JP Morgan Chase, Madoff’s Surrogate Fathers and Ruth Turned Away
Details are still emerging regarding JPMorgan Chase’s alleged knowledge of the Madoff fraud. Here is a video about the investigation:
It is being reported that the latest avenue being pursued by Madoff trustee Irving Picard is that one of the many operational due diligence red flags which should have alerted JP Morgan Chase & Co. to the Madoff Ponzi scheme was the number and volume of suspicious transactions by one of Madoff’s so-called “surrogate father” a man named Norman F. Levy. Mr. Levy, who is now deceased, was a real estate broker who made transfers from1998 to 2001 to the tune of more than $83 billion in and out of his account with Madoff. Levy’s supermodel girlfriend, supermodel Carmen Dell’Orefice, would lose her life savings with Madoff. Here is a video showing Ms. Dell’Orefice modeling:
Levy’s estate is being pursued by the IRS as a result of revelations from the Madoff fraud.
The other so-called “surrogate father” to Madoff was, according to Vanity Fair, philanthropist Carl J. Shapiro. Shaprio (who’s wife is also named Ruth) lives in both Boston and Palm Beach and was the founder of Kay Windsor, Inc. a maker of women’s apparel.
Despite heavy Madoff losses for Shapiro personally, and his charities, Shapiro agreed to return $625 million to Irving Picard which included $38 million which was paid by Shapiro’s son in-law (Robert M. Jaffe).
In other Madoff news, it is being reported that Ruth Madoff was turned away from a memorial service for her son Mark by Mark’s widow. Apparently there are still hard feelings from when Ruth chose to visit Bernie in jail after he was reportedly beaten in prison.
Click here to discuss this post.
