UPDATE: Know bull: This week we suffered from some serious gullibility
Mr. Bonventre, who ran Mr. Madoff's broker-dealer for almost 40 years, received half the minimum time prosecutors sought in the case.
Bernard Madoff's inner circle, who benefited from the perks of his $17.5 billion Ponzi scheme, now face jail time.
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Victims of the most infamous Ponzi scheme lost $17.5 billion but this week, recoveries reached $10 billion. The cost of liquidating the con man's defunct investment advisory firm has topped $1 billion but his former clients aren't footing the bill.
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It's all about low costs, a sensible strategy, and sound ethics.
If Wall Street were really interested in having a total commitment to the long-term interests of its clients, it would embrace a fiduciary standard, but it does just the opposite.
Despite its regulatory failure in the Madoff case, FINRA may be rewarded with more oversight.