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  • Irving H. Picard V. Peter B. Madoff Mark D. Madoff Andrew Madoff Shana D. Madoff

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    Peter Madoff, Andrew Madoff, Mark Madoff, and Shana Madoff were directors and officers of Bernard L. Madoff Investment Securities (BLMIS) who breached their fiduciary duties. They did not truthfully report to regulators or investors and misappropriated over $200 million of client funds for personal expenses like homes and cars. As senior leaders, they failed to properly monitor the company despite abuses and enriched themselves through self-dealing with company money.

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    Peter Madoff, Andrew Madoff, Mark Madoff, and Shana Madoff were directors and officers of Bernard L. Madoff Investment Securities (BLMIS) who breached their fiduciary duties. They did not truthfully report to regulators or investors and misappropriated over $200 million of client funds for personal expenses like homes and cars. As senior leaders, they failed to properly monitor the company despite abuses and enriched themselves through self-dealing with company money.

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    113 views7 pages

    Irving H. Picard V. Peter B. Madoff Mark D. Madoff Andrew Madoff Shana D. Madoff

    Uploaded by

    haonanzhang
    Peter Madoff, Andrew Madoff, Mark Madoff, and Shana Madoff were directors and officers of Bernard L. Madoff Investment Securities (BLMIS) who breached their fiduciary duties. They did not truthfully report to regulators or investors and misappropriated over $200 million of client funds for personal expenses like homes and cars. As senior leaders, they failed to properly monitor the company despite abuses and enriched themselves through self-dealing with company money.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 7

    PETER B.

    MADOFF
    IRVING H. PICARD V. MARK D. MADOFF
    ANDREW MADOFF
    SHANA D. MADOFF
    Matt Turlip and Haonan Zhang
    Facts
    • BLMIS – Bernard L. Madoff Investments
    Securities LLC
    • Peter Madoff (Brother) was the Chief
    Compliance Officer
    • Andrew and Mark Madoff (Sons) were Co-
    Directors of Trading
    • Shana Madoff (Niece) was Compliance
    Director
    Facts
    • As directors and officers, they didn’t report
    truthful statements to the regulators and to
    investors.
    • They misappropriated money from BLMIS for
    personal uses.
    – Multimillion dollar vacation homes
    – Cars
    – Credit card bills
    • At least $200 million stolen
    Fiduciary Duties
    • Duty of Good Faith
    • Breached when
    • “conscious of the fact that they were not
    doing their job as [monitors]”

    • They were senior officers of the company, yet


    they did not report the abuses
    Fiduciary Duties
    • Duty of Loyalty
    • Breached when
    • “managers or directors are engaged in self-
    dealing or have a self-interest”

    • The defendants personally enriched


    themselves with company and client money
    Fiduciary Duties
    • Duty of Candor
    • Breached when
    • “directors knowingly disseminate false
    information that results in corporate injury or
    damage to stockholders”

    • The defendants reported false information in


    company materials and regulatory filings

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