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International Law

: Misleading Advertising Law

Ex-Merrill Executives Got Burned by Madoff

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New York Stock Exchange, New York City.

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Yet another example of why rich people need the same protection against fraud as anyone else.


"Former Merrill chief executives Daniel Tully and David Komansky, along with former Merrill investment-banking chief Barry Friedberg, personally invested in hedge funds with Madoff exposure run by former Merrill brokerage chief John "Launny" Steffens, according to people familiar with the matter.

The Merrill executives are the highest-level Wall Street victims of the scandal to surface until now. Mr. Madoff told investigators last month that he had defrauded investors out of $50 billion in a Ponzi scheme over decades."

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Full post as published by Misleading Advertising Law on February 02, 2009 (boomark / email).

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