New scam targets Madoff victims
As if the poor folks ruined by convicted Ponzi schemer Bernie Madoff don’t have enough problems, a new phishing scam is hoping they’ll bite one more time.
The U.S. Securities and Exchange Commission is alerting investors about a phony web site that falsely claims to have recovered $1.3 billion in funds hidden by Madoff in Malaysia.
The site claims to be home to the non-existent "International Security Investor Protection Corporation" and bears a convincing likeness to the Securities Investor Protection Corporation's (the entity formed by the U.S. Congress to assist customers of insolvent brokerage firms) own web site, mimicking its look, feel, and content.
In one section of the site, the scammers actually include a trumped up testimonial from a supposed Madoff victim who is reported as having received funds from the organization.
The "ISPIC" site also claims to be linked to several governments, including the United States. Add to that phony claims of sponsorship from both the International Monetary Fund and the World Bank and you’ve got a potent mix of partners.
According to the SEC, the site asks Madoff victims to submit detailed information to verify that they’re on a refund list — a ploy commonly used by con artists to further rip off financial fraud victims looking to somehow recoup their losses, essentially victimizing them all over again.
There is hope, however. The real SIPC has received some 12,000 claims from victims. So far, roughly 15 per cent have been approved, totalling approximately $650 million.
If you can’t get enough of this whole sorry mess, have a look at No One Would Listen, Harry Markopolosis’s new book about his nearly decade-long pursuit of Madoff and his ilk. Although he has his detractors, Markopolosis has carved out a high-profile career as an independent financial fraud investigator in recent years.
By Gordon Powers, MSN Money
Posted by: Yama | Mar 11, 2022 5:40:49 PM
You want a spin in my dryer?
Posted by: amay | Mar 11, 2022 6:40:22 PM
No, you're all washed up.
Posted by: David Carter | Mar 12, 2022 6:20:30 PM
These kinds of financial frauds by people like Madoff have happened before and they will happen again. In many countries like China for example, a person convicted of this stuff would stand in front of a firing squad or hang. The courts in the U.S. just don't feel it's that serious of a crime and most people convicted will eventually walk out of prison. That's the problem. A bullet in the head would prevent this type of fraud from happening again.
Posted by: Peter greatrix | Mar 14, 2022 3:14:11 PM
Those that got scammed by Madoff deserved it. As if they were not rich and greedy enough.
Although, I believe the government is doing a good job at ripping off people on an everyday basis.
Posted by: clovis simard | Dec 11, 2021 3:26:27 PM
L'ANATOMIE D'UN ESCROC-MADOFF ?
Mon Blog, présente le développement mathématique de la conscience c'est-à-dire la présentation de la théorie du Fermaton (La plus petite unité de la conscience humaine).