Investment Advisory Report

Madoff was born in 1938 and is married to Ruth Madoff. He has been an active member of the National Association of Securities Dealers (NASD), an industry self-regulated in the U.S. financial assets. His company was one of five behind the development of the NASDAQ, and he worked as chief coordinator of the stock market. The group included two separate areas: Bernard Madoff Investment Securities LLC, with the functions of broker (broker) and market maker in U.S. stocks (market maker), which employed the majority of staff. And the area of Investment Advisory, the entire focus of fraud. In the latter Bernard Madoff performing investments for hedge funds as Fairfield Sentry, Kingate or Optimal (Banco Santander Group) (see report of the SEC and the report of the arrest ). This area of investment was not registered with the SEC until 2006.Despite the historic success in the performance of funds managed by his company, since 1992 in its fund management received some criticism isolated. It was discovered later how Madoff auditors were a small office with virtually no staff . In 1999 an expert investment manager in the derivatives market presented a letter to the U.S. SEC in Boston to denounce and describe exactly what eventually happened 9 years later. The complainant, a kind of “Deep Throat” has been known now that his name is Harry Markopolos On 29 June 2009 was sentenced to 150 years in prison for defrauding 50,000 million dollars.

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