Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Saturday, May 28, 2005

California State Senator Joseph Dunn, school officials, and environmental professionals met with Kennedy Elementary School parents in a town-hall style meeting in Santa Ana Thursday evening. The parents aired their concerns over health issues at schools and workplaces, including a rash of leukemia cases in the student population, and began a dialogue they have been working toward for years.

Representatives of Markland Manufacturing and of AQMD also spoke at the meeting, explaining their positions. The outcome of the meeting was that Senator Dunn and members of the community will tour the Markland facility and meet with county officials, and another public meeting will be held in a couple of weeks.

Tuesday, September 12, 2006

Hurricane Florence was positioned at 35.8 N 63.9 W, at 11 p.m. EDT (UTC – 4 hr), with maximum winds blowing at 85 mph and gusts of up to 105 mph. The hurricane is moving in a north-easterly direction at 18 mph and is showing signs of weakening.

The government of Bermuda has discontinued the Tropical Storm warning it issued only after it blew away window panes, glasses and roofs. No deaths have been reported though there are reports of minor injuries. The hurricane has knocked out power supply to thousands of people.

The Bermuda Electric Light Company (BELCO) expects the restoration of supply to be complete in few days.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Thursday, February 15, 2007

Plymouth, Michigan, United States – This week, independent software developer Stardock released Galactic Civilizations II: Dark Avatar, an expansion to their PC turn-based strategy game Dread Lords. Industry websites IGN and GameSpy responded with Editors’ Choice awards, while UGO gave it an A. The expansion had previously been named as one of GameSpy’s Most Wanted Games of 2007.

Reviewers cited the significant increase in customization options, better artificial intelligence, and an improvement in graphics quality as decisive factors. UGO’s Adam Swiderski noted that “if creating a fleet of death-dealing starships sounds like fun to you (and it really should), this is your dream playground,” while GameSpy’s reviewer suggested that “after a week of playing Dark Avatar, you may forget Master of Orion altogether.” Criticism mostly revolved around “uninspired” ground combat, a too-generic tech tree, and the continued lack of multiplayer support.

The original game received some publicity for its lack of copy protection, but gained far more by the actions of a StarForce forum administrator, who made a post linking to an illegal BitTorrent download of the game. StarForce developer Protection Technology later claimed this to be a poorly-considered attempt to demonstrate the result of not using their software, which is designed to prevent software piracy. The result was a media backlash against the company, including satirical commentary by gaming webcomic/blog Penny Arcade describing the action as “extortion.” Its writer, Jerry Holkins, asked that “publishers distance themselves from a company that has shown such contempt for their industry.”

The expansion is available as an online purchase in CD or digital download form through Stardock’s gaming subsidiary, TotalGaming.net. A compilation of the original and expansion has also been released as Galactic Civilizations II: Gold Edition and is available in stores, say Stardock. Their retail game releases still contain no copy protection, but online activation is required to download updates.

Monday, September 11, 2006

Pope Benedict XVI went to visit his homeland in Marktl-am-Inn, Germany today. The Pope celebrated Mass in front of 70,000 people, at Kapellplatz square. Benedict had a six-day homecoming tour of his native Bavaria, a state in Germany. He said a prayer remembering 9/11 victims.

Benedict also planned to make visits to where he was born, and to Freising, where he was ordained a priest. He will also visit Regensburg, where he once taught theology; he still has a house in the city, and his brother Georg, a retired priest and choir director, lives there as well.

“This is the mother that generations have come to Altoetting to visit,” he said. “To her we entrust our cares, our needs and our troubles.”

He visited his first house, which he lived till he was two years old. The house had to be cleaned after it was spattered with blue paint early on Sunday. The police described it as vandalism.

“This is a really big thing — I’ve never seen a pope before,” said Juergen Tauer, a 38-year-old computer technician from the Bavarian town of Degendorf who took the day off to travel to Altoetting with his wife and three children. “It’s great that the pope is coming to Altoetting.”

Everyone was excited about the chance to see the pope.