feeders" -- the financial advisors who funneled investor funds to him -- participated in the sexual revelry. The investors, feeders and employees were not identified.
According to the suit, employees described "wild office parties sans spouses" featuring topless entertainers serving as waitresses, and sexual encounters on "their boss' sofa."
"Madoff's affinity for escorts, masseuses and attractive female employees was well known in the office culture," the complaint says. "A significant amount of the money stolen from investors went towards these lavish indulgences as well as other expenses for his employees, family and favorite feeders."
The lawsuit seeks financial damages from more than a dozen companies and individuals associated with Madoff. They include JPMorgan Chase & Co. and Bank of New York Mellon, which handled some Madoff accounts, and the accounting firm KPMG, whose British affiliate audited the books at Madoff's office in London.
The complaint alleges that the banks and the accounting firm should have detected Madoff's fraud and blown the whistle on it. A KPMG spokesman said the firm does not comment on litigation. Representatives of JPMorgan Chase and Bank of New York Mellon declined to comment on the suit.
The suit describes plaintiff Jay Wexler as a New York resident who lost hundreds of thousands of dollars in Madoff's huge fraud.
Besides damages for himself, Wexler is seeking to represent the interests of other investors in the feeder fund he used.
Madoff attorney Ira Lee Sorkin said he could see no reason for plaintiff attorney Joseph Cotchett to include the sex and drug allegations if his purpose was to help victims recover damages from the professional institutions.
"Is this in here because he wants to win the case, or to attract attention from People magazine?" Sorkin said.
But Cotchett, a prominent plaintiff lawyer from Burlingame, near San Francisco, said the decadent culture at Madoff's firm should have alerted the bankers and lawyers that something was amiss.
"If you're doing business with someone who regularly does women and drugs . . . you've got to ask yourself what kind of guy this is, don't you?"
Establishing that the bankers and auditors knew of the sex and drugs will be a focus of his firm's investigation, Cotchett said.
"Those are some of the dots I still need to connect."
SuperDriveGuy
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That was a good entry WS!
Did you enter based on S2 support?
As always your analysis is much appreciated.
marketdynamics
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wallstreet1928
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stop loss hit break even
I could have taken 10 points ....
I will buy at 5170 - 5180 now
wallstreet1928
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i am long ftse 5181..stp loss 5151
target 5211
target 5211
wallstreet1928
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i am long dax 5746...sto ploss 5715
target 5775
target 5775
wallstreet1928
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i believe we have hit the days lows .........
They will not allow this market to go below 5170 ...
if 5170 gets taken out then this whole rally is over folks
I will take my loss and there will be a huge bias change in this market
They will not allow this market to go below 5170 ...
if 5170 gets taken out then this whole rally is over folks
I will take my loss and there will be a huge bias change in this market
wallstreet1928
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USD/JPY reaching yesterdays high
watch this ..................early signs of dollar weakness ???
watch this ..................early signs of dollar weakness ???
wallstreet1928
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wallstreet1928
Legendary member
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wallstreet1928
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USD/JPY .........early red candle
OK get ready for reversal city folks
I will buy back into FTSE/DAX on pull back again
wallstreet1928
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EYR/USD ....has put in higher low .....
very good for oil and very good for market
i was afraid it would go below 1.49
if 1.49 is breached then oil is going get a breach of 77.5 and it will not look good
maybe oil can weather the storm or maybe it can't
very good for oil and very good for market
i was afraid it would go below 1.49
if 1.49 is breached then oil is going get a breach of 77.5 and it will not look good
maybe oil can weather the storm or maybe it can't
Mr. G
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Could get interesting if Friday's lows go. Dow and S&P had down days yesterday but NDX didn't and that generally leads. FTSE 100 & 250 - neither had down days yesterday, nor did CAC or DAX. Bit of a tipping point methinks.....
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Der_Blutharsch
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Wallstreet it's brilliant watching you in action.
I cant wait for my mentoring sessions beginning next month!!! I'm like a child waiting for Xmas day :cheesy:
Der Blutharsch
I cant wait for my mentoring sessions beginning next month!!! I'm like a child waiting for Xmas day :cheesy:
Der Blutharsch
wallstreet1928
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Good day for all I hope
I am taking a break for a few days as all this posting is hard work and my fingers are starting to hurt with all the typing
I will keep posting my analysis on Benzinga.com for all those interested
http://www.benzinga.com/users/wallstreet1928
If anybody wants to learn this technique/strategy then please PM me
happy trading
P.S. I may be partnering up with Inthemoneystocks.com and do a UK based version, what do people think?
Is it a good idea?
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