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re: Bernie Madoff or Other Ponzi Scheme Question
Posted on 1/15/24 at 9:48 am to tigerforever7
Posted on 1/15/24 at 9:48 am to tigerforever7
quote:
Lastly, I run through scenarios of how a Ponzi Schemer should be caught and how Bernie Madoff should have been caught. When a client decided to move assets to a different financial advisor (I understand probably did not happen often with positive paper returns but had to have happened at some point) , if there are no assets, how are they transferred?
They find a new investor. When the new investors dry up that is when it ends.
1
Posted on 1/15/24 at 9:53 am to lsu13lsu
quote:
They find a new investor. When the new investors dry up that is when it ends.
What I am asking is, let’s say the investor moves to Raymond James from Bernie Madoff. When the assets (stocks, Mutual Funds, whatever) are transferred to Raymond James, is Raymond James not able to view the assets of when they were purchased and the original price? If they were able to, wouldn’t Raymond James say “these assets are not as shown on paper”.
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