MovieChat Forums > Madoff (2016) Discussion > 3 questions; IRS/5 minutes/victims

3 questions; IRS/5 minutes/victims

posted 8 years ago by AmericanButNotGringo
2 replies | jump to latest

1.

Any withdraw over 10,000 must be reported, right?

The guy moved BILLIONS and no government agency, specially the IRS, was notified?

2.

Also, in the end, he said he needed a day (or even 5 minutes) to "fix somethings", what was he going to do, to whom, how much involved?

3.

I feel sorry for the honest victims, and give the middle finger to the rich ones.

For instance, the guy who lost 3 billion; 3 billion was not enough for him, he needed more, way more, a regular savings account was no good, after all, he lives in a country that has a huge inflation rate and he is going to live about 837 years, right?

[–] nadcixelsyd 8 years ago

Any withdraw over 10,000 must be reported, right?

Only cash withdrawals in excess of ten thousand dollars must be reported.

Also, in the end, he said he needed a day (or even 5 minutes) to "fix somethings", what was he going to do, to whom, how much involved?

He had a few hundred million available for withdrawals, but he knew that he would not be able to cover the withdrawals that were anticipated before the end of the year. He was going to pay his buddies with whatever money was left rather than have it available for his depositors.

[–] peanutflower 8 years ago

madoff was a genius. He had a separate floor or two in his company where the hanky panky happened. The other 200 employees had no idea and were conducting legitimate business. Even the SEC and other government organizations for 20 years couldn't figure out how he was conducting his scam. There are still lawsuits going on trying to figure out who should have seen it but didn't and how much money those companies will pay to the investors.