{{#invoke:Infobox|infobox}} Shana Madoff, sometimes referred to as Shana Madoff Skoller Swanson, (born December 8, 1967) is an American attorney. She is a daughter of Peter Madoff, and a niece of Bernard Madoff, who operated a multi-billion-dollar Ponzi scheme that is considered to be the largest financial fraud in U.S. history.[1][2][3]

She was a compliance officer and attorney at her uncle's firm, Bernard L. Madoff Investment Securities (BMIS), from 1995 until 2008. In December 2008 it was discovered to be a Ponzi scheme, and closed as part of the Madoff investment scandal. She also served on compliance Executive Committees of the Securities Industry Association and SIFMA, and served on the compliance advisory committee of the Financial Industry Regulatory Authority (FINRA), a securities industry "self-regulatory organization". Her uncle Bernard was sentenced to 150 years in jail for the scheme, and her father, who was her boss at the company and the chief compliance officer, was sentenced to 10 years in jail.

She is married to Eric Swanson, a former Assistant Director of the Office of Compliance Investigations and Examinations at the Securities and Exchange Commission. She first met her husband when he was conducting an SEC examination of whether Bernie Madoff was running a Ponzi scheme.

Contents

Early life [link]

She was born in Queens, New York, in 1967, and grew up in Woodbury on the North Shore of Long Island.[4][5] She graduated from the University of Michigan, and from Fordham Law School in 1995.[2][3]

Career [link]

In 1995, after graduating from law school, Shana Madoff started to work at her uncle's firm, Bernard L. Madoff Investment Securities (BMIS).[2][6] She was a rules and compliance officer and attorney at BMIS, a significant senior officer position for which she collected millions of dollars. She was also a compliance officer and attornery for Cohmad Securities, which was co-owned by her uncle and helped bring investors to BMIS.[1][7][8] She was responsible for ensuring that BMIS complied with its legal and regulatory obligations, and she signed documents assuring the SEC that BMIS's business records were truthful and accurate.[7][9] In fact, however, while the documents certified to the SEC that BMIS had 23 clients and $17.1 billion under management, it in actuality had 4,900 customers with a nominal $68 billion in investments.[7]

At the same time, Shana Madoff took prominent positions in industry organizations. She served on the Executive Committee of the Compliance & Legal Division of the Securities Industry Association, which merged with another industry organization to become SIFMA, the lobbying arm of the industry, in November 2006.[1][4][10][1] She then became an active member of the Executive Committee of SIFMA's Compliance & Legal Division, while her father served on SIFMA's board of directors.[4][11] She resigned that position after her uncle's arrest.[11] She also served on the compliance advisory committee of FINRA, a securities industry "self-regulatory organization".[2]

Madoff scandal [link]

Subsequent to the Ponzi scheme in the Madoff investment scandal becoming public, a spokesman for Shana Madoff said she had "no prior knowledge of the horrific fraud perpetuated."[12]

She is married to Eric Swanson, an attorney and a former Assistant Director of the Office of Compliance Investigations and Examinations at the Securities and Exchange Commission, the securities regulator, whom she met in April 2003.[1][4][13] She and Swanson met originally during an SEC examination of whether Bernie Madoff was running a Ponzi scheme, and the two started a regular correspondence; during 2003, Swanson sent Peter Madoff several regulatory requests.[1][14][15][16][17][18]

In March 2004, SEC lawyer Genevievette Walker-Lightfoot was reviewing Madoff's firm and raised questions to Swanson (who was her boss's supervisor) about unusual trading at one the Madoff funds; she was told to instead concentrate on an unrelated matter.[19][20] Swanson and her boss asked for her research, but did not act upon it.[20]

In February 2006, Swanson was emailed by Assistant Director John Nee that the SEC’s New York Regional Office was investigating a complaint that Bernard Madoff might be running “the biggest Ponzi scheme ever.”[14] In April 2006, Swanson informed John McCarthy, Associate Director in the SEC Office of Compliance Inspections and Examinations, of his relationship with Shana Madoff, and McCarthy was very upset.[14][15] When McCarthy found out later that month that the relationship was still continuing, and confronted Swanson about it, Swanson came clean and McCarthy was again extremely upset.[15] Swanson left the SEC on September 15, 2006.[21][1]

The SEC closed its investigation of Bernie Madoff in 2006. In 2009, after the scandal broke, SEC Inspector General H. David Kotz investigated, and concluded that there was no evidence that Swanson's romantic relationship with Shana Madoff influenced the closing of the SEC investigation of Madoff.[22][23] He did conclude, however, that: "Swanson's communication with Shana during the period of time he was engaged in a cause examination of her uncle and father's firm, created the appearance of a potential conflict of interest."[24]

Swanson left the SEC on September 15, 2006.[25][1] Swanson and Shana Madoff became engaged on December 8, 2006.[1][26]

The September 2007 wedding of Shana Madoff and Swanson was attended by Lori Richards, the SEC's Director of Compliance Investigations and Examinations, who oversaw Swanson at the SEC.[13][27][28][1] In 2008, Bernard Madoff spoke at a business roundtable meeting of his "very close" relationship with an SEC lawyer, and chuckled: "my niece even married one".[29][30] In April 2009, Richards recused herself from the Madoff investigation.[27] Swanson is now general counsel at BATS Trading, the third-largest U.S. stock exchange.[31]

Shana Madoff's uncle Bernard pleaded guilty to federal charges against him, following the Madoff investment scandal becoming public, in March 2009. He was sentenced to 150 years in jail. Her father, the chief compliance officer of BMIS who was her boss at the company, pleaded guilty in July 2012 to fabricating documents to evade taxes and to help BLMIS escape SEC scrutiny. He was sentenced to 10 years in jail.[7][12] As part of her father's forfeiture deal with the Justice Department, the $2.3 million in proceeds from selling Shana's five-bedroom East Hampton, New York, weekend house was surrendered.[7]

In October 2009, court-appointed trustee Irving Picard charged in a civil lawsuit that she played a role in filing a January 2008 form that inflated the assets that the Madoff firm in fact had.[32] Picard sued her and her father and two cousins (Mark Madoff and Andrew Madoff) for what he said was $198.7 million of misappropriated customer money while they were executives of BMIS, alleging that had they done their jobs honestly the scheme might never have succeeded or continued as long as it did.[9] Picard said:

It would seem impossible for her to carry out her compliance duties, year in and year out, without questioning or considering whether BLMIS's IA [investment advisory business] was a fraud. Either [she and her father] failed completely to carry out their required supervisory/compliance roles, or they knew about the fraud, but covered it up.[7]

She called the claim baseless, and said she had no knowledge of the scheme.[9]

In 2012, U.S. Attorney Preet Bharara stated: "We are not yet finished calling to account everyone responsible for the epic fraud of Bernard Madoff and the epic pain of his many victims."[7] Columbia Law School Professor John Coffee, referring to Shana and her cousin Andrew, said: "The prosecutors ... have done the low-hanging fruit; they are now reaching to the medium-level fruit… Beyond the two kids, I do not know how much farther they will want to go."[7] Coffee said:

Prosecutors can use the same charges as they did against her father, maybe not seeking 10 years, but I could see them giving her the choice of pleading to a felony conviction on the same grounds. She is a lawyer; lawyers don't get the benefit of the doubt. They could say you knew this [SEC filing] was false, even if you did not know it was a Ponzi scheme.[7]

References [link]

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 {{#invoke:citation/CS1|citation |CitationClass=book }}
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  3. 3.0 3.1 {{#invoke:citation/CS1|citation |CitationClass=book }}
  4. 4.0 4.1 4.2 4.3 {{#invoke:citation/CS1|citation |CitationClass=news }}
  5. {{#invoke:citation/CS1|citation |CitationClass=web }}
  6. {{#invoke:citation/CS1|citation |CitationClass=book }}
  7. 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 {{#invoke:Citation/CS1|citation |CitationClass=journal }}
  8. {{#invoke:citation/CS1|citation |CitationClass=book }}
  9. 9.0 9.1 9.2 {{#invoke:citation/CS1|citation |CitationClass=news }}
  10. {{#invoke:citation/CS1|citation |CitationClass=book }}
  11. 11.0 11.1 {{#invoke:citation/CS1|citation |CitationClass=book }}
  12. 12.0 12.1 {{#invoke:citation/CS1|citation |CitationClass=news }}
  13. 13.0 13.1 {{#invoke:citation/CS1|citation |CitationClass=book }}
  14. 14.0 14.1 14.2 {{#invoke:citation/CS1|citation |CitationClass=web }}
  15. 15.0 15.1 15.2 {{#invoke:citation/CS1|citation |CitationClass=news }}
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  20. 20.0 20.1 {{#invoke:Citation/CS1|citation |CitationClass=journal }}
  21. {{#invoke:citation/CS1|citation |CitationClass=news }}
  22. {{#invoke:citation/CS1|citation |CitationClass=book }}
  23. "Report Details How Madoff’s Web Ensnared S.E.C.", by David Stout, September 2, 2009, The New York Times
  24. {{#invoke:citation/CS1|citation |CitationClass=news }}
  25. {{#invoke:citation/CS1|citation |CitationClass=news }}
  26. "Unlikely Player Pulled Into Madoff Swirl", by Stephen Labaton, December 18, 2008, The New York Times
  27. 27.0 27.1 {{#invoke:citation/CS1|citation |CitationClass=web }}
  28. {{#invoke:citation/CS1|citation |CitationClass=book }}
  29. {{#invoke:citation/CS1|citation |CitationClass=web }}
  30. {{#invoke:citation/CS1|citation |CitationClass=web }}
  31. {{#invoke:Citation/CS1|citation |CitationClass=journal }}
  32. {{#invoke:citation/CS1|citation |CitationClass=book }}

External links [link]

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Bernard Madoff

Bernard Lawrence "Bernie" Madoff (/ˈmdɒf/; born April 29, 1938) is an American fraudster and a former stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered the largest financial fraud in U.S. history.

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. He employed at the firm his brother Peter, as Senior Managing Director and Chief Compliance Officer; Peter's daughter Shana Madoff, as the firm's rules and compliance officer and attorney; and his sons Andrew and Mark. Peter has since been sentenced to 10 years in prison and Mark committed suicide by hanging exactly two years after his father's arrest. Andrew died of lymphoma on September 3, 2014.

Madoff (surname)

Madoff may refer to:

  • Bernard Madoff (born 1938), former chairman of Bernard L. Madoff Investment Securities who plead guilty to running a US$65 billion Ponzi scheme
  • Madoff (miniseries), a 2016 television miniseries about Bernie Madoff
  • Michelle Madoff, City of Pittsburgh councilwoman (1978-93)
  • Ruth Madoff (born 1941), wife of Bernard Madoff
  • Shana Madoff (born 1967), compliance officer and attorney at securities firm of her uncle, Bernard Madoff
  • Madoff (miniseries)

    Madoff is an American drama television miniseries, written by Ben Robbins, inspired by the book The Madoff Chronicles by Brian Ross about the Madoff investment scandal. Bernard Madoff ran the world's largest Ponzi scheme, stealing $17.5 billion and ultimately being sentenced to 150 years in jail.

    The miniseries aired over two nights, February 3 and 4, 2016, on ABC.

    Cast

    Main

  • Richard Dreyfuss as Bernie Madoff
  • Blythe Danner as Ruth Madoff
  • Peter Scolari as Peter Madoff
  • Frank Whaley as Harry Markopolos
  • Michael Rispoli as Frank DiPascali
  • Lewis Black as Gregory Perkins
  • Tom Lipinski as Mark Madoff
  • Danny Deferrari as Andrew Madoff
  • Erin Cummings as Eleanor Squillari
  • Annie Heise
  • Michael Bryan French as Blake North
  • David Margulies
  • Liz Larsen
  • Jason Kravits
  • Bruce Altman
  • David Aaron Baker
  • Charles Grodin as Carl Shapiro
  • Other

  • Lyne Renee as Catherine Hooper
  • Daniel Gerroll as René-Thierry Magon de la Villehuchet
  • Suzanne H. Smart as Annette Bongiorno
  • Lil Rhee as Meaghan Cheung
  • Ben Dreyfuss as Young Bernie Madoff
  • Shana

    Shana may refer to:

  • Shana (given name)
  • Shana (singer)
  • Shana (tribe), a tribe in Kenya
  • Places

  • Kurilsk, called Shana when it was under Japanese rule
  • Shana, several towns and a clan during the Japanese administration of the Kuril Islands
  • Fictional uses

  • Shakugan no Shana, a Japanese media franchise
  • Shana, character in the 1999 video game The Legend of Dragoon
  • Shakugan no Shana

    Shakugan no Shana (灼眼のシャナ, lit. Burning-Eyed Shana), also known simply as Shana (シャナ), is a Japanese light novel series written by Yashichiro Takahashi with illustrations by Noizi Ito. ASCII Media Works published 26 novels from November 2002 to November 2012 under their Dengeki Bunko imprint. The story focuses on Yuji Sakai, a high school boy who inadvertently becomes involved in an age-old conflict between forces of balance and imbalance in existence. In the process, he befriends a fighter for the balancing force and names her "Shana". The series incorporates fantasy and slice of life elements into its tale.

    Two manga adaptations were published by ASCII Media Works in Dengeki Daioh and Dengeki Maoh. Between 2005 and 2012, the series was adapted by J.C.Staff into three 24-episode anime television series, a four-episode original video animation (OVA) series, an animated film and an additional stand alone OVA episode. A PlayStation 2 video game was released in March 2006, and it was ported to the Nintendo DS in March 2007. Viz Media licensed the novels and the first manga series for release in North America, but stopped publishing both prematurely. Geneon originally licensed the first television series for release in North America, but the license later transferred to Funimation, who also licensed the remaining anime properties. Critics praised the series for its execution of typical story elements and how it continuously becomes better over time. However, the series is described as having issues with pacing.

    The Legend of Dragoon

    The Legend of Dragoon is a role-playing video game developed and published by Sony Computer Entertainment for the PlayStation. It was released in Japan on December 2, 1999, in North America on June 11, 2000, and on January 19, 2001 in Europe.

    Despite mixed critical reception, the game has amassed a very large fanbase following, including several online petitions for a remake or prequel/sequel. The game was rereleased on PlayStation Network in Japan on December 22, 2010 and in North America on May 1, 2012.

    Gameplay

    The Legend of Dragoon features three modes of play: the field map, a battle mode, and an overworld map. The field map is used whenever the player enters a town, dungeon, or landmark. It consists of a pre-rendered background image overlaid with real-time 3D character models and animated effects, such as the movement of water or light shafts. Battle mode is a real-time 3D environment that resembles the current field map. Turn-based battles occur between playable characters and CPU-controlled enemies. Standard actions such as attack, defend, item and escape are present. The world map is used when the player moves between towns or other geographical locations. The World Map doesn't allow for free movement, and instead the player follows a guided path between destinations.

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