On Dec 11, 2008, the Securities and Exchange Commission(SEC)

SEC VS BMIS

Name of the student_____________________

Course

CASE

SECURITIES AND EXCHANGE COMMISSION ------ Plaintiff

against

BERNARD L .MADOFF , BERNARD L .MADOFF INVESTMENT SECURITIES LLC

------Defendants

INTRODUCTION

A complaint d with United States District Court , Southern District of New York and the complaint made by Securities and Exchange Commission as plaintiff . The compliant is made against Bernard L .Madoff , Bernard L .Madoff Investment Securities LLC i .e . BMIS . The complaint is d on 11th December , 2008 . The aim of the compliant is to halt the fraudulent

offerings of securities by Madoff and BMIS in connection with Ponzi-Scheme to preserve the assets of injured investors

FACTS

BMIS is a broker-dealer and investment advisor and registered with the Securities and Exchange Commission to conduct both functions i .e Broker-dealer and investment advisor . It is headed by the Madoff who is also attorney . The BMIS has more than 700 million and currently ranked top 1 of US Securities firms . However as far as recent ADV , the BMIS had more than 17 billion in assets under management with 23 clients

With regards to Ponzi scheme , Madoff and BMIS conducing Ponzi scheme through the investment Adviser services of BMIS . But such services are rendered by Madoff are separate and delivered through BMIS proprietary trading and market making activities . Such advisory services rendered separately from separate floors of the BMIS offices

Madoff planned to distribute around 200-300 million to certain selected employees , family and friends . Interestingly he wants to distribute the same as bonus to the...