by NickleCity » Thu Mar 02, 2023 12:10 pm
I know this article and the Netflix documentary are probably just sensationalizing the Madoff story. I did find this interesting:
“People feel like one of the reasons he was so willing to immediately acknowledge his guilt, say it was all him, and go to jail wasn’t an act of courage,” Berlinger told The Post. “Instead of trying to obfuscate or find a legal way out or to delay [a verdict], I do think part of that was self-protection to avoid a mob hit.”
In fact, during unearthed video depositions, Madoff — who was rumored for years to have ties with Russian crime syndicates and who famously befriended Colombo family boss Carmine John Persico Jr. while in prison — states that there were potential deals from the federal government on the table at the time of his trial.
“The prosecutor wanted me to plea-bargain with them to make some sort of a deal by providing information as to who else was involved with this fraud,” Madoff said during one deposition. “The belief was that I couldn’t be doing this all by myself, that there had to be other people involved.”
Sonny, I came back to this because I was looking into Sam Capitano of Local 210 in Buffalo and came across article in the Syracuse paper:
https://www.syracuse.com/news/2009/03/h ... berna.html . It appears Local 210 lost nearly 25 million dollars from their pension fund in this scheme.
Four days after news broke that Bernard Madoff stole $50 billion from investors, the business manager of an Upstate laborers union called John Jeanneret, his union's investment manager from Syracuse.
Jeanneret had persuaded Capitano's union and three dozen other Upstate labor funds to invest about $180 million of pension money in Madoff's hedge fund.
"Jeanneret was devastated," recalled Capitano, business manager of Local 210 in Buffalo. "He was apologetic."
Capitano broke the bad news to the rank and file at their annual Christmas party, then his union fired Jeanneret.
Todaro's Lawyer Robert Borneanaz from Lipitz Scime Greene Cambria plays prominently in the story - having sat in on several of the upstate locals' meetings as they considered investing.
Leaders at some of his unions call him "Doc," because Jeanneret earned a doctorate in economics from SUNY Binghamton.
Initially, some unions hired Jeanneret to review investments made by other managers, said Robert Boreanaz, a Buffalo attorney who represents Buffalo-area unions that Madoff defrauded.
But in the early 1990s, Jeanneret began pitching Madoff's fund, and unions began hiring him to handle their finances.
Jeanneret said the Madoff investments were safe, would outperform the market when the market was down, and would be less volatile than the market itself, said Boreanaz, who sat in union meetings with Jeanneret.
"He'd go from plumbers in Syracuse or Albany to the Rochester plumbers. He'd say, 'I've got something here your sister local in Syracuse thinks is good,'" Boreanaz said.
Many of the unions paid Jeanneret an annual performance-based fee if the investments reported higher returns, Boreanaz said.
In that way, Madoff's fake returns boosted Jeanneret's income, Boreanaz said.
See Also:
https://buffalonews.com/news/losses-won ... 19606.html
https://buffalonews.com/news/local-210- ... fa043.html[quote=SonnyBlackstein post_id=247378 time=1672751719 user_id=171]
https://nypost.com/2023/01/03/netflix-docuseries-madoff-the-monster-of-wall-street-out-wednesday/
[/quote]
I know this article and the Netflix documentary are probably just sensationalizing the Madoff story. I did find this interesting:
[quote]“People feel like one of the reasons he was so willing to immediately acknowledge his guilt, say it was all him, and go to jail wasn’t an act of courage,” Berlinger told The Post. “Instead of trying to obfuscate or find a legal way out or to delay [a verdict], I do think part of that was self-protection to avoid a mob hit.”
In fact, during unearthed video depositions, Madoff — who was rumored for years to have ties with Russian crime syndicates and who famously befriended Colombo family boss Carmine John Persico Jr. while in prison — states that there were potential deals from the federal government on the table at the time of his trial.
“The prosecutor wanted me to plea-bargain with them to make some sort of a deal by providing information as to who else was involved with this fraud,” Madoff said during one deposition. [b]“The belief was that I couldn’t be doing this all by myself, that there had to be other people involved.”[/b]
[/quote]
Sonny, I came back to this because I was looking into Sam Capitano of Local 210 in Buffalo and came across article in the Syracuse paper: https://www.syracuse.com/news/2009/03/how_warning_signs_eluded_berna.html . It appears Local 210 lost nearly 25 million dollars from their pension fund in this scheme.
[quote]Four days after news broke that Bernard Madoff stole $50 billion from investors, the business manager of an Upstate laborers union called John Jeanneret, his union's investment manager from Syracuse.
Jeanneret had persuaded Capitano's union and three dozen other Upstate labor funds to invest about $180 million of pension money in Madoff's hedge fund.
"Jeanneret was devastated," recalled Capitano, business manager of Local 210 in Buffalo. "He was apologetic."
Capitano broke the bad news to the rank and file at their annual Christmas party, then his union fired Jeanneret.[/quote]
Todaro's Lawyer Robert Borneanaz from Lipitz Scime Greene Cambria plays prominently in the story - having sat in on several of the upstate locals' meetings as they considered investing.
[quote]Leaders at some of his unions call him "Doc," because Jeanneret earned a doctorate in economics from SUNY Binghamton.
Initially, some unions hired Jeanneret to review investments made by other managers, said Robert Boreanaz, a Buffalo attorney who represents Buffalo-area unions that Madoff defrauded.
But in the early 1990s, Jeanneret began pitching Madoff's fund, and unions began hiring him to handle their finances.
Jeanneret said the Madoff investments were safe, would outperform the market when the market was down, and would be less volatile than the market itself, said Boreanaz, who sat in union meetings with Jeanneret.
"He'd go from plumbers in Syracuse or Albany to the Rochester plumbers. He'd say, 'I've got something here your sister local in Syracuse thinks is good,'" Boreanaz said.
Many of the unions paid Jeanneret an annual performance-based fee if the investments reported higher returns, Boreanaz said.
In that way, Madoff's fake returns boosted Jeanneret's income, Boreanaz said. [/quote]
See Also:
https://buffalonews.com/news/losses-wont-cut-benefits-local-210-says/article_acb1fbf7-4305-5a10-a6a6-5797a8219606.html
https://buffalonews.com/news/local-210-takes-hit-in-madoff-scandal-pension-fund-losses-put-at-30-million/article_b9884f75-ec96-5edd-b395-51bfe6ffa043.html