NZ 's Madoff

[troyvdh]

This may be simplistic but who would give dosh to a bloke who looks like that............

[peat]

6 years doesnt seem that much for 17.7 mill.... normally you'd be thinking that if he stashed it all thats 3 million per year in jail but it would seem that he wont have much to come out to as he spend so much on ho's!

[Sideshow Bob]

$3.6mil on 2 prozzies over 9 years.

Nice $200k pa, probably tax free.

[Steve]

$3.6mil on 2 prozzies over 9 years.

Nice $200k pa, probably tax free.

If they were named during the court proceedings, the IRD won't take long have a quick check of their tax records then go knocking on their doors...

[Snapper]

$300k on wine over 9 years, that's $33,000 pa, $95 per day...how many bottles of Jacobs Creek shiraz is that??

[Anna Naum]

If they were named during the court proceedings, the IRD won't take long have a quick check of their tax records then go knocking on their doors...

Great thing is they can declare bankruptcy and be back (sic) in business the very same day!

[elZorro]

All too easy. Once he'd transferred his customers' monies away from their bank accounts with unlabelled transactions he was all set. He couldn't have done this from a seedy small office, but the bank's premises and uniform did the trick for him. I had a scary escape from a big-branded super fund a few years ago, and have been wary of the financial sector ever since. At least if I make a mistake with my own share investments, I can't blame anyone else.

[Balance]

What he has done is nothing compared to the billions lost by investors courtesy of the ponzi finance companies.

Most of the failed finance companies = borrow money from public = lend to directors and management = they enjoy the great life = borrow more money from the public to pay interest & repay principal = lend more money to directors and management & friends = etc.

Get the picture?

[minimoke]

What he has done is nothing compared to the billions lost by investors courtesy of the ponzi finance companies.

Most of the failed finance companies = borrow money from public = lend to directors and management = they enjoy the great life = borrow more money from the public to pay interest & repay principal = lend more money to directors and management & friends = etc.

Get the picture?
I can't figure out the reticence to use the expression "ponzi'. We just see this constant raising of cash to pay exisiting investors under the guise of all sorts of descriptions like "Capital Raising". Why aren't they just honest and say "we need your cash to pay people further down the food chain. Don't worry next year we'll do the same thing and ask new peoeple for money to pay you"

[troyvdh]

This may be obvious...but there must more of these folk out there....I work for the biggest company in the south island...mostly professionals..the commercial nous of most of my colleages is nothing short of abysmal...I lost count of how many folk Ive had to convince to sign up to kiwisaver...because "they werent sure"...gee even when someone literally throws money at these folk for nothing.....yet....they question...but are they interested in being flown north for a "seminar" on some sort of property....man they go....not really sure who blame for this...

PS ..ask some of my mates about a flat screen TV.....myspace....free to air...etc..I am totally in the dark.....funny world.

[minimoke]

I work for the biggest company in the south island...mostly professionals..the commercial nous of most of my colleages is nothing short of abysmal...
Thats what happens when you get too many doctors on the public payroll - but I bet they can tell you how much their next conference costs.

[Balance]

What he has done is nothing compared to the billions lost by investors courtesy of the ponzi finance companies.

Most of the failed finance companies = borrow money from public = lend to directors and management = they enjoy the great life = borrow more money from the public to pay interest & repay principal = lend more money to directors and management & friends = etc.

Get the picture?

Capital & Merchant directors being prosecuted. How much? They pissed over $150m down the gurgle.

They lived very well.

[troyvdh]

please...mini...do not get me started on that...boy could I tell you some stories......

[minimoke]

please...mini...do not get me started on that...boy could I tell you some stories......
Your secrets are safe with me - too late in the day to get into a discussion on cartels.