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Read more with google mobile : Betrayal in Palm Beach as Wall Street scam bites
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Betrayal in Palm Beach as Wall Street scam bites AFP - 2 hours 31 minutes ago PALM BEACH, Florida (AFP) - - The crime scene, according to prosecutors, is the 17th floor of a stately New York office building, where Bernard Madoff may have engineered the most costly investment swindle in history. But nowhere was the deception felt more personally than in Palm Beach, Florida, the small and affluent island community where Madoff, a respected and former chairman of the Nasdaq, lived part time. In what now feels like an inside job, Madoff carefully recruited a cadre of trusting and wealthy acquaintances from the island to invest millions -- money that ended up fueling an alleged 50 billion dollar pyramid scheme. "The community is in shock. No one imagined a guy like that would do this to his friends," said Carlos Carraca, a resident on the north end of the island, adding people were speaking of little else, in restaurants and as they crossed path while running errands, or out walking the dog. "A lot of families have been ruined," he said. "Some people have lost everything, millions." The scandal began to unravel Thursday, when federal agents arrested Madoff, 70, at his Manhattan home. A giant in the financial services world , he was charged with massive fraud and freed on 10 million dollar bond. By the weekend, the financial fallout had spread far beyond New York. Press reports revealed shareholders and clients from major European banks, including France's BNP Paribas, stood to lose billions of euros. Even foundations set up by Nobel laureate Elie Wiesel and by film director Steven Spielberg were swept into the scandal. Investigators charge Madoff paid off early investors with money from new clients, creating a huge pyramid scheme. As markets declined and investors tried to withdraw their money, the scheme apparently fell apart. While most affected investors had entrusted their money to advisory firms that paid Madoff to manage funds, Palm Beach investors experienced a closer degree of deceit. Many are thought to be members of the Palm Beach Country Club who saw Madoff as a long-time cohort and and friend. In a sign of the sophistication of Madoff's alleged scheme, the predominantly Jewish club includes many people who have built up fortunes of their own, and consider themselves financially savvy. A woman answering phones at the country club said "We have no comment," on the Madoff scandal and hung up. "It was one of their own that betrayed them," said Laurence Leamer, author of the upcoming book, "Madness Under the Royal Palms," about the island's elite. "It's the ultimate enclave of the mega-wealthy in America. Literally everyone there is a millionaire." Known for its rolling golf greens and elegant old Breakers Hotel, Palm Beach has a seasonal population of about 30,000. Residents of the cozy community include corporate titans, best-selling authors, athletes and top philanthropists. Madoff's arrest has also sparked speculation that prominent Jewish charities might see funds dry up as rich donors absorb the financial blow. Norman Braman, CEO of Braman Motors in Miami, said he had invested money with Madoff, like others, because of his stellar reputation. By some accounts, Wall Street brokers referred to Madoff as "the Jewish T-bill" because he was seen as a conservative investor who offered low but steady returns. Treasury bills are among the safest financial instruments. Madoff also enjoyed clout -- and trust -- from having served as chairman of the Nasdaq Stock Market. Braman declined to say how much money he might lose, and pointed instead to other clients who had lost everything. "My situation, my lifestyle, my philanthropy are not going to be changed," he said. "But the people he's destroyed, the charities he's hurt, that's incalculable and a true tragedy ... the widows, the retirees." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle Judge sentences Hollywood private eye to 15 yearsAP - Tuesday, December 16 Feds say Follieri agrees he owes $3.6 millionAP - Tuesday, December 16 Dennis Quaid, wife, settle with hospitalAP - Tuesday, December 16 Naomi Watts, Liev Schreiber welcome baby SamuelAP - Tuesday, December 16 Jury rules Pickford agreement is validAP - Tuesday, December 16 Enlarge Photo A Rolls Royce is seen parked on Worth Avenue, the shopping centre in Palm Beach, Florida. Wall Street investor Bernard Madoff may have engineered the most costly swindle in history and in the affluent Florida community where Madoff lived part-time, a cadre of trusting and wealthy acquaintances were used to fuel an alleged US$50 billion pyramid scheme. Most Popular – Entertainment Viewed Actress Jennifer Aniston appears naked in GQ magazine US pyramid fraud scam hits Europe's biggest bank Bush laughs off Iraq flying shoes drama Queen Elizabeth II reins in extravagance as credit crunch grips Arabs hail shoe attack as Bush's farewell gift View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Tuesday, 16 December 2008 - Betrayal in Palm Beach as Wall Street scam bites