New indictments edge closer to Madoff trading desk
By KBarton10 on Feb 26, 2010 in current events
While the blaring indictments no longer grace the newspapers, it appears another executive has been indicted in what remains of the Madoff debacle.
Our interest has always been in Mark Madoff and his ownership of the Abel Automatics Inc., the maker of Abel reels.
Investigators and the trustee winding down Bernard L. Madoff Investment Securities LLC have previously said the activity took place in the firm’s investment arm, but the charges against Bonventre directly link the investment and proprietary trading operations.
… the selfsame proprietary trading operation run by both Madoff sons.
Both brothers spent their careers working side by side for their father, an electronic-trading pioneer. Mark, 44 years old, and Andrew, 42, joined their father’s firm on the trading desk in the 1980s. Both rose through the ranks and by the 1990s ran Madoff’s trading desk together.
While they’ve been mauled in the court of public opinion, this appears to be the first credible link between the Ponzi scheme and the legitimate trading operation.
It’ll be months before any concrete information results. In the meantime clutch those extra spools tightly.
Tags: Bernie Madoff, Mark Madoff, Abel Automatics Inc., fly reel, indictments
John Peipon | Feb 28, 2010 | Reply
This helps me rationalize that I don’t need (can afford) Able reels. I like the behind bars effect of the Striper reel!
John Peipon | Feb 28, 2010 | Reply
That is ( CAN’T afford) Abel reels.