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The Eagle Ponz Has Landed

Posted on July 14, 2009 by Caleb Newquist

madoffjail.jpg Per Bloomberg, he’s touched down in Butner, NC. The moral of the story being: Look both ways before you steal $65 billion (give or take a few bil).

Posted in FraudTagged All Things Madoff

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  • Fraud

Tom Petters Was Pretty Sure He Was Going to End Up in a Dumpster Somewhere

  • Caleb Newquist
  • November 5, 2009

Thumbnail image for PettersSmile.jpgTom Petters doesn’t buy the whole Minnesota nice routine. Can’t say we blame the guy. If we were robbing people blind we’d be suspicious of every Marge Gunderson in the Twin Cities too.
According to a tape recording from yesterday’s proceedings, the stress of ripping people off for so long was causing him to freak out a little.

“Nobody’s paying us,” Petters said on the 30-minute recording made Sept. 22, 2008, by federal authorities with the help of Coleman. “I can’t stand lying to people every day.”
“We’re at a breaking point,” Petters said on the tape. “I can’t stand where we are. … None of us are OK. … We’ve got problems. I’m trying as hard as I can to find a way out of this. I don’t think we can all think clearly anymore.”
He said he was afraid that Robert W. Sabes, 69, formerly of Wayzata, and his son Jon R. Sabes, 43, of Wayzata, who authorities say had invested $17 million to $19 million, might kill him.
“Jon Sabes needs to calm down a bit,” Petters said, adding that he believed Sabes was connected to organized crime. “They are bad, bad people. I think he’d kill me.”

Now maybe this goes back to whole notion that TP had the attention span of a dog with above average intelligence (still a disservice to the breed in our book) but if you steal $19 mil from anyone, they’re going to want to kill you. Call it a hunch.
For the Sabes’ part, they may have had some shady connections but Tom Petters doesn’t strike us as the type of guy that attracted devout religious types. When reached for comment, Robert Sabes was quoted as saying, ‘I think he’s been watching “The Sopranos” too much.’
Yep. Pretty sure he was going to kill that guy.
Petters feared mob hit [Minneapolis Star-Tribune]

  • Fraud

Accounting Fraud Watch: Luckin Cleans House, Wirecard’s Woes, Ex-Penn West Execs Pay Up

  • Jason Bramwell
  • May 18, 2020

Luckin Coffee sacks CEO, COO for alleged fraud [Reuters] Chinese coffee chain and Starbucks wannabe […]

  • Fraud

Madoff CFO to Be Charged

  • Caleb Newquist
  • August 8, 2009

iStock_000001511480XSmall.jpgFrank DiPascali, Bernie Madoff’s CFO Number-Maker-Upper is going to be charged in connection with some money gone missing. DiPascali has agreed to skip the grand jury and get down to business, according to Bloomberg, indicating that he might flip. DiPascali seems to be taking a cue from another pseudo-bean counter who’s only plausible defense is stupidity.
U.S. to File Charges Against DiPascali, Ex-Madoff CFO [Bloomberg]

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