BERNIE MADOFF UPDATE

TODAYS UPDATE!

http://www.nypost.com/seven/01292009/news/regionalnews/madoff__im_weakened_at_bernies_152557.htm

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'Mini-Madoff' Accused of $400M Ponzi Scheme Surrenders

HICKSVILLE, New York — The FBI says the owner of a Long Island investment firm has turned himself in to face accusations he cheated clients out of more than $100 million.

FBI spokesman Jim Margolin says Nicholas Cosmo surrendered on Monday night.

Cosmo runs Agape World Inc. in Hauppauge. He's accused of taking in $300 million from investors and cheating them out of about $140 million.

A letter hanging in Cosmo's office window denies there was any pyramid scheme, the type of fraud Bernard Madoff is accused of committing. A Ponzi, or pyramid, scheme promises unusually high returns and pays early investors with money from later investors.

Cosmo is expected to appear in court Tuesday.

Defense attorneys at the Herrick Feinstein law firm haven't returned telephone calls seeking comment.

HOT SAUCE FEEDBACK

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BERNIE MADOFF BIO--JAN 23

Bernard Madoff, "Bernie" to his Wall Street pals and deep-pocketed investors, launched his financial career with $5,000 earned as a Far Rockaway lifeguard.

That was nearly a half-century ago. Today, investors with Madoff's firm are drowning after the former Nasdaq chairman admitted fleecing his customers of $50 billion.

Madoff, 70, was known as a quirky figure inside his company offices at Manhattan's Lipstick Building. Still, he was respected for his uncanny - and apparently illegal - ability to generate cash for his clients.

The Hennessee Group, which tracks investment performance, says Madoff's firm suffered just five down months in 13 years between 1993-2007.

"He was God to people," said Charles Gradante, one of Hennessee's co-founders.

The relentless success raised hackles and suspicions among Madoff's critics. It also allowed Madoff to own homes in Manhattan, France and Palm Beach, Fla., along with a yacht.

The self-made Wall Street heavyweight recruited many of his clients at New York and Florida country clubs, including the Palm Beach Country Club.

His big-bucks roster of clients boasted Sterling Equities Inc., the investment firm led by Mets owner Fred Wilpon.

The investor with a passing resemblance to actor Robert Loggia was a donor to the Democratic Party and Jewish organizations, including Yeshiva University.

The school announced Friday Madoff had cut all ties with Yeshiva, resigning as a member of its board of trustees.

While other brokerage firms were bought out by larger operations, Madoff Investment Securities LLC remained a family business - right to the end.

His sons, Andrew and Mark, turned Madoff in Wednesday night after the father confessed his economic sins, said Martin Flumbenbaum, the brothers' lawyer.

BERNIE MADOFF UPDATE-- JAN 23

Oh, and yeah, I personally lost money to Bernie.

I work for a company owned by Fred Wilpon, a good friend of Bernie's. All the principals in the company had money with Madoff, and it was offered as an option for employees' 401-ks.

Lucky us, huh??

:P

I'm luckier than a lot of the employees, I still have a number of years before retirement to try & make it up (I "only" lost about $60k) - I really feel for those who are closer to retirement and just saw their entire nestegg vanish before their eyes.

I also feel worse for employees who lost their future than I do for rich people who lost their riches, but maybe that's just because I'm an employee, and not rich.

ANNIE NOMOUS

if you have personally lost money to bernie madoff's ponzi game then I want to hear it. If you know someone who did, I want to hear it. I will send free gifts to the best stories!