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"Bernard Madoff, Architect of Largest Ponzi Scheme in History, Is Dead at 82.". Madoff's firm claimed to be making money even when the S&P was falling, which made no mathematical sense, based on what Madoff claimed he was investing in. The same day I changed my cell number was the same day this collection hit my credit report. The surge in cases against unregistered actors reversed a two-year trend in which registered individuals and firms in the securities industry, broker-dealers and investment advisers, had constituted the majority of respondents in state enforcement actions, according to NASAA. For instance, in a 2009 episode of HBO's Curb Your Enthusiasm, Jason Alexander (who played George on Seinfeld) is swindled by Madoff and loses all of his money made off of a fictional app that he invented. Ponzi Schemes: Definition, Examples, and Origins. "I was perfectly happy to take the crumbs," he told Fishman, giving the example of a client who wanted to sell eight bonds; a bigger firm would disdain that kind of order, but Madoff's would complete it. I've disputed all of them and one was removed from my report within a few hours, I'm still waiting on the others. That said, Commonwealth may waive its minimum requirements at its own discretion. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Advisros may also utilize technical, fundamental, quantitative and qualitative methods of securities analysis. It was opened fraudulently. One has already dropped it. "I just allowed myself to be talked into something and that's my fault," he said, without making it clear who talked him into it. "Bernie Madoff Dies in Federal Prison at 82. Commonwealth Financial Network, LPL Financial Name: Nichole Raftopoulos. Heres how to avoid that fate. The New York Times. "Wall Street Mystery Features a Big Board Rival.". A newer capability for Commonwealth is a formalized succession planning and M&A capability. How do I know I can trust these reviews about Commonwealth Financial Systems? He still owns a large part of the company through a trust. Bernie Madoff was arrested on Dec. 11, 2008. In one egregious example a client came to her after their previous advisor failed for years to draw up a boiler plate will, leaving all his assets to his spouse and children.