Bernard Madoff, the founder of Bernard L. Madoff Investment Securities, was arrested for securities fraud with an estimated value of $50 billion. Madoff’s firm attracted investors because of his stature in the stock market community, having pioneered automated trading in the early days of the New York Stock exchange. Thousands of investors and many hedge funds entrusted billions of dollars to Madoff’s firm. Government reports say that Madoff described his investment firm as a “giant Ponzi scheme,” which is when returns are paid to investors from the investments of subsequent investors. The revelation of this fraud has sent shockwaves through the investment community, and has further eroded confidence in the stock markets during these difficult economic times.
Seeger Weiss LLP at the Forefront of Litigation Against Madoff’s Firm Representing more than $500 Million in Claims
Madoff’s insidious fraud, though similar to a pyramid scheme, is far worse because it based its functioning on the firm’s good standing within the trading community. Investors were lead to believe that their investments would be handled competently by Madoff and that their returns would be produced through sound investments. Literally thousands of investors and institutions have been defrauded by Madoff and his firm.
Seeger Weiss Founding Partner Stephen A. Weiss Answers Press Questions and Addresses Investors
Stephen A. Weiss, a founding partner of Seeger Weiss LLP, has been quoted by several news sources relating to the claims of the defrauded investors. Click the links below to read the stories.