A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 29, 2010
Mini-Madoff (Mini-Me + Bernard Madoff)

Bernard Madoff was arrested on December 11, 2008 and charged with running what some have called the largest Ponzi scheme in history (totaling $65 billion by some estimates). “Mini-Me” was a film character—an associate of the “Dr. Evil” character—in the second and third Austin Powers movies (James Bond parodies) Austin Powers: The Spy Who Shagged Me and Austin Powers in Goldmember. A person who runs a financial Ponzi scheme smaller than Bernard Madoff proportions has been called a “Mini Madoff” (or Mini-Madoff"), a nod to both Bernard Madoff and the “Mini-Me” film character.

“Mini-Madoff” has been cited in print since at least December 16, 2008.


Wikipedia: Bernard Madoff
Bernard Lawrence “Bernie” Madoff (pronounced /ˈmeɪdɒf/; born April 29, 1938) is an incarcerated former American stock broker, investment adviser, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.

In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. The firm was one of the top market maker businesses on Wall Street, which bypassed “specialist” firms by directly executing orders over the counter from retail brokers.

On December 10, 2008, Madoff’s sons told authorities that their father had just confessed to them that the asset management arm of his firm was a massive Ponzi scheme, and quoting him as saying it was “one big lie.” The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted investigations into Madoff’s business practices, but did not uncover the massive fraud; critics contend that these investigations were very incompetently handled.

Wikipedia: Mini-Me
Mini-Me is a character played by Verne Troyer in the second and third Austin Powers movies: Austin Powers: The Spy Who Shagged Me and Austin Powers in Goldmember.

History
Before Dr. Evil was sent back in time to 1969, his minions made him a clone. The clone was identical in every way but was “one-eighth his size”. Upon being introduced to his clone, Dr. Evil immediately declared, “Breathtaking. I shall call him… Mini-Me”. Mini-Me has almost no dialogue in the films, beyond an occasional frightened “eeeee!”. Otherwise, he is silent except for when he does his evil laugh with Dr. Evil. He also likes to lip-synch the occasional line when Dr. Evil raps. Also, in the rap song he says (in a very deep voice) “You and I.” In the beginning of Goldmember, Dr. Evil asks him to “Use your words like a big boy clone!”. At one point, he asks Dr. Evil to hug him after meeting Fat Bastard who wants to eat him. Mini-Me often flips the bird as a means of insulting someone. On most other occasions, Mini-Me prefers to express himself through written notes. Mini-Me is a parody of Nick-Nack, Scaramanga’s dwarf henchman in The Man With The Golden Gun.

Mini-Me has a pet called Mini-Mr. Bigglesworth, which has only appeared once in the series, in which Mini Me tried to gnaw on his ear. Mini Mr Bigglesworth is a kitten version of Dr. Evil’s cat. He loves Belgian chocolate and terrorizing Scott Evil, Dr. Evil’s son and rival for his affection. He is sometimes referred to and treated as a dog or other small object

Paul Kedrosky
December 16, 2008
[Updated] Madoff: The Home Game
The folks at BreakingViews have a cute Excel calculator up where can make yourself a mini-Madoff. Call it the Ponzi Home Game(tm). Try it here.

Urban Swirl
Philly Ponzi Scheme Guy is a Mini Madoff
Friday, 09 January 2009 00:42 Ebony Jones World News
In Philadelphia more invenstors where parted from their cash from a Madoff like huckster.

An investment manager ran a Ponzi scheme that swindled an estimated $50 million from as many as 80 investors, federal authorities charged.

St. Louis (MO) Post-Dispatch
Beware ‘mini-Madoff’s’dealing financial scams
SOURCE:  Jim Gallagher
PUBLICATION: St. Louis Post-Dispatch (MO)
DATE: January 11, 2009
SECTION: Business
EDITION: Fourth Edition
PAGE: E3
WORD COUNT: 821
ID#: 1001330776
Bernard Madoff made himself infamous by playing very smart people for suckers. Hedge fund operators, Hollywood stars, business executives and assorted millionaires all lined up to get fleeced.

That leaves the rest of us to wonder why bright people fall for con men, and fall they do.

New York (NY) Daily News
Judge: ‘Mini-Madoff’ Nicholas Cosmo must find more dough for bail bid
BY Sarah Armaghan and Dave Goldiner
DAILY NEWS WRITERS
Friday, January 30th 2009, 3:13 AM
Ponzi scheme con man Nicholas Cosmo may be freed on bail soon, but he’ll likely have to come up with more cash first, a judge ruled Thursday.

The judge declared that Cosmo, dubbed “Little Bernie Madoff,” is not a flight risk, even as he rejected a defense proposal for $750,000 in bond and sent him back to jail

New York (NY) Daily News
Mini-Madoff swindled by real Madoff, lied about it to investors
BY Catey Hill
DAILY NEWS STAFF WRITER
Thursday, February 19th 2009, 2:41 AM
Allen Stanford, the Texas financier accused of cheating thousands of customers out of about $8B, was ripped off by Bernard Madoff, the Times Online reports. 

The SEC said he lied about it to his investors, the paper reported.

Newsweek (February 20, 2009)
To Catch a Mini-Madoff
They’re already calling him Mini-Madoff, but Allen Stanford, the Texas tycoon whose alleged “massive, ongoing fraud” was shut down last week by the SEC, is a different character than Bernie. Madoff kept his operation secret; Stanford is a flamboyant figure who has actively courted top U.S. politicians. How did he keep up the charade for so long?

New York (NY) Daily News
‘Mini-Madoff’ Marc Dreier’s fancy East Side pad sold for $8.2 million
BY Kenny Porpora and Bill Hutchinson
DAILY NEWS WRITERS
Wednesday, July 22nd 2009, 1:08 AM
The swanky East Side digs of flagrant fraudster Marc Dreier was auctioned off Tuesday for $8.2 million with all its spoils of greed, including a silk Tibetan carpet.

New York (NY) Times
The Buzzwords of 2009
By MARK LEIBOVICH and GRANT BARRETT
Published: December 19, 2009
(...)
mini-Madoff
A person who perpetrates a Ponzi scheme smaller than Bernie Madoff’s.

New York (NY) Daily News
Florida’s ‘mini-Madoff’ Arthur Nadel admits to $162 million fraud
BY Alison Gendar
DAILY NEWS STAFF WRITER
Originally Published:Wednesday, February 24th 2010, 1:39 PM
Updated: Wednesday, February 24th 2010, 2:30 PM
A 77-year-old hedge fund manager who got a kick out of being called a “mini Madoff” pleaded guilty Wednesday to bilking investors out of $162 million.

Arthur Nadel said he is now filled with “regret and sorrow...more and more every day” for the grief he cause his family and former investors.

New York (NY) Times
Legal/Regulatory
Adviser to Stars Named in Madoff-Like Fraud

May 28, 2010, 2:28 am
He was the moneyman to the stars, entrusted with managing fortunes for the likes of Wesley Snipes, Sylvester Stallone and Annie Leibovitz.

But when they arrested him on Thursday, federal prosecutors described him as something else: a mini-Madoff who diverted $30 million of his clients’ money to buy himself a sprawling Upper East Side condo complete with an indoor swimming pool and a 1,500-square-foot garden.

Much like Bernard L. Madoff, who is serving a 150-year sentence for bilking tens of billions of dollars from his closely knit network of clients, prosecutors say, Kenneth I. Starr of Manhattan cultivated business at charity events and lavish parties, bridging the worlds of New York and Hollywood to build a star-studded client list of socialites, financiers, philanthropists, A-list actors and Hall of Fame athletes.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Friday, October 29, 2010 • Permalink