Brokers Are Still Fighting To Earn Money Off Their Victims
Ruth and Andrew Madoff, the son and wife of the convicted Ponzi schemer Bernie Madoff, will not receive any monetary compensation from a new book about the family in which they participated. But Catherine Hooper, the young woman who has been engaged to Andrew and living together with him for the last three years, will profit from the project, which angers some of the victims of Bernie Madoff’s multi-billion-dollar investment fraud .
“I personally do not think that any profits from this book should go to Ms. Hooper, who is future Madoff family, or should any other member of the Madoff family benefit from the crime,” Lynn Sustak, whose retirement savings were wiped out due to Madoff, told ABC News. Currently working in the retail industry , Sustak, 62, and her husband invested with Bernie Madoff starting in 2003.
Hooper, who is reportedly the driving motivation behind the book inside the Madoff camp, is the only person connected with the Madoffs who will receive earnings from “Truth and Consequences: Life Inside the Madoff Family,” written by journalist and author Laurie Sandell and based on interviews with Andrew and Ruth .
Hooper moved in to live with Andrew and became engaged to him just a few before December 10, 2008, when Bernie confessed what he’d done to sons Mark and Andrew and they turned him in to the FBI.
After witnessing the backlash against Mark and Andrew , Hooper allegedly thought up the idea for the book. Mark Madoff committed suicide on Dec. 10, 2010, on the second anniversary of the collapse of the scheme .
“All the family’s money should be donated to the real victims — of course,” another victim, Marcia Cohen, wrote in an email to ABC News.
- IN DIFFERENT NEWS -
Federal regulators have discovered that hundreds of millions of dollars of customer money has gone missing from MF Global in recent days, prompting an investigation into the company’s procedures as it filed for bankruptcy on Monday, according to several people involved in the matter.
The revelation of the missing millions scuttled a last-minute deal for MF Global to sell a key part of itself to a rival firm . MF Global, the powerhouse commodities brokerage , had staked its survival on completing the sale .
Now, the investigation threatens to ruin the reputation of Jon S. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.
What began as nearly $1 billion dissapeared had dropped to less than $700 million by late Monday. It is unclear where the money has gone , and some funds are expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the sources said.
But regulators are examining whether the company diverted some customer funds to support its own trades as the company teetered on the brink of collapse. If that was true , it could violate a fundamental tenet of Wall Street regulation: Customers’ funds must be kept separate from company funds .
Such a finding would change the discussion from sloppy internal controls at MF Global to something more troubling. While the investigation is in its early days, it raises the specter that regulators ultimately could sanction the company as a whole or the individuals responsible.
MF Global and Mr. Corzine have not been accused of any wrongdoing.
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In both cases, investors should be aware that government intervention on a large scale isn’t required for individual investors to go after those firms, advisors and brokerage houses that defrauded them of their investments. By working through securities arbitration experts , small investors can recover investment losses and receive satisfaction. Getting help with securities arbitration is the first step, in order to have an expert on your side to handle the process for you. Get out there and get your money back from these swindlers !

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