Madoff arrest: Finally makes Dowdell's ponzi 'small potatoes'
The once dapperly pin-striped Dowdell now wears a striped suit of a different sort. FILE PHOTO BY ALBEMARLE-CHARLOTTESVILLE REGIONAL JAIL
Five years ago, when pleading for lenient sentencing, the lawyer for convicted Charlottesville-based ponzi schemer Terry Dowdell downplayed Dowdell's tens of millions in thefts as "small potatoes." Now, the arrest of New York financier Bernie Madoff appears to have finally taken a step toward moving that spud-based contention toward reality.
Back when Dowdell was forced to give up his million-dollar residence in the tony Ivy-area Rosemont subdivision, his ponzi was considered one of the largest in history. But what Madoff is alleged to have done appears to be the biggest–- by a factor of at least 100.
Although prosecutors and a court-appointed receiver are still trying to sort it all out, it appears that Dowdell, now serving a 15-year prison sentence, probably stole something around $100-200 million. But Madoff–- who once chaired Nasdaq–- may have erased around $50 billion in money entrusted to him in a fake hedge fund.
–last updated 7:34am December 16
6 comments
How about this for erasing money entrusted to our government
http://www.nytimes.com/2008/12/14/world/middleeast/14reconstruct.html
BAGHDAD ââ?¬â? An unpublished 513-page federal history of the American-led reconstruction of Iraq depicts an effort crippled before the invasion by Pentagon planners who were hostile to the idea of rebuilding a foreign country, and then molded into a $100 billion failure by bureaucratic turf wars, spiraling violence and ignorance of the basic elements of Iraqi society and infrastructure.
looks like one Mr Dreier has been disappearing a bit of money as well
http://www.nytimes.com/2008/12/14/nyregion/14lawyer.html?partner=rss&emc...
In court last week, prosecutors said their count so far put the money missing at $380 million, most of it lost by hedge funds and other investors who had bought promissory notes that were flat-out fictions.
The amounts pale next to the $50 billion fraud that another high-profile New York figure, Bernard L. Madoff, was accused last week of orchestrating, but they have unnerved lawyers and their clients in the broader legal community.
there's no free lunch--this is a huge story
http://clusterstock.alleyinsider.com/2008/12/the-madoff-effect-investor-...
The Madoff Effect: Investor Confidence Crushed
John Carney | Dec 15, 08 9:20 AM
There are far more losers in the Bernie Madoff Affair than just those wealthy individuals, banks and hedge funds whose money he apparently squandered. His scam threatens to damage the entire investment business.
Madoff must not be destitute since he posted a 10 million dollar bail. Remember Michael Milken who spent only 2 years in jail; known as the junk bond king. He is worth 2 billion and does a lot of charity work now. We should all be so lucky. History does tend to repeat itself. Fool me once shame on you. Fool me twice shame on me. It makes you wonder why you should ever trust anyone with your hard earned money. I hope we will not look back on the 700 billion bailout as the biggest of all scams.
he should also go to jail for having hair like that. it's almost 2009 you PUTZ.
Dell, you say you hope he never gets out of prison--clearly assuming his guilt before he's even had his trial--but then you think his name should not have been released? If he is guilty, isn't it HIS fault his love ones are being adversely affected? --seeing his picture seems almost incidental compared to the real damage his family must deal with, thanks to him.