Former chairman of the Nasdaq was arrested on suspicion of fraud

This Internet news is provided from the https://domainservice999.wordpress.com/

Wall Street legend, the Nasdaq Stock Market’s former Chairman of the Board of Adolf Bonademai 11 morning on suspicion of securities fraud has been arrested by the police. Prosecutors accused him of manipulating the adoption of a hedge fund to investors about the loss of at least 500 million. “The New York Times” said that this may be the history of Wall Street’s biggest fraud case.

Recognition of fraud

70-year-old Michael Astoria is “L-bernard Michael Adolf investment securities companies,” founder and current Nasdaq OMX Group, members of the nominating committee. 11 morning, he was in New York’s Manhattan apartment were arrested.

Michael Adolf operating a hedge fund. Prosecutor Michael Waldorf for the indictment indicates that Michael co-Astoria 10, told the senior staff, “Basically, this is a big scam, a huge ‘Ponzi scam’, losses to investors about 50,000,000,000 U.S. dollars.”

According to the confession, Mr Adolf “not guilty defense,” he told the officers that all errors were attributed to him that he “was not used to earn money paid to investors.”

Ponzi scam

Indictment showed that wheat-Astoria “Ponzi scam” manipulation of hedge funds. “Ponzi scam” that is, the higher the rate of return for the promise of funds, investors, investment fraud, later investors to pay previous investors in the fraud.

At least in the beginning of 2005, wheat has begun to Adolf “Ponzi scam” operation. According to Mai-Astoria on January 7 this year in registration with the Securities and Exchange Commission documents show that the wheat-Astoria to provide investment advisory business, involving 11-25 customers, for a total of about 17.1 billion of funds.

Prosecutor to securities fraud charges filed against Michael Astoria. If the accused is guilty, will face Michael Adolf up to 20 years in prison and a fine of 5,000,000 U.S. dollars.

Legend

Mai-Astoria in 10,000,000 U.S. dollars to pay bail after release. “The New York Times” reported that the wheat in Adolf is legend on Wall Street. He often talked about other people to talk about how to Manhattan from the beach, a lifeguard came today. For decades, the company founded by Michael Adolf Construction of the Wall Street financial framework has played an important role. Whether traditional stock or the stock market and financial derivatives, such as new electronic trading system development, Mr Adolf small companies.

~ by domainservice999 on December 13, 2008.