5 billion of assets on a net losses of 21

Long moored at Juan-les-Pins, his yacht "Bull" of 17mètres has been discounted at auction for $ 700,000, November 17. Consolation for the 16 direct led who filed a claim for compensation. One year after the arrest of the New York broker, the Madoff scandal is delivered all its jurisdictions. In addition to the conviction of Bernard Madoff, 71, 150 years in prison, the investigation also caused the imprisonment of its former Financial Director, Frank DiPascali, and two former programmers of society. Despite the doubling of vigilance of the Securities and Exchange Commission (SEC), which triggered a series of investigations on the front of the hedge funds and insider, many observers believe that the regulatory response to all is still expected.

"Like many Americans, I find it frustrating that the regulatory agencies have not put in question more high-level swindlers", said recently the democratic Delaware Senator, Edward Kaufman, who claimed the opening of a parliamentary hearing on financial crimes. In response, the administration Obama announced, the 17, the creation of a "task force" ad hoc designed to fight against the rise of financial fraud, particularly in the mortgage sector. Strongly criticized for its failures in the prevention of the Madoff case, the SEC recently instituted proceedings against leaders of Century Financial, the ex-patron of Countrywide Financial, Angelo Mozilo, in the heart of the scandal of "sub-prime". But the compensation of victims of the Madoff case management continues to raise doubts and frustrations.

To date, six months after the condemnation of Bernard Madoff, the judicial liquidator Irving Picard has recovered $ 1.5 billion of assets on a net losses of $ 21.2 billion $. On the 15 900demandes of compensation received by treaty only 3,000 (including 1,300 were dismissed) so far. But the number of indirect victims is widely superior, Irving Picard has identified 20 "foster Fund" based in the British Virgin Islands. Also its action against the British HSBC Bank for having exercised a role of depositary, the liquidator notably implicated the Bank Jacob Safra, based in Gibraltar, custodian of Vizcaya Partners offshore company, which withdrew its Madoff accounts $ M3, four months before his arrest. Most importantly, Irving Picard still hope for the return of "unjustified profits" with $ 15milliards of the major clients of Madoff: the Picower Foundation, the financier Carl Shapiro or the Fund Manager Stanley Chais. Alone, Carl Shapiro, 96 years, is considered a major beneficiaries of the Madoff fraud with a profit estimated at more than $ 1 billion from the "schema Ponzi scheme" implemented by Bernard Madoff, with Jeffry Picower (7 billion dollars in estimated) businessman, found dead in his pool in Florida last October.

"Exceptional fraud".

"The Madoff fraud is outstanding and will no doubt significantly impact the regulation of the hedge fund industry and risk control process" believe researchers Pierre Clauss (National School of statistics) and Thierry Roncalli (University of Evry) in a remarkable note on the "scientific" mechanisms of fraud Madoff (). Already, the SEC decided to implement the 58 recommendations made by its Inspector General, David Kotz, to improve its process for review of the offences of insider and fraud prevention. But for the thousands of victims of the Madoff scandal that still wrestle with the procedures of the Securities Investor Protection Corp. (PCIS), the not-for-profit organization created by Congress to facilitate compensation for investors, it is even a lean source of comfort.