Chapter 1909： Gain and lose

"What does Mr. Yang want me to do?"

This is the answer of a wise man. Since you have decided to surrender, don't use your brain, just be an obedient tool person.

However, the behavior of this black man made Yang Cheng a little surprised. In his impression, black people had a bit of unruly meaning in their bones, and they were naturally rebellious.

Of course, this is not important. Compared to the original value of Cary, Yang Cheng did not care much about David Ricardo, at least not much help can be brought to him now, maybe after taking the boss of the New York Bureau , This situation will turn over.

Throwing away the chaotic thoughts, Yang Cheng muttered, "How did you deal with similar cases before?"

David Ricardo said, "In fact, after the financial crisis, Wall Street has exposed more and more criminal clues, which forced F~B~I to draw personnel from anti-terrorism and other crimes to participate in investigations, including pre-Nasdaq. Financial cases including the Chairman Madoff Ponzi scheme.

Of course, we only deal with fraud cases above the million dollar level.

Since the 2008 financial crisis, F~B~I now prioritize allocating personnel to Wall Street to investigate fraud and Ponzi schemes in areas such as subprime mortgages and related bonds, and auction-rate securities.

Back then, Madoff’s shocking scam was too threatening to Wall Street and even New York as a whole. We had to allocate more energy to prevent the same thing from happening again, and of course the threat of subprime mortgage fraud. Now we are investing in Wall Street. The troops are very large, so Mr. Yang can rest assured that we have enough manpower to investigate the case. "

David Ricardo didn't say the details, which made Yang Cheng frowned, "Mr. Ricardo, don't you have a specific plan?"

"Of course there is. In fact, we have grasped the criminals' movements. In addition, we will put forward monitoring requirements for the banks involved."

This is exactly what Yang Cheng wants, "Very good, even if the funds involved in the case are not returned temporarily, I have to make sure that they will not be embezzled by criminals~"

"Of course not, the bank will not go against us~"

Yang Cheng smiled and looked at Kari who had been a transparent person for a few minutes, "Look, this is the attitude that cooperation should have~"

Kari thought that Yang Cheng had changed his mind, as if he had caught the last straw, "Yes, Mr. Yang, I know I am so proud this time, I regret it, please give me a chance. I will never make such a mistake again. ~"

Yang Orange shook her head, "No, no, Kari, you misunderstood, I didn't forgive you, you should know that I was never a generous person."

Kari almost cried, "Mr. Yang, I really know I was wrong."

Originally, Yang Cheng was already thinking about how to kick Kari from his current position, but Ricardo suddenly pleaded for Kari, "Mr. Yang, I believe Kari did not intend to do this, it may be due to recent pressure. It’s too big, maybe he needs a chance to correct~"

Yang Cheng frowned slightly, "Do you know what you are talking about?"

Ricardo was startled, gritted his teeth and said, "I know, Mr. Yang, but Kari once helped me, I must intercede for him~"

Yang Cheng's expression instantly relaxed, "You are a person who knows the gratitude~"

Taking a deep look at him, this person had just made allegiance to him, and the face he should give was still to be given, otherwise it would not be conducive to future discipline.

And after all, Kari didn’t commit a heinous crime, and it’s not impossible to bypass him, but this time he must be taught a vicious lesson, "Let’s let the business handed over to you come out, now Mr. Ricardo Responsible~"

He was referring to an arms business handed over to Cary last year. It was not big, but it was not a big problem to earn hundreds of thousands of dollars a year. Yang Cheng directly cut off his financial resources. It means that the quality of family life will be severely reduced by several grades, and this punishment cannot be said to be harsh.

Ricardo gladly accepted Yang Cheng's ‘good intentions’, and he would not accept it, at least in this way, he could keep Karri’s position.

Kari knew this too, he was sweating profusely, just like the one he had fished out of the water, but there was always some blood on his face.

Yang Cheng didn't talk nonsense with him. In his eyes, Kari's value was infinitely close to zero. If it weren't for David Rica's more face, this person would be no different from the dead.

On the topic of transfer cases, "F~B~I should have experience in recovering stolen money, right?

To be honest, whether criminals can be arrested or not is not my biggest concern. We must recover the stolen money as soon as possible and return them to the victims in order to comfort the people. "

David immediately said, "Yes, we have rich experience. The Madoff scam that year was our New York Bureau as the main force in recovering most of the stolen money."

This is the best news Yang Cheng has heard in a few days, "Really? I remember that the stolen money involved in the case was as high as 65 billion US dollars. Have you recovered all of it?"

"No, no, not all, but most of them!"

Yang Cheng still remembers that about 8 years ago, in mid-December, the American Wall Street legend and former chairman of the Nasdaq Stock Market Company Bernard Madoff was arrested by the police on suspicion of securities fraud. The $65 billion Ponzi The scam has come to light.

And next year, it will be the 80th birthday of this legendary liar. Unfortunately, he can only quietly celebrate it in the Federal Correctional Service of the medium-security level in Butna, North Carolina.

However, this was only one-fifteenth of the 150-year sentence he had just passed.

In the first few years of imprisonment, he was still willing to reply to the media, but now, he is completely silent.

David said, "Besides Madoff, the most famous at the time was also the settlement lawyer Owen Picard. He has built a reputation on the long road to collecting money in the past nearly 10 years."

Yang Cheng has heard of this person's name. This lawyer, who is only 3 years younger than Madoff, was ordered to the bankruptcy court at the age of 67 to seek the principal for the victims of the Madoff case.

David continued, "At present, Picard has recovered $13.3 billion, which is about 70% of the debt, and he believes that several billion dollars can be recovered.

Although Madoff had managed US$65 billion in assets, of which US$19 billion was the principal invested by clients in the Madoff Fund, and most of the US$65 billion in assets were accumulated by him to investors and not recognized by the court. .

After the bankruptcy, the court only recognized US$19 billion as a claimable amount.

In the second month after Madoff's imprisonment, Picard sent notification letters to 8,000 potential claimants, asking customers and creditors to file claims within a time limit.

Soon, the luxurious life of Madoff before his imprisonment was exposed. According to the documents signed by Madoff, he explained that he had $138 million in property under his name and a company valued at $700 million.

In addition, the Madoffs own a high-end penthouse on 64th Street in Manhattan, a large number of properties in Montauk, Long Island and Paris, France, and there are many securities in their bank accounts, as well as millions of dollars in jewelry and two Yacht.

By auctioning part of his assets, Picard received an initial compensation of US$650 million. Later, he turned his attention to Madoff's son and other family members.

He sued Madoff’s two sons, Mark and Andrew, who had served as an executive at Madoff Company. He believed that the latter’s personal assets were also illegal proceeds of the Ponzi scheme.

Picard strictly controlled the cash flow of those close to the Madoff family, trying to find the money they benefited from the Ponzi scheme.

At present, nearly 1,400 small investors with an investment of less than US$1.38 million have received full principal compensation.

You should know that in the past fraud cases of Ponzi schemes, usually only 5% to 30% of the principal can be recovered, and many investors have lost their money. The rate of recovery in the Madoff case is already very remarkable. "

Yang Cheng nodded thoughtfully, "So we should find Owen Picard?"

David shook his head, "No, I mean his method can be used for reference. After all, the two scammers have not had time to spend the money. Even if they find Owen Picard, he has no way to start, only from two scams. People around the offender think of a way.

This is also the method used by Irving Picard in the Madoff case, which is very classic. "

Yang Cheng agreed with David’s statement that Picard was able to recover so much not only because he started with Madoff’s personal assets, but also because he succeeded in acquiring Madoff’s clients, especially because of the Ponzi scheme. Of clients recovered their assets.

"In those days, Picard met with individual investors, banks and charities and other Madoff creditors and stated that his investigations so far have not found any evidence that Madoff had conducted any securities transactions for clients in the 13 years before the incident.

Based on this, he believes that Madoff's fund is purely a Ponzi scheme of cash in and cash out.

Therefore, Picard has to pursue illegal gains from customers who withdrew cash from the fund within 6 years before the incident, because the cash they withdrew was entirely the principal of the Madoff Fund after other customers were defrauded.

According to the New York State Bankruptcy Law, the recourse period is 6 years.

Picard sent a letter of attorney to 223 investors requesting them to return the cash redeemed from the company within 6 years before the collapse of Madoff CompanyAmong these 223 investors, some of them are Madoff. Some of his relatives have an employment relationship with Madoff. These people redeemed a total of US$735 million in funds within 90 days before the incident.

At that time, Picard's legal team thought: There was a large number of redemptions in the Madoff Fund 90 days before the incident. What did this show? Explain that the money was intentionally paid out. "

Yang Cheng asked quickly, "Did you find the relatives of the two fraudsters?"

"No, their relatives are not important. I checked the accounts of two people, as well as detailed transfer records, and found that they had bought several insurances for themselves at the insurance company, with a total premium of 3 million US dollars and an insured amount exceeding 10 million. "

Yang Cheng's eyes lit up, "You mean, can we recover the 3 million yuan through the insurance company?"

David affirmed, "Yes, as long as we can prove that the $3 million insurance was purchased with stolen money~"

Nine Heavens God Emperor

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